OptionRoom; Leveraging Community Spirit to Breath Life Into Oracle Protocols
Computers can replicate human reactions to stimuli, but scientists are yet to produce real human emotions in our robotic offspring. Give them problems to solve in a closed system any day – the best move in a chess game or a market prediction based on an infinite number of variables – but don’t ask a computer anything bordering on esoteric. “Is it a nice day?” The computerised response to which will be an encoded prompt instead of an answer: “Define nice!” This is a good summation of the one major issue with current Oracles. They’re good at math but lack soul.
Much has been written about Oracles’ other point in question. The Oracle Problem continues to plague just about every DeFi blockchain, but solutions haven’t been as forthcoming as we expected. Centralised Oracles feeding into decentralised networks are open to a host of risks and issues, the most important of which is its vulnerability to a single point of failure. Whether that failure is technological or due to the central manipulation of off-chain input, it negates the entire premise of decentralised networks.
It’s worth mentioning here the criteria for a truly decentralised network, as originally penned by Bitcoin creator(s) Satoshi Nakamoto.
– Decentralization of consensus
– Security and Immutability
– Censorship resistance
It’s a far cry from the offerings of many centralised protocols on the market today. Is it fair to venture that smart contracts relying on centralised Oracles are little more than traditional finance platforms with a DeFi spin? Perhaps it’s bordering on hyperbole, but let’s all agree that the system needs fixing.
OptionRoom, an innovative decentralised finance (DeFi) protocol, has developed an Oracle as a Service (OaaS) centred around the OptionRoom community and powered by user-governance consensus. Whereas other Oracles rely on off-chain data input, their OaaS gives any person the ability to create a market and participate in event derivatives that are pegged to real-world outcomes.
Their forecast protocol, driven by their OaaS, and built on the Polkadot network, relies on platform participation, which is why they have incentivised their community with utility token rewards for protocol participants, governance token farming, and pool winnings distribution to pool creators.
This gives OptionRoom the capacity to offer a wider range of markets than any other protocol on the market, and empowers all utility token holders to create their market access without any approval by a centralised authority.
$ROOM serves as the utility token of OptionRoom, and $COURT as the governance token of the protocol. Users create new markets by using the $ROOM utility token, and platform participants staking the $COURT governance token can vote on the resolution of Oracle requests. Honest governance participants are rewarded with $ROOM tokens, while dishonesty is punished by token slashing and an authenticity score reset. It’s a self-sustaining Oracle community.
The OptionRoom OaaS can be plugged into external platforms to power DeFi protocols with a fully decentralised, governance-based data source and verification engine. The crucial human element is embedded, giving our Oracle the power to deliver qualitative and quantitative results. It also solves the stubborn Oracle Problem by shifting control from a central entity to the users, thereby creating a self-sustaining, user-governed community protocol, which has always been one of cryptocurrency’s true powers.
Find out more about OptionRoom here: https://www.optionroom.finance/
Follow OptionRoom on Twitter to stay up to date with all their news and announcements: https://twitter.com/option_room