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Community-driven insurance with proof of attendance, mitigating risks and fostering mutual aid


Created At

ETHGlobal Paris

Project Description

This insurance protocol initiates with forming groups of familiar individuals, thereby reducing moral hazards and potential fraud. Each member contributes to a mutual fund, which covers losses incurred by any group member. If a loss occurs, the member can claim from the pool. This claim is then scrutinized by the group members, ensuring the authenticity of the claim. Once approved, the payout is made, and the pool is replenished accordingly. The entire process ensures transparency, security, and auditability.

How it's Made

This insurance protocol integrates Proof of Attendance and Worldcoin's unique humanness verification. Cryptographic proofs of shared experiences are generated to validate relationships among group members, thus mitigating moral hazards and potential fraud. Simultaneously, Worldcoin's technology is utilized to confirm the humanness of the insured party, adding an extra layer of security. Each member contributes to a communal insurance pool. In case of a loss, claims are collaboratively verified by the group using the inherent trust within the network. Upon approval, the pool disburses funds and is subsequently refilled by member contributions. All transactions and proofs, including the Worldcoin humanness confirmations, are transparently and securely logged on a blockchain network, ensuring the system's integrity, auditability, and adherence to legitimate claims.

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