The Global Risk Exchange produces nearly ten billion risk tokens that comply with the Ethereum ERC20 standard. The primary role of Global Risk Exchange foundation is to supply the Risk tokens. The potential users can procure Risk tokens via crypto-currency platforms and airdrop facilities soon after the release of the risk tokens.
What is the purpose of using a RISK token?
RISK is a type of utility token that are normally used by the users to take part in the risk management contracts to execute claims. Some of the active groups including contract designers, insurer and insured carries large amount of risk that suits their needs and requirements.
Owing to extreme transaction expenses and high confirmation time of ERC20, the Global Risk Exchange has introduced a Graphene blockchain tool kit to convert the tokens. Each ERC20 tokens produced through Ethereum platform are converted into token in the ratio 1:1.
Benefits of Global Risk Exchange
Global Risk Exchange is a unique blockchain platform that is used to transact information, exchange crypto-currencies and perform quick management contracts as well. Likewise, smart contracts can also be executed with ease through Global Risk Exchange platform. Each information is translucent and can be traced easily.
Who is a contract designer?
The primary responsibility of a contract designer is to shape the terms of risk management contracts. They would assess the potential risks involved by gauging the existing premium rate. They furnish essential details to the Global Risk Exchange. It might be either financial institution or individuals. A contract designer is awarded half portion of the transaction fees that are generated from the risk management contract.
Who is an insured
Insured are groups of people who prefer to purchase risk management contracts with the motive to hedge the risks. They normally pass the risk to those parties who are not reluctant to accept it at a premium rate. The concerned party will be rewarded compensation when the risk takes place.
Who is an insurer?
An insurer is a person who accepts the risk delivered by the insured. They are required to pay the liabilities as soon as when the risks take place. An insurer is rewarded in the form of transaction fees for the risk bearing and enhancing liquidity to the GRE platform.
A Global Risk Exchange platform charges a certain amount of fee for the risk management transaction. They provide constant support and guidance to the technical development in the GRE stream. GRE Foundation is also accountable for legal compliance and affairs as well. The GRE Foundation enables the developers to submit the changes in codes and bugs thereby developing smart Contracts.
Who is a block producer?
The primary role of a block producer is to gather all the major risk transactions within a stipulated period of time. They are also responsible to broadcast the entire network along with signing the block with an assigned private key. A block producer frequently updates about the risk that occurs within a block time.
What is Blockchain Technology and its benefits?
The Block Chain Technology is a cluster of economic transactions that is used to preserve transaction information and supplies crypt-currency along with execution of intelligent contracts. One of the major highlights of a blockchain technology is that once it is decentralized, each transaction data entered inputted into a specific block cannot be replaced. Block Chain Technology also helps in the creation of smart contracts. Each information stored in the database is translucent thereby making it extremely easy to read.
Blockchain Technology helps in re-defining both financial derivative market and insurance that underlies them in the market industry. Personalized insurance can be easily published with the help of a blockchain technology. It does have the ability to take advantage of smart contracts to meet the capacity of financial derivative market and insurance. As a result, it guarantees safety and security for the policyholders as well.
Blockchain Technology re-defines financial derivative market with the help of a time stamp. It is more transparent and free from damage thus making it easy to be verified by the participants in the marketplace. Integration of personal data can be executed with ease with the help of a blockchain technology. There is no fear about the counter-party risk.
The term block refers to a part of a blockchain technology that is helpful in recording financial transactions, hedging, and trade risk. When a specific block is completed, a brand new one is produced automatically. There are multiple blocks available which are carefully arranged in a sequence. Once a blockchain is created, it cannot be replaced, edited or deleted etc. They remain to be meddle proof since each block is included into the cryptography. The information stored in the database cannot be supplied or sold to a third party.
Alternative currencies and bitcoins
Some of the alternative currencies and bitcoins leverage the blockchain technology in a different manner. Ever since bitcoin came into the marketplace, few alterations were made upon request of its developers. Similarly, altcoins have been developed to create bitcoin.
Today Block Chain is one of the most popular software market place/platforms for the exchange of digital assets. By implementing state-of-the-art technology, a new and improved financial system can be developed seamlessly. A Block chain technology preserves each information during exchange of data. The data exchange is assigned a name called 'Transaction'.
A Block Chain technology would take advantage of a newly distributed system to confirm and verify the financial transactions. As soon as it verified and signed, a brand new transaction can be included in the block chain, which is not possible to be tampered. There are two major keys in the field of block chain technology. They are public key and private key. The combination of these two keys generates a digital signature. The public key is a type of Identification proof that allows other people to identify you.
Website- https://www.gref.io/
Whitepaper- https://www.gref.io/gre.whitepaper.en.pdf
Author- https://bitcointalk.org/index.php?action=profile;u=1188306;sa=summary