Distributed ledger technology offers opportunities to reimagine and reinvent traditional financial products and institutions in a decentralized and inclusive way. This reinvention results from secure record keeping and the reduced cost of trusted information sharing and decision-making amongst multiple stakeholders through smart contracts.
As a result of these tools for expanding trust and ownerships, Web3 is viewed as the evolution of the internet into an internet of value. Currently, Web3 encompasses the full-spectrum of community lead projects, experimental decentralized autonomous organizations (DAOs), cryptocurrencies and tokens, decentralized finance (DEFI) protocols, shams, scams, and meme coin billionaires.
For better or worse, Web3 is the new frontier in finance, and like with all boundaries, it is not without risk. In turn, this motivates two points: Insurance, one of the oldest and most tightly regulated financial spaces, seems highly disruptable using the technology and ethos of Web3, and Web3 could do with insurance infrastructure to add global resiliency.
This Gitbook introduces Plural, a Web3 insurance ecosystem that leverages distributed ledgers, smart contracts, oracles, AI, and good-old fashioned human decision-making systems to provide insurance for Web3.