OptionRoom is excited to announce the upcoming launch of our Oracle as a Service!
When we first conceived the OptionRoom project, we did so with the vision of launching the industry’s foremost decentralised forecast protocol, offering users substantial rewards for ecosystem participation, thereby fostering adoption and advancing the agenda of DeFi and prediction markets.
However we soon realised that in order to do this, we would need to change the landscape of the current data oracle space; currently, data oracles can only process quantitative data and, consequently, are somewhat limited in the scope of market resolutions they’re able to offer. To take prediction markets to the next level, we’ve had to bring to market a wholly new model of data oracles; those which are fully user-governed.
Our industry-leading Oracle as a Service has enabled us to provide our platform users with the broadest range of prediction markets currently available in the industry and, from Saturday November 6th, other projects in the space will be able to reap its benefits as we launch it publicly and make it available for integrations!
With our oracle, any project can integrate it into their dApps and create an oracle request by paying an oracle request fee — initially 100 $ROOM tokens — and allocating $ROOM as a reward to the request solvers. These fees will be evaluated based on platform analytics and will be adjusted accordingly. To get an indication of what these requests look like, you can view how they appear in the oracle governance section of our dApp for reference.
The oracle request creator sets a confidence threshold in the form of a minimum number of voting participants, a minimum number of votes and a percentage vote threshold. If the oracle request is solved successfully meaning it fulfils the request creator criteria, the rewards are split across the winning votes based on their voting weight over the total voting weight for that request.
The launch of our Oracle as a Service will fuel the next phase of development, expansion and innovation of the OptionRoom project; it has allowed us to add more complex, qualitative markets onto our dApp for the crypto community to predict on, and now the wider crypto community will be able to benefit from it as well.
The scope of these possibilities are limited only by the imagination; through our user-governed Oracle, platform participants are able to create a greater number of markets, with far broader scope, and achieve better resolutions than on they would be able to achieve through any similar product currently live in the space
Third-party protocols looking to bring qualitative data onto their platforms can integrate the OptionRoom OaaS and open up vast potential for their ecosystem users. This also unlocks considerable B2B opportunities for OptionRoom ourselves, as well as a slew of collaborative partners and protocol integrations. We’ll be announcing more information around this shortly — stay tuned, you certainly don’t want to miss what we’ve got lined up!
Thanks very much for reading, we can’t wait to welcome you all onto the OptionRoom platform, and hope you all enjoy using the industry’s new gold-standard of Data Oracles!