Prophet

• 

  Prophet for Chainlink

Introduction

Prophet is a revolutionary decentralized platform that allows users to speculate on the outcome of events.

Chainlink

Our project is built on the Chainlink ecosystem. This project is running on Polygon Mumbai Testnet. In Prophet, we use USDT and Yes / No as test tokens. Each transaction can be viewed through Polygon explorer. Chainlink Oracle will also be used for the data predictions.

Price-Feed

For price prediction proposals, Prophet adopts the Price-Feed of Chainlink, which can make the prices we extract provide fair enough.

Function

For proposals that will obtain results from external links, Prophet uses the Function of Chainlink. This function enables the contract to easily access external APIs. Since the APIs were already on chain when the proposal is launched, the links cannot be modified. Coupled with the access to multiple nodes of Function, the results we obtain are accurate enough.

Automation

The Automation function of Chainlink allows the contract to trigger the judge by itself under specific conditions. This largely saves labor costs and ensures that the judge is carried out in a timely manner, consolidating the entire project.

Roadmap

Stage 1:

• Provide only official propositions.
• Deploy pool contract on the testnet.

Stage 2:

• Deploy oracle contract on testnet.
• Allow users to create propositions by themselves.
• More categories would be accessible.

Stage 3:

• Deploy on Mainnet.
• Provide interactions between users.
• Explore more SocialFi possibilities.

Stage 4:

• Setup DAO.
• Perfecting the decentralization.
• Enhance the platform’s and members’ real-world influence.

Proposition

Predict whether the propositions will be TRUE or FALSE. You earn if your guess is judged correct. Each proposition has an ID and a due time. Remember: Guess everything before it goes due!

We used colors to indicate the risk levels of proposals. The risk colors, from low to high, are: blue 🟦, yellow 🟨, and red 🟥. In the category of reliable proposals, we have classified proposals into two types: data prediction and event prediction.

Reliable Proposition

• Data Prediction (Risk Level: 🟦)

Propositions in the data prediction include predicting token prices, market indices, and more.

However, there are limitations on these propositions: the data sources must be within the data range that the project-defined oracle can fetch (to be implemented by Chainlink Oracle). Any participant can propose their desired propositions.

• Event Prediction

  • Initiated by the official organization (Risk Level: 🟦)

  These proposals are all initiated by the project team, with the data or results from corresponding official activities being used as the criteria for evaluation. They have high transparency, and the data sources are accurate.

  ID	Proposition	Due Time	Source
  28	Will Donald Trump win the 2024 U.S. president nomination?	Dec. 31, 2023 23:59:59	https://www.whitehouse.gov/

  • Initiated by individuals (Risk Level: 🟨)

  These proposals can be initiated by individuals who submit applications, accompanied by relevant data fetching sites. After review by the project team, they can be approved and launched.

  ID	Proposition	Due Time	Source	Issuer
  29	Will teamA defeat teamB in the national football finals?	Jan. 31, 2024 23:59:59 ｜https://fakenationalfootball.com/	Bob@Nga…DwCV

High-Risk Proposition

There are no subcategories in high-risk propositions. (Risk Level: 🟥)

High-risk prediction propositions will not utilize Oracle fetching results, and they will not rely on official data provided by the project team. The final outcome will be determined by the proposer themselves. In the plan, the proposer is required to provide detailed information, similar to that of an official event website or Twitter.

ID	Proposition	Due Time	Source	Issuer
30	Will @Jack have 100,000 followers on twitter in 14 days?	Sep. 1, 2023 23:59:59	https://twitter.com/home	Jack@Nve…AgY

Actions

The following are common actions in Prophet, you can learn how to play from these examples. Have fun!

Deposit

Deposit 100 USD, and you'll receive 100 TRUE and 100 FALSE tokens of a certain proposition. You can buy/sell between TRUE and FALSE tokens to take a position.

USD	TRUE	FALSE
100	0	0
Deposit (100 USD)
0	100	100

Redeem

Before a proposition goes due, return 100 TRUE and 100 FALSE tokens of the same proposition, and you'll receive 100 USD back.

USD	TRUE	FALSE
0	150	120
Redeem (100 USD)
100	50	20

Buy & Sell

Trade your TRUE tokens for FALSE tokens and vice versa. The price is defined by the Automated Market Maker (AMM) with the constraint x * y = k.

At Prophet, you can exchange your TRUE tokens for FALSE tokens and vice versa. Additionally, selling all your FALSE tokens for TRUE tokens allows you to bet 100% on the TRUE outcome.

The token price is determined by the automated market maker (AMM) following the constraint xy=k. For example, consider a liquidity pool with TRUE / FALSE = 1200 / 900. If you provide 100 FALSE tokens, you'll receive approximately 120 TRUE tokens, calculated as follows:

The resulting liquidity in the pool will be adjusted to TRUE/FALSE = 1080/1000.

Please note that a small fee (0.6%) is charged on your input tokens to show gratitude to the liquidity pool contributors. Without liquidity providers, we cannot offer such trading opportunities.

USD	TRUE	FALSE
0	150	120
Sell (100 FALSE) (Pool TRUE/FALSE = 1200/900)
0	270	20

Winner Redeem

If a proposition is judged FALSE, you can exchange 100 FALSE tokens for 100 USD. Don't forget to keep your TRUE tokens as souvenirs and anticipate the merits they may bring in the future!

USD	TRUE	FALSE
0	150	120
Winner Redeem (120 FALSE)
120 (YOUR INCOME)	150 (YOUR SOUVENIR)	0

Built With

• go
• javascript
• react
• solidity