What is OptionRoom (ROOM) | What is OptionRoom token | What is ROOM token | OptionRoom (ROOM) ICO
The OptionRoom vision is to create a self-sustainable user governed oracle and forecast protocol built on Polkadot. OptionRoom would have the ability to serve as a OaaS - Oracle as a Service where oracle requests are solved by governance. Oracle requests would cost a fee and a solution incentive paid in ROOM, rewarded to request solvers.
source : https://www.youtube.com/watch?v=t2BgTSS4qCo
Protocol features
OaaS: User governed Oracle as a service
OptionRoom has the ability to serve as an OaaS - Oracle as a Service where oracle requests are solved by governance.
User governed forecast market protocol
OptionRoom allows users to create and participate in event derivatives that are pegged to real-world outcomes by governance consensus.
Dual token model
Dual token model: ROOM serving as the utility token of OptionRoom and COURT serving as the governance token of the protocol.
Governance staking and authenticity score
Users stake their court for an increasingly higher authenticity score, meaning more voting power. Honest governance participants are rewarded with ROOM while dishonest participants tokens are slashed.
LP mining
The governance token COURT can only be obtained by providing liquidity/staking the utility token ROOM
Self-sustainable and community based
Protocol fees fuel a buyback mechanism. The founders of OptionRoom receive no percentage of the protocol fees.
Built on Polkadot
OptionRoom v2 is planned to be built on Polkadot.
User incentives
OptionRoom rewards protocol and governance participants. Pools creators get rewarded with a percentage of the pool winnings, creating an incentive to promote their pools.
Reward buffer pool
Excessive fees generated from the protocol are diverted to a reward buffer pool to be used as protocol rewards reducing inflation.
Multiple use-cases
OaaS, limitless prediction markets, decentralized polls, dispute resolution, decentralized surveys, curated lists - are some of the use-cases of OptionRoom’s architecture.
Optionroom — OaaS the next big thing ?
What is Optionroom?
Optionroom is a user governed oracle and forecast protocol built on protocol. Well, that seems simple and complex at the same time. First of all, oracle is something that acts as a bridge between the outside world. They provide the external data to the smart contracts (Example: Knock, Knock, Chainlink). User governed means the user has the ability to create oracle. Well with the introduction, lets dig a little deeper. Shall we?
What does Optionroom exactly do?
Optionroom provides Oracle as a service to anyone who wants to request the oracle. The user who wants oracle services needs to allocate ROOM (tokens) as rewards. People who participate in the governance using governance tokens (COURT — That’s right, option room has 2 tokens. One as utility and other for the governance purpose). In addition to that users can create forecast prediction market too. It also involves the following steps:
a) Market validity voting — Voting to confirm the validity of the market. Voting participants get ROOM tokens.
b) Market participation — Users participate in the pool
c) Market Locking — Locking of active pool
d) Market Settlement — Settlement vote to decide on the outcome of the market.
Tokens and their utility:
There are 2 tokens.
a) ROOM — Utility tokens. It is the token which will be rewarded for participation in the protocol.
b) COURT — Governance tokens (Yes, this is the key for all. For participating in any protocol, you first need to stake COURT tokens)
Governance voting method:
Optionroom team has a very good method of governance voting. They assign user an authenticity score (0–100).
For example: User A at the start of day 1 will have authenticity score of 0 and after 100 days, he/she would have score of 100. If the user participates in losing votes, he/she loses 50% of their COURT tokens and their score resets to 0 (Ouch…! have to be careful).
Ok, you got me in Governance and rewards, what else are you going to come up with. (Insert Vince Mcmahon gif here). Yes, they have buyback mechanism too.
Each market settlement has a fee of percentage of the winnings from which a part is used to buyback ROOM tokens from open market. withdrawal fees are also included in buyback mechanism.
You may ask, ok all is good. But there is always a chance of bad actors in any protocols. Be it in POW or in POS or in DPOS any consensus system always pose risk of attack vectors. But these protocols always try to mitigate the risks. So optionroom too indeed has attack vectors.
a) Smart contract vulnerability — Optionroom is going to conduct a professional security audit and also bug bounty program to reward white hat hackers for finding any bugs (Most of the top project does this).
b) Losing side market settlement — As mentioned already bad faith actors lose 50% of their tokens and their authenticity score resets to 0.
Initially planned to be on Ethereum. Optionroom V2 is planned on Polkadot (OMG, Yes!!). Building on Polkadot will definitely give an edge as it can seamlessly communicating with other blockchains.
Our verdict — Overall this is a solid project and has potential to rival big players like chainlink in addition to offering more than what they does. People can go all in!!
Note: We didnt discuss tokenomics and LP rewards as we want to keep this article simple
source : https://www.youtube.com/watch?v=F-FlkPfED2E
TOKEN SALE: SINCE 5 FEB
Ticker: ROOM
Token type:POLKADOT
ICO Token Price: 1 ROOM = 0.05 USD
Fundraising Goal: $100,000
Total Tokens: 100,000,000
Looking for more information…
☞ Website ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Coinmarketcap
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