chainlink scanProsper and Chainlink Live Q&A: Use of Decentralized Oracles in Prediction Markets

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cool you ready yeah awesome well thanks everyone for joining us today really excited to have iva washer from the co-founder and ceo of the prosper team joining us today prosper is a really cool project with prediction markets using binance smart chain well be able to get a lot more into prediction markets and what the future holds for these going forward and learn a little bit more about what makes prosper unique in how they are using chain link uh without further ado uh iva yeah thanks again for joining us today yeah thank you for the inviting me its a pleasure for me to be here and share more details on prosper with the channeling community yeah yeah were really excited to be working with you and really excited about your project too uh do you want to maybe just give a little bit of background about yourself and uh background about prosper yeah sure but you know im not the person who prefers to talk about myself i would like to share a bit more information about the organization that i represent the prometheus labs basically a creator of prosper at primitives labs we are focusing on creating decentralized data related solutions we can we came across different industries but the majority of the team was involved in crypto since like early 2016 i believe and you know prosper for us was something like spontaneous idea and maybe even our first step to the d5 space um weve discovered that that idea around half a year ago when they saw their crisis in the prediction market landscape which was caused by the lack of the liquidity and user experience and maybe even the difficult concepts of the existing prediction markets so weve decided why wont we get in and fix them right now and create it to prosper a cross-chain prediction market yeah its really exciting and a little more about prosper so its on finance smart chain correct yes at the moment yes but we also have integrated ethereum but we simply cannot afford ourselves to to deploy to if your mainnet and just patiently waiting for the ethereum 2.0 lounge yeah yeah yeah definitely definitely the the fees are are a thing at the moment you have a really unique approach to these prediction markets so its not that someone comes in and bets on the super bowl of whos going to score the most touchdowns or anything its based upon the prices of different assets right yeah yeah you know um you can take it more like the binary options but you also have to keep in mind that its only the initial version but it just allows us to to to start the projects very fast and yeah maybe thats that is also one one of the reasons why we decided to get in the prediction market landscape because it is a simple concept we are allowing users to choose their site like bears or balls and make a prediction and claim the reward thats it basically three steps yeah yeah its really neat and you kind of spoke about some of the problems that you saw with previous prediction markets you want to go into more detail about what yeah yeah sure basically you know if you if you will take a look at the prediction markets landscape right now uh you can see that people are not really using them and the main reason for that is a lack of the liquidity you know if you will get to the augur for example which is basically probably one of the biggest prediction markets um in a crypto space you will see that there is almost zero volumes and the reason for that is zero liquidity so we are aiming to solve the lack of the liquidity by um aggregating the liquidity from different chains like at the moment we support binance marching and ethereum but well be also launching on matic and avalanche later this month and looking forward weve got the plan to integrate the polka dot near tron and maybe some other chains as well and to aggregate the liquidity across them because basically that will allow users to to create a prediction on their favorite chain and to be and to be eligible for their rewards from the other chains and another way how were trying to solve them is by implementing implementing the binary liquidity model basically the binary liquidity model is something is which is really old and all the binary options are using this thing um and then theyre allowing users to stake their stable coins which is being used to provide the liquidity for the prediction pools so when the new user is entering um the platform he can see that there is enough liquidity and it is safe for him to make a prediction and basically that allows us to keep users more engaging and maybe to to to acquire a bigger bigger user base yeah thats fascinating so its almost a prediction market aggregator from all the all these different chains and with your your binary for the audience too so an example this would be will bitcoin hit a hundred thousand dollars in 24 hours um you know at the moment we follow more short-term approach basically um there is a condition price which is provided by chainling at the start of every hour and you have to choose the side pull or bear if youre choosing the bull side you are saying that the price of the assets uh in one hour will be above the um condition price and if you are choosing the bearer side you are saying that final price of the assets in one hour will be below the starting price so basically that is simple yeah that that thats really cool and theres nothing else that thats thats out there like that uh and just a reminder for everyone in the audience too if you have if you have questions make sure to drop them into the youtube chat well be happy to take those uh at the end as well see a lot of us in here you kind of spoke about uh how chain link determines these conditional prices how specifically often do you make a chain-link call and hows the integration specifically work with prosper oh yeah thats actually another another very interesting question first of all i have to say thank you for the chain link team for the being very very fast on creating like some custom solutions for us because prosper needs to to call the asset price at least uh two times per hour for the each asset like now its four times per hour because we support bnb and eth and even the deviation price um if the if a deviation of the starting price with the final price is like at least 0.001 percent we need to change the final price so we are triggering the chain link price feeds four times per hour at the moment and this is basically it yeah and you know yeah and and you know i also as we will be integrating more chains in the future i believe that the chain link will be also supporting them i know you guys already have integrated the magic and probably will integrate avalanche soon you know we are we are looking for a long-term partnership here and another interesting fact for us about the chain link is because is is that chain link can provide the feeds on the sports events and the decentralized lotteries you know its on our roadmap but a little bit later so we are also looking for the cooperation in those fields yeah itll be fascinating i know some of these integrations are are fairly close and we have our grants program that uh is having other people go and help uh finish these integrations so yeah itll be exciting as these grow youre kind of talking about your future roadmap a bit so will other assets be