Katy Perry's Hot & Cold Madness

We are wanting to create a simple mktplace around hedging if whether the weather is hot or cold. These kinda prod. exist in traditional mkts, but we wanna bring em on chain and distribute them to all.

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6-19-24 Devpost data submission:

Inspiration

Our inspiration stems from a an earlier hackathon where we looked at creating forward contracts on ETH and saw that there is an application around agriculture and farming, and thought it would be cool if we can make the instrument simpler and realized binary options allow for that, and we can further simplify by mimicking weather derivatives; but also realized that such instruments are rarely available to the average farmer across the world, and putting it on chain and allowing for regular people to come in and create and operate a dual sided mkt is a powerful thing.

What it does

the marketplace allows for users to take either side of a event outcome, weather is hot or weather is cold for ex. or will it rain or not rain. this effectively allows for farmers, and speculators to create event markets around such binary outcomes and take a hedge on their crops or harvest. This same market can be extrapolated to weather an event is held due to inclement weather, for ex. does rain cancel the game?

How we built it

we built it by first creating the contracts

Challenges we ran into

We had a few challenges we ran into,from implementation of the binary opton logic onto RSK’s smart contract platform while maintaining BTC’s security model extensions, to thinking what does a UX look like for this and ultimately what are reliable sources of weather data that will act as a oracles for this market.

Accomplishments that we're proud of

I dont know if we are proud, but more happy that we took a chance to building this on RSK as we had a chance to leverage RSK’s BTC backed security and work towards an implementation of this mktplace on a smart contract enabled environment. Also happy that we had a chance to work at this amidst our current commitments and submit this on time.

What we learned

Well we never really shipped on RSK before, as we primarily from ETH + ADA backgrounds individually and managed to get a better understanding of the implementation of RSK. Also got a good understanding of taking a ux down to the simplest possible. The complicated stuff should be at the back, front end with less complexity encourages users to come back and continue to explore more organically.

What's next for Katy Perry's Hot & Cold Madness

Look at expanding the range of weather related events and looking for more reliable weather data oracles. This would be primary steps to look at in relation to this this build tbh.

Built With

  • https://github.com/rashadalh/kps-hotncold
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