GMI (Global Mutual Insurance blockchain）is committed to establishing a comprehensive and integrated security system based on blockchain technology. Global users can join, link and form a network very easily, to become an essential basis and cornerstone while constructing. Also, users can gain effective protection of health, family and wealth.
Insurance has been established decentralized from the Age of Great Navigation in the 15th century, to today’s monopoly enterprises, and then develop to Internet-based electronic insurance. The power of technology is making insurance become more efficiently, but insurance has become a profitable tool for centralized enterprises. Through unfair probability calculations and the occupation of a massive amount of funds, insurance companies with their great capabilities have absorbed the properties of groups globally which needs to be protected, which has departed from the original intention of insurance.
Blockchain, which can achieve frictionless trust as low-level computer technology, is a new type of decentralized protocol. It does not require a centralized organization to audit. It can safely store transactions and data. Information cannot be forged and tampered with, and smart contracts can be automatically executed. Make insurance become a mutually-guaranteed smart contract market, form a mutual trust network, and indeed return the insurance protection function to its roots and returning all benefits to everyone involved in the protection organization. This is what GMI exactly does.
Many core development members, including Inventor and Sumpunk, have been deeply involved in the blockchain industry for many years and with deep system architecture capabilities. They use Kademlia, K-bucket, asymmetric encryption, and Turing complete technology to build a diverse application framework. While providing the protection, it can also expand rich commercial applications such as commodities, health, and social networking on the main chain to achieve a new ecology of business. Every user in GMI can join equally, simply, and deterministically, and automatically obtain claims, and this will definitely bring new challenges to traditional insurance. But provide users with more abundant choices, promote the healthy development of the protection system, and achieve the ecological appreciation of users’ self-finance while obtaining protection.
Meanwhile, GMI uses blockchain technology to restructure the organizational relationship in the insurance industry, forming a decentralized insurance organization, and through mutual supervision within the community and system management through community autonomy. At GMI, the insured also has the status of an “insurance company”, which eliminates the substantial institutional organization and intermediary costs of the insurance company and unites the rights and interests of the insured.
GMI’s original consensus algorithm is Delegated proof of imprortance (DPOI). Based on the number of tokens stored, the user’s transaction activity will also affect the opportunity to obtain mining qualifications. In the GMI network, rewards will be sent to users in a way that determines the expected score of each user within the ecosystem, and they are more optimistic about the user’s transaction volume, activity, and who they are trading with.
GMI allows users to get lower-cost insurance, more complete business applications, and also allows users to benefit in the long term in the growth and development of the system, which has changed the identity of users since then. Which has changed the character of users since each GMI holder is not just a user participating in the protection, investors in digital assets, or the owner of the GMI insurance ecosystem. Everyone can share the dividends and values generated by the development of the GMI insurance ecosystem and build an insurance world that is autonomous and shared by everyone.