Web3 Security

I’ve got a Web3 security related question: Why isn’t onchain insurance more popular in Web3?

• Web3 Researcher • @ uni for econ & crypto • Boys Club & SheFi member • FID 2768 • bonfire.xyz/NancyARubel

Great question! Are you strictly referring to premiums and claims being paid on-chain or were you also referring to parametric insurance where the claims are paid out automatically based on an oracle?

It exists. Our friends at Etherisc have been doing it for certain types of insurance for a long time now. Examples where this works well are crop insurance and travel insurance. However, when it comes to web3 hack insurance there are some things that make parametric insurance more difficult.

I’m referring to any type of onchain insurance, really, so I’m also referring to parametric insurance. I wasn’t aware parametric insurance existed in the Web3 space yet