Since its existence, Xurux figured that it is good to gain experience and learn about blockchain technology by doing and applying. The reason for the ZIp Code Smart Fund was that we wanted to make an insurance policy. To show how this might be done. We have built an insurance policy which acts against losing in the Dutch Zip Code Lottery. By insuring your zip code, you will receive an amount if your zip code is the winning zip code in the Zip Code lottery. Without buying an official lottery ticket. If, after a draw, it appears that the winning zip code is insured with us, the premiums of all participants are automatically transferred to the insured participant with the winning zip code. If the winning zip code is not insured with us, all participants automatically receive their premium, less the costs incurred.
We have programmed this in smart contracts on Ethereum
We have made a smart contract for registering a lottery draw. There are contracts linked to each participant. A participant needs an account that is linked to a wallet from which the premium can be paid and escrowed. If the winning zip code is known, it is entered in the drawing smart contract. This informs the registration contract that, in his turn, activates the execution of the insurance. All participant contracts then transfer the premium to the insured participant with the winning zip code or back to the insured participant who participated if the winning zip code is not included.
We have succeeded in showing that it is possible to work out an insurance policy in smart contracts. The settlement is automatically processed on the blockchain. Without the intervention of third parties. We have been able to experience and learn how mature these techniques are.
This is how we found out when the wallet that we had chosen had a version upgrade in the middle of our project that made our code unusable and that we had to write it again to get it working again.
This experiment dates back to 2016. Meanwhile, a lot has changed and we see the technology slowly becoming more mature. This project has helped with the development of Xurux and is a good example of how we want to deal with new developments. Starting small and above all: do. Learn and Experiment