Crowdsurance
Smart contract unites people in groups to protect their luggage during the flights
WEB
Client
Risk Sharing platform and crowdsurance projects unite communities in order to provide guarantee of compensation for unexpected loss.
Brief
Simple joining cryptocurrency assures more affordable and advantageous system than standard air carrier’s insurance. Luggage Crowdsurance DApp gives the opportunity for everyone to take part in fast reimbursement within 48 hours.
Task
Create the alternative to conventional insurance. A decentralized blockchain-based crowdsurance platform, where people unite to accumulate private funds secured by Ethereum smart contracts to guarantee a compensation for an unexpected loss.
The nature of crowdsurance implies collection of reserve funds out of community members’ contributions and is operating as a cascading system of pools: sub-pool, pool and super pool.
The ability of such system to cover risks is tied to the capitalization of the super-pool: 80% out of each member’s contribution goes to secure the pools, 20% — to develop the product and the platform. The more members (investors) join the community, the more potential risks can be covered.
