Prediction Outcome Verification
Problem
Prediction outcomes for resolving smart contracts often rely on centralized data sources, non-experts & those with conflicting incentives.
Solution
A decentralized system for prediction outcome verification with timely resolution and correctness incentives and an appeal process.
Total to date
This is the total amount allocated to Prediction Outcome Verification.
About this idea
The goal is to provide high quality oracle data for resolving prediction smart contracts. We will use this for our ALLIN betting app but the technology can be applied to many types of smart contracts and application use cases.
Token holders will be able to earn income and gain monetizable expertise recognition and reputation by providing correct and timely results for events.
When an event completes, token holders will have the opportunity to stake an amount of tokens with their provided result.
Once a minimum multiple of the value of the smart contract has been staked, a pending result is determined to be the provided result with the most stake.
There will then be a settlement period during which participants in the smart contract can appeal the pending result.
If there is not an appeal, the smart contract is resolved with the pending result which is now finalized.
If there is an appeal, then token holders who have sufficient domain expertise and reputation can then stake their tokens with the result.
Once an appropriate amount is staked, this will finalize the result.
Research into the incentives, disincentives, fees, and specific rules will be done to provide an economically viable system that is not easy to subvert.
Development Overview
We are using agile development practices and design specification is underway.
Our goals for this funding round are:
Design and specification of algorithms, incentives and processes involved in prediction outcome verification.
Development of Plutus smart contracts.
We will develop the smart contracts in a public github repository with open source licensing for use by other Cardano community projects.
We are aiming for a Q2 2022 launch for our initial release.
Success Metrics
3 months - Publication of POV system design overview.
6 months - Prototype smart contracts available for testing.
12 months - Release of version 1.0. Integration with at least one project.
Use of Funds
Specification and development of initial release.
Ask - $45,000
Design - $18,000
Development - $27,000
Team
Global team of developers and professionals with experience in software development, DeFi and blockchain technology. See https://betallin.io
