Instance Operator

Designs and runs one or more GIF frameworks, which is a collection of open-source smart contracts. Any complete deployment of this framework is called a ‘GIF instance.’
There will always be at least one complete instance of the GIF, which is operated by the Etherisc project, but in principle, anybody can deploy a new GIF instance.
The key responsibilities of the instance operator are the administration of products and oracles (as introduced above) and a few other basic actions.
Any GIF instance is multi-client capable, which means that any number of product owners and oracle providers can be operated and administered on one GIF instance. Due to the different legal regulations for insurance worldwide, different GIF instances and several instance operators are required.

Product Owner

The product owner designs and operates one or more products. This would be an insurance company or an MGA (managing general agent) in the traditional insurance industry. Due to the multi-client capability, a product owner can use all oracles located on the respective platform by the oracle owners.

Oracle Owner

The oracle owner provides oracles that interface between the blockchain smart contracts and external data sources.
For example, in the case of flight delay insurance, the oracle informs the smart contract whether the flight landed in time, how much it was delayed, or if the airline ultimately canceled it.
For weather index insurance, on the other hand, an oracle could provide historical and real-time weather data like rainfall and wind speed.

Risk Pool Keeper

A risk pool keeper manages one or more risk pools. A risk pool is a smart contract that assigns (‘pools’) several risks, represented by policy objects, to risk capital.
Risk pools can collect collateral that risk investors invest in. They allocate DIP tokens and stablecoins in the risk pool and receive a reward for binding their assets. Losses are paid from the risk pool. Investors can top up their risk pool investments and withdraw their funds.
DIP tokens are used to link access to risk pools to investors who have also invested in the platform represented by this GIF instance.


The Insured is the policyholder who wants to pass his risk to the risk pools. He is a customer of the insurance company.


Investors are interested in participating in risk pools to balance/diversify their risk portfolios. Investors provide collateral for risk pools in exchange for interest payments.