added once you add these other chains are you going to add other assets that or maybe on binance smart chain or ethereum at the moment yeah thats thats now we are facing a small problem here because basically when youre adding more pairs you are splitting the liquidity between the pairs and that decreases the user user experience so we are being pretty cautious with the additional pairs and to be honest we are a bit satisfied with the bnb and eth at the moment however um we weve got avalanche in matic this month on our road map and on them we will start from their native assets so for matic it will be the metic usd pair um at the launch i believe only in the first two weeks just to get the medic community engaged and for the avalanche is going to be the avex usd pair cool yeah that sounds really exciting and as you go on further is there anything else um other markets or things that you that youd be interested in and adding or sticking more towards currency yes yes so basically right now we are looking for their mirrored assets uh landscape you know weve discussed that with the binance marching several times and theyre really interested in bringing the mirrored assets to their chain because we just if you if you will take a look for the details that allows users to trade um stocks in a non-custodial way you know its also a very interesting field that we are only exploring the possibilities um of adding the merit assets and you know i think if it will actually happen it will happen in like couple or maybe even three four months from now because its its its it requires a little bit more development and a little bit more attention we we prefer to finish our current tasks first yeah that makes a lot of sense and with prosper how many people are on your team and how many people are are working on this at the moment um you know in the development team weve got around seven people and its being really hard to hire a good developer so now i will take a chance and make a call for the community if you guys are a really good developer do not hesitate to send me a direct message and apply to the to the development position and prosper because we are looking for talents you heard it here first so yeah ill make sure to drop all that information into the description afterwards and yeah whats uh whats the development language that youre building it all in uh you know im not really a tech guy so i cannot really share the details but i can always navigate to the relevant people okay yeah ill make sure to share those links and i know theres people out there that are looking to break into the blockchain crypto space so this this could be a perfect opportunity thats a growing team that that that thats great uh thats a lot of people working on this project how long has it been prospered that youve been working on previously you had prometheus right that was kind of like a working group on different projects or yeah you know the prometheus basically is a decentralized and open source project so anyone can join the team there is no barriers for that but i think the initial idea came to our mind somewhere around the september when the project called lottix entered the market and we saw a disaster in liquidity so we decided that we can do it better and started to develop an idea back in september and we launched our first version on ethereum cove and testnet and the binance marching test net back back in the late october or maybe early november something around that so so its been really early to to to talk about um to talk about results in the development but we still were able to achieve some great performance during our last two launches basically the total volume during around 11 days of work is like 15 million usd compared to the competitors such as augur which had around three million total volume during the u.s election campaign for a whole month its a pretty impressive you know especially for a new project so we are full of energy to to to increase the user experience to continue the development and you to concentrate on the project yeah that that sounds great i think we have time here uh we can take some some community questions i see a bunch of them rolling in here yeah yeah whats the governance model look like with pros and is there anything that that youre looking to to add yeah so you know i really like one inch approach here uh to be honest if you had a look on their interface on their dial system it looks really cool so basically we will have two types of downloads the like the external mode which will be based on the snapshot engine engine at first and we will replace it in like in a few months but i dont see any problem there so user can create a unique and custom suggestion for the dao and the effect world will reach the tingle consider it and the second part of the dow model is basically the one as one inch has it can decide on the fees it can decide on the revenue splitting the revenue will be split between the development fund the dow participants and the the marketing budget or the breville referral budget something like that yeah yeah one is really came with the with a fantastic governance model and one of the few that you see actually people like voting on stuff and actually making a lot of progress with this and a lot of community involvement which is really impressive an interesting question here uh as yourself as a co-founder and ceo did you expect such explosive growth when youre launching this and it doesnt make you nervous at all with uh how many people are jumping onto your platform yeah you know that was to be honest that was a surprise for us because um during the first launch we expected that okay we will probably have like 10 grand in the volumes per hour and then we saw like probably four millions in three days so its over a million every day yeah and we were quite surprised and quite nervous because you know weve received a lot of feedbacks from the community side and you know we have to do some urgent improvements in the ui system and all other stuff but you know were really happy about it seems that people really love the concept and really love to participate in the prediction pose yeah you can really see that i mean we have over 110 people watching right now which is really impressive yeah so got a huge community thats growing its crazy to see um another question here uh you said that youre gonna get liquidity uh integrating different chains um whats going to provide the liquidity and are there going to be incentives for someone thats going to be adding that liquidity yeah so basically speaking about the liquidity there are two sides the one side is the cross chain liquidity which is basically will be integrated across the chains using the bridges um you know there is no incentive on that side because its only the connection between people who who make a prediction on one version and and on the other version but about the second side the binary liquidity model yes we will definitely provide some incentives here um its basically almost im actually not allowed allowed to tell word betting but it seems that i will have to tell it right now because it is basically participating participating in the binary liquidity model its almost the same as being the house in the casino because it works at exactly the same model you know people are providing funds in the stable coins and theyre earning the income um like pretty high with