YieldWars, the gamified yield farming and competitive prediction market platform, has launched a Trump/Biden prediction market by using the AP data as an oracle, as the market attracted over $250,000 in bets in just two days.
It has been reported that on October 15, 2020, Everipedia, the for-profit encyclopedia and blockchain company, announced that they would be supplying data signed with cryptographic proofs that the data came from the AP to EOS and Ethereum with the use of infrastructure provided by the Chainlink oracle network.
David Liebowitz, the Vice President of Business Development at Everipedia, said:
“We will be making history as the first to directly sign AP’s race calls and publish for blockchain use.”
However, one of the anonymous co-founders of YieldWars, Owl, said that Everipedia’s collaboration with the AP was a natural choice.
“When researching the option(s) more, it became clear that it was our best option. AP is quite arguably the most trusted news outlet in the world and being an anonymous project, we knew that in order for people to trust us we needed a definitive source.”
The report said that many of whom appear to be supporters of Donald Trump claims that the election has not been definitively decided, have argued that the AP is insufficient as an oracle.
The President says "no," but the oracle says "yes." How should prediction markets proceed? @Blockanalia reports https://t.co/EW0OasiMV9 — Cointelegraph (@Cointelegraph) November 7, 2020
One Twitter user said:
“Let yourselves down there, putting falsehoods on the blockchain as fact is a dangerous road, he may go on to win it, but recounts and court proceedings are in action, so how can it be on the blockchain as fact.”
Likewise, another user, sporting the moniker “cryptoilet,” asked:
“So can i also write onto the blockchain that i am President now?”
Owl thinks that future races and predictions markets will be able to offer a more robust collection of oracles, ideally quashing these complaints.
Thus, he concluded:
“In the future, I envision there being multiple oracles like AP and I predict in the next election that we will see that. Having a number of trusted oracles settling markets should settle virtually all disputes.”