World’s first blockchain based risk exchange marketplace.
Global Risk Exchange (or “GRE”) is a blockchain based, decentralized and open global risk exchange market, with the purpose of helping individuals, companies and organizations to access and trade and manage their risks. GRE completely reconstructed traditional risk management tools(insurance and derivative contracts) in a decentralized way, and will become the underlying operation system to support insurance and derivative transactions in the era of blockchain. GRE aims to build the infrastructure and trading platform for risk management industry in the blockchain driven world in the near future, by providing a fundamental protocol for the creation of risk events, pricing, trading, information collection and oracles to verdict specific risks. It will enable individuals and institutions around the globe to achieve risk and return equilibrium. It’s a platform where risk management policies and transactions are driven by real demands, where individualized and fragmented risk coverages are made possible,and insurance protections are made agile.
GRE leverages a blockchain based decentralized exchange to help participants in the risk management contract, insurant(party who pay for premium and sell his risks), insurer(party who receive premium and take on other party’s risks) and contract designer(who measures individual risks and design the contract), transact and profit from their own information and understanding of risks. The market price of the risk contract represents the market consensus and the wisdom of the crowd, which is the best measurement of the risk at the moment.GRE enables a much larger base of insurance capacity providers other than traditional insurance companies and reinsurance companies, which are centralized, tightly regulated and capital intensive. Those new capacity providers can bring more liquidity and information to GRE platform and can profit from GRE by taking on various kinds of risks they understand, while making the whole risk exchange market more efficient by bring bringing down entry barrier for both insurant and insurer, maximizing liquidity and information flow.
GRE aims to build the infrastucture and trading platform for risk management industry in the blockchain driven world in the near future, by providing a fundamental protocol for the creation of risk events, pricing, trading, information collection and verdict. It will enable individuals and institutions around the globe to achieve risk and return equilibrium.
How Blockchain Technology Redefines Insurance
Everyone in the blockchain can publish personalized insurance needs, and leverages thesmart contract to match corresponding insurance capacity, which leads to a truly customized insurance protection for everyone.
Deconstruct Insurance Company, Improving Efficiency
Deconstruct a traditional insurance company into three parts: sales channel, actuarialability to design insurance contracts, and insurance capacity. For sales channels, more sales are initiated by people in need of insurance instead of selling to a group of peoplesame product. Acturaries in insurance companies are free to publish their own products on the blockchain and let the market determine which one sells and profit from transaction fees incured, therefore bypassing tedious internal approval process. By encouraging any funds that are capable of providing insurance capacity, any individual,company or organizations can leverage its risk pricing ability to profit and maximizing capacity for specific risks.
Privacy and Identity Protection
Personal identification and property information is safely stored on blockchain, and ownership of sensitive information is entirely in the hands of the user. The only way to view personal information is through a smart contract of identification, and only those with private keys can authorize others to view their decrypted personal information.
Token Economics Incentivize Community to Contribute
All individuals or organizations contributing to the community are rewarded with tokens based on the community’s predetermined rules, thus giving the community participants enough incentive to participate and to form long-term relationships with the community.
Automative Claim execution by Smart Contract
Claims on the insurance contract are automatically executed by smart contract according to oracle, thus excluding human intervetion in the claim process. Also, all premiums and capacity are locked in the smart contract in the forms of token and tokens are distributed automatically by smart contracts, eliminating counter-party risks.
- All risk management contract transactions on the GRE platform use RISK token as transaction intermediary, and the settlement of the contracts will use RISK as well.
- Users in GRE platform will pay transaction fees using RISK token.
- Any organization or individual can create a risk management contract on GRE platform after comunity review and obtain a transation volume based rewards.
- The community will reward developers with RISK token based on their code contribution.
- All individuals and organizations are able to share contracts on GRE platform and attract new customers to trade risk mangement contracts and they will receive a reward from transaction fee collected from the new customers they invite.
- Exchange dealers on GRE platform can RISK as collateral to issue market pegged tokens, such as GRE.USD or GRE.CNY. This mechanism is similar to the BTS and BITUSD in the Bitshares ecosyetem.
GRE will generate a total of 10 billion(10,000,000,000) RISK tokens based on Ethereum ERC20 standard. GRE Foundation will be considered as the Initiator of all RISK tokens.Users could acquires RISK through airdrop and cryptocurrency exchanges after RISK is released.RISK is a utility token which may only be used on GRE platform for payment by usersto participate in the risk management contracts and payout of claims or results according to oracles. Different partcipants(insured, insurer, and contract designer) hold different amount of RISK, according to their respective requirements.
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author : https://bitcointalk.org/index.php?action=profile;u=1153822