prediction-market-platform-omen-to-integrate-crypto-data-oracles-from-api3

Prediction market platform Omen to integrate crypto data oracles from API3

Omen is an recordsdata market platform. Users can form and/or participate in recordsdata markets on diversified issues (crypto, politics, sports actions, etc.) and threat their crypto on imaginable outcomes…

Published by
CryptoNinjas.obtain

01/22/2021

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API3, a supplier of decentralized and blockchain-native APIs, has announced that its proposal to combine API3 recordsdata feeds to Omen prediction markets on xDAI has passed unanimously within the DXdao.

This means that API3 will commence up the integration of its Airnode-powered first-birthday celebration oracles to Omen, enabling Omen’s users to settle prediction markets the use of a fluctuate of proper-world recordsdata, initiating with cryptocurrency value recordsdata.

What’s Omen?

Omen is a prediction market platform that allows anybody to form highly customized prediction markets for practically any inquire. It’s miles decentrally ruled by the DXdao, and designed to be maximally open, decentralized, and modular, resulting in a platform that’s now not overly prescriptive, but moderately empowers the user to safe their prediction markets freely.

One aspect of this modularity is Omen’s oracle-agnostic technique, which enables its users to settle prediction markets the use of their possess replacement of an oracle. Oracles are predefined recordsdata sources for bringing proper-world recordsdata onto the blockchain and verifying a prediction market’s end result.

With its Airnode-powered first-birthday celebration oracle replacement, API3’s oracle integration joins Omen’s existing arbitration options, Realit.io and Kleros.

Settling Prediction Markets With API Data

As the 1st step of the planned integration course of, API3 will enable Omen prediction markets to be settled the use of an Airnode-enabled cryptocurrency value API. This cryptocurrency value recordsdata integration enables xDAI Omen users to form prediction markets for the associated price of practically any traded cryptocurrency, and settle these markets the use of a single API name.

This API-powered oracle technique offers the prediction markets with dramatically diminished arbitration cases, as well to elevated price-efficiency through a less gasoline and labor-intensive arbitration course of, when put next with more account for dispute decision and arbitration mechanisms.

“DXdao is overjoyed to kick-off a partnership with API3 initiating with a technical integration to settle Omen markets the use of API3’s Airnode-enabled API. With the impending open of Omen on xDai Chain and also the open of Scalar markets, this comes at an upright time. The Omen neighborhood is overjoyed to perceive this integration attain to life and lay the foundation for a deeper partnership.”


– Omen Guild

To incentivize the use of API-settled prediction markets, API3 will present co-advertising sources to DXdao, alongside with a $5,000 token swap of API3 to DXD, meant to extra align interests between the 2 DAOs. A quantified security guarantee of $20,000 will provide protection to Omen users in case of any API-derived settlement errors. After the preliminary implementation of crypto value recordsdata oracles to Omen, more recordsdata sorts can even be made out there.

“Prediction markets describe an especially promising direction for proper world recordsdata -powered Net 3.0. While you happen to add to this the open and decentralized technique that Omen is the use of of their prediction market platform, it’s far evidently that we’re very tickled we’re to be partnering with them on enabling Omen users to form prediction markets settled by first-birthday celebration, API-powered oracles.”


– Heikki Vänttinen, Co-founder, API3

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