From abb2242a12c189f391e400bf66821f4241f162fa Mon Sep 17 00:00:00 2001 From: Christoph Mussenbrock Date: Wed, 6 Nov 2024 16:56:05 +0100 Subject: [PATCH] Create DIP-63.md (#175) * Create DIP-63.md * Fix Dip # * Fix typos --- DIPs/DIP-63.md | 59 ++++++++++++++++++++++++++++++++++++++++++++++++++ 1 file changed, 59 insertions(+) create mode 100644 DIPs/DIP-63.md diff --git a/DIPs/DIP-63.md b/DIPs/DIP-63.md new file mode 100644 index 0000000..745dc33 --- /dev/null +++ b/DIPs/DIP-63.md @@ -0,0 +1,59 @@ +--- +DIP: 63 +Title: Travel insurance +Status: Draft +Themes: Travel, Safety +Instances: Devcon7 +Tags: DeFi, Insurance, Peer2Peer +Authors: Christoph Mussenbrock +Resources Required: Social Media Support +Discussion: https://forum.devcon.org/t/dip-63-travel-protection-flight-delay-protection/5244 +Created: 2024-11-06 +--- + +## Summary of Proposal + +A lot of people will travel to Devcon SEA. This will impose a number of risks to these people: +flight Delays, baggage loss, theft, and others. We will build a decentralized travel insurance for Devcon SEA participants. + +## Abstract +We will offer a FlightDelay Insurance for DevconVI attendees. + +People can select their flight(s) and pay USDC 15 as a premium. +Via an oracle, the risk of the flight being late is calculated, which determines the maximum amount paid out in case of a delay. + +After landing, the actual delay is determined by a second oracle call and in case of a delay, the payout is calculated +and immediately transferred to the customers wallet. +The core business process runs on our +"[Generic Insurance Framework](https://github.com/etherisc/gif-next)" and does +not necessarily need any off-chain components, which are, however, provided for convenience. + +The Dapp is available via [https://flightdelay.app](https://flightdelay.app) (in production, premiums in USDC) or +via [https://flightdelay.integration.etherisc.com](https://flightdelay.integration.etherisc.com) (for testing, test-tokens available on request). + +We will explore if other travel related insurance products can be implemented in a similar way, e.g. baggage loss, +theft, and others, depending on availability of reliable loss data. + +Claims are paid out from risk pools. Investors can provide liquidity for risk pools. Liquidity providers receive +those premiums which are not used to pay out claims. To become a liquidity provider, investors need to +stake [DIP (Decentralized Insurance Protocol) tokens](https://etherscan.io/token/0xc719d010b63e5bbf2c0551872cd5316ed26acd83). + +## Motivation & Rationale +Attendees get peace of mind when traveling to DevConVI. This will increase their well-being +and will also attract people who otherwise would abstain from participation. +DevCon7 attendees will most likely be willing to use blockchain based insurance because it fits +best in their DeFi engagement. Payouts can be immediate and no paperwork is needed. +FlightDelay Insurance has been offered at DevConII in Shanghai and got a lot of good feedback, +it was the first insurance Dapp on Ethereum - time to bring it back! + +## Implementation +FlightDelay has been implemented using our [Generic Insurance Framework](https://github.com/etherisc/gif-next). +It currently lives on Base L2 but can be deployed on any EVM chain. + +## Operational Requirements & Ownership +Implementation and operation will be provided by Etherisc. + +## Links & Additional Information +- https://etherisc.com +- https://github.com/etherisc/gif-next +- [Blog describing the Chainlink Integration of FlightDelay Oracles](https://blog.etherisc.com/etherisc-to-leverage-chainlink-oracles-for-decentralized-flight-insurance-product-9559b64d79c7)