ATROMG8 goes DeFi
Decentralized financing, also known as DeFi
Among other things, ATROMG8 has placed great focus on students. Helping them find feasible solutions to solve unforeseen everyday life problems and issues.
One of those problems being insurance. In regions where students have very little money, affordable insurance is a popular commodity.
ATROMG8 does not wish to get into the insurance business. Nevertheless, together with our technological and strategic partners, we are searching for possibilities to offer students quick help in case of an emergency.
The self-administration mechanisms, in interaction with decentralized blockchain-based pools, are going to be examined in more detail. In this working group, the idea is that students with similar requirements and a similar environment can be grouped into pools.
These pools are managed by the insured together with a random jury via decentralized networks. In the event of a claim, the insured can notify her/his pool with all members being made aware of the ongoing claim.
Once the required evidence has been provided, the community decides how to proceed from here on based on the terms and condition of the pool.
The decision-making is done through a voting process, where the number of votes decided over the amount to be paid to the student in that case.
The jury and the pool members receive a predetermined incentive for their work. With the help of an algorithm, the random mechanism determines who the pool representatives are and who has to part take in the jury.
ATROMG8 has issued a wAG8 as an ERC20 based token especially for these insurance pools, where each wAG8 token represents the equivalent of 100 AG8 (ATROM).