Disclaimer: I’m personally invested in the project. I’ve put in around 44 ether into the presale and I’d be willing to participate further in the crowd sale if my resources allow me to.
On the risk of coming off as highly optimistic, I see a lot of merit in this project and it just might be one of the few unicorn projects that we’ll see working out in the post-boom world.
What is AiGang?
AiGang is a Decentralised Autonomous Organisation that offers Insurance for smart devices that can calculate the risk premiums, identify product defects and make payouts to policyholders all using Smart contracts, machine learning, and third-party data integrations.
The idea is to take the middle-man out of insurance and create a P2P insurance platform.
There are basically four major components to the whole DAO insurance system:
- Smart Policy
- Smart Pricing
- Smart Claims
- Profit Distribution
As per the white paper, Smart contracts will be used to sign new policies, evaluate existing damage to the product(s), calculate optimum premiums and automatic claim detection and notification.
While the traditional institutions rely on humans for settlements. With Aigang, the settlement shall be calculated automatically using the software on your smart device, machine learning, and third-party integrations.
The AIX token
There’s a strong utility to the AIX token as these will be the tokens that are offered in exchange to investors for offering fiat currencies to back the free reserves that will be used to pay out premiums if needed.
The profits will be distributed among token holders through smart contracts. As usual with any blockchain organization, the tokens will be tradable on exchanges thus allowing you to buy or sell your tokens as per the market price.
What would make AiGang a Successful Project?
AiGang’s success would depend on IOT (Internet of things) devices really taking off and having a product that actually delivers a workable insurance solution for both policyholders and investors where the policyholders can rely on the smart contracts to have their claims fulfilled and the DAO have enough profits for the investors to get a positive return on their investments.
All the while, making sure that scammers won’t exploit the contracts to get paid unfair premiums on their devices.
What do we look for when evaluating the team behind a project?
Sure, given the current hype cycle in the crypto world, every idea + blockchain might look like the next big thing and it might even be. But ideas are worthless if there isn’t a strong team to back it up.
When evaluating ICOs and projects to invest in, a team matters just as much as the product, if not more.
Here are a few questions, I ask myself while doing my research and due diligence for projects I’ll be investing in:
1.Do they have members with strong niche expertise?
2.Do they have members with strong tech expertise?
3.Do they have members with strong sales and marketing expertise?
4.Who’s on the advisory panel? Can they make a difference?
Fortunately, the Aigang team is one badass group of people who know what they’re doing.
Augustas Staras, Business development
Augustas has 10+ years experience in creating, growing and managing online and consumer businesses. He works in the emerging digital finance industry and has co-founded a peer-to-peer lending and investment platform with 15,000+ users. He also works with blockchain projects, helping them achieve fundraising objectives.
Lukas Kairys, Smart contract developer
Lukas has experience as a technical founder of startups, where he earned his stripes developing software and handling product management. He completed his bachelor’s degree in computer science with a deep dive in the Ethereum blockchain, creating a prototype for an electronic voting system with smart contracts as a basis for voting.
Aidas Ignatavicius, Chief Actuary
Aidas has over 10 years experience working as an actuary for a leading insurance company in Europe.
His responsibilities include designing, validating and testing various pricing models for insurance products and policies.
He has a master’s degree in mathematics and is working towards becoming a fully accredited actuary at the Institute and Faculty of Actuaries, UK.
Reda Markeviciute, Insurance Product & Policy Manager
Reda has more than 10 years experience in various finance, digital and marketplace businesses.
She previously worked as a product manager and an actuary at SEB Life Insurance, one of the biggest insurance companies in Scandinavia and the Baltics.
Jonas Matkevicius, Marketing Manager
Jonas is an inbound marketer with a deep passion for process automation. He is experienced in SEO, content marketing, inbound lead generation and has strong startup experience.
He has a bachelor’s degree in international business and worked as a marketing manager at a sales consultancy startup.
Darius Devenas, Full Stack Developer
Darius has over eight years experience in enterprise software solutions.
He works as a senior software engineer for Adform, a reporting platform for media agencies, trading desks, and advertisers.
Darius builds reliable platforms for critical business processes and is responsible for Aigang’s security.
Mindaugas is a software developer with a huge passion for iOS architecture. He has a degree in computer software engineering and previous application experience, as well as experience working on grand scale projects and establishing point of sale systems.
Naglis is a co-founder of ItWorks Mobile: a mobile applications and design company.
He has previously built secure and intuitive Android applications for banks, festivals, and other business projects. He has a bachelor’s degree in computer software engineering.
“Pre-Launch” Contribution Period
The pre-sale period has ended where they were offering a 25% bonus on the ICO tokens created. The minimum contribution was 10 ethers and ran between July 25, 2017 and August 25, 2017.
The Aigang Crowdsale
While the official dates aren’t out yet, the Aigang team estimates that the ICO will be held somewhere in late September or early October.
We’ll be updating our review as soon as more details are out.Meanwhile, you can test the app on your ios and android devices, join their slack and do your own due diligence if you find merit in the project.
A strong idea that has a strong chance of actually working out, a good team, a working prototype and a token with high utility.
For me, this ICO ranks among one of top that October might have to offer and I’ll be personally participating in the ICO apart from my presale contributions.
- Time-frame to execution: The premise is based on the growth of the Internet of things industry and to really deliver, I presume they’ll need to offer high value to the mainstream through a lot of products.
- Reliance on third-party integrations and time required to collect enough data to make automatic settlement judgments.
- Inability to guess how well can scam artists game the contracts to receive unfair premiums.
Reward / Growth Potential:
- Insurance is one of those industries that are known to be a big pain for consumers, especially when it comes to claims and actually getting paid for settlements. A DAO could definitely be the answer to the issue of human errors and inefficiencies that are a major part of how settlements are traditionally processed.
- From both a short and long-term position, investing in a token that has strong utility has been a great way to see returns once the token hits the exchanges.
I’ll be giving Aigang’s ICO a strong 8.5/10 rating.