a low risk you know its i i think its actually can become another another possibility to to earn for people without being a risk because the liquidity the the funds from them will be basically landed uh with their high api percentage yeah that that makes a lot of sense uh yeah its definitely a gray area with uh the branding around prediction markets and how they fit in different different markets for sure i see some love here from the french community iva um we have trust in youth theyre really excited for everything that youre working on uh theres a few questions whats your plan with with marketing and uh how are you gonna get this the word out uh to more people and continue with this explosive growth and grow in your community um you know weve just discussed the marketing strategy with the team like yesterday and weve got some disagreements inside the team about um okay there is two types of marketing the first my uh marketing type just the general publicity for the project itself and the second one its the actual user acquisition for the platform um as for the general marketing its pretty easy were still pushing the announcements every day and i think the community will be pretty satisfied with that because weve got a lot of things on the line such as uh douse taking the the new prediction mining programs love will which will be launched in cooperation the avalanche and matic and i hope that way will support us theyve also the very native tokens as a rewards for the prediction mining and the second type of marketing is the actual user acquisition i think you know i think its a little bit early for us to to to concentrate on that type of marketing because the platform is still in a better stage and we are not working 24 7. we are improving user experience we are still not available on mobile but i hope that mobile version will be released already this month ive already sent some previews to the community so they had a chance to take a look but you know some of my friends are telling me that the tick tock is actually the best channel to market right now yeah its definitely definitely a growing platform entertaining to watch some of this stuff yeah um you mentioned staking a dow uh and a little more about your road map in 2021 but whats your your full vision once you see this completely built out 2022 and beyond where do you where would you like to see prosper via yeah so as few things that we will be integrating 100 percent till the end of the year is uh new chains so well be working on avalanche matic ethereum binance marching probably polka dot near and tron um in december we are planning to launch their own chain liquidity aggregation you know you have to understand that its pretty it requires pretty big progress in development because its not as simple as it may seem and another thing that we are looking to integrate this year is the features related to the token which is a custom pools uh basically users will be able to to launch their own predictions uh with the custom settings its almost the same as a uni swap approach has any user can create any pair to any token the prediction insurance which allows users to save a little bit more money or you know to protect themselves from their losses and and probably their commissions um which will be paid in the tokens and all that stuff as for the general development we are looking for the sports event predictions and you know we already found a pretty big partner in that field probably everyone almost everyone here knows that name but i cannot share the details right now because the sports prediction um its its a little bit early for them i think we will get back to this question in a few months yeah theres a few questions in there so i think that that hints and will keep people uh excited for it for sports and everything thats to come as well but really exciting road map and yeah you got a huge community and fan base uh already which is fantastic to see it and really exciting its its still far away from the chain link community its grown its growing you gotta gotta start somewhere uh theres uh one question is there any plans for any educational initiatives as part of that marketing plan and to kind of educate people on prediction markets and and what all it means uh in the long run yes yes of course you know its really important to tell people the difference between being a non-custodial prediction market and a bookmaker for example because it is two total different things in general um and you know to be honest weve already started that i think that the first the first lesson or video will be ready in around a week from now ive already gotten draft but were not just cannot post to the community right now well do it closer to the the prediction mining free lounge great yeah yeah make sure to keep an eye on that and yeah maybe we can do another one of these these amas or another workshop together uh down the road when this starts coming out totally agree with that itll be cool yeah uh to wrap things up uh is there a github reddit what are the best channels for people to follow the progress of prospering um you know its uh twitter and telegram a lot of people being uh asking about github but trust me guys there is nothing to look at because to be honest the view that technology behind that is not like a super computer you just a standard procedure but as for our smart contracts codes they are available on the either scan and the bsc scan and you can take a look at them anytime great and so uh telegram twitter is the best best place to follow and speak with them for sure great ill make sure to put those links in the description afterwards and uh yeah we can go from there really appreciate all the questions from the audience is very engaged it makes these a lot of fun when theres really good questions uh so yeah really appreciate that and got a lot of love from france singapore special thanks to the french community uh awesome man well i really appreciate you coming on is there anything else uh that we didnt speak about that maybe you want to want to ask from the community um i think you know just i dont have any questions for the community because uh we already got the community support and this is everything that we can wish for awesome well yeah again really appreciate you taking the time and appreciate everyone thats listening in ill make sure to put all the links in the description afterwards a video should be up in about an hour to after youtube downloads everything if you like the video make sure to give it a like and subscribe to the channel and otherwise i have a really appreciate your time and uh good luck and thanks again yeah thank you for having me all right have a good day everyone Watch a live video Q&A with Iva Wisher the co-founder and CEO of Prosper, a short-term non-custodial prediction & hedging platform based on the Binance Smart Chain. The discussion will be centered on decentralized oracles meeting the needs of DeFi, prediction markets, Prospers future product roadmap, and a variety of community questions. Speaker: Iva Wisher the co-founder and CEO of Prosper Host: Keenan Olsen, Community Manager of Chainlink Labs Learn more about Prosper Website: Twitter: Telegram: Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Learn more about Chainlink Website Twitter Telegram If you’re a developer, visit the developer documentation or join the technical discussion on Discord