Critics grumble as YieldWars makes use of AP election name as an oracle

Following the Related Press’ name earlier at present that President-elect Joe Biden had received victory over incumbent Donald Trump within the U.S. presidential race, the 174 year-old group — which has been protecting elections since 1848 — subsequently printed their name on the Ethereum and EOS blockchains, triggering at the least one prediction market end result. 

Nevertheless, some have expressed skepticism concerning the validity of utilizing such a name as an oracle, elevating broader questions on certainty and determinism in good contract-based prediction markets. 

On Oct. 15, 2020 Everipedia — the for-profit encyclopedia and blockchain firm — introduced they would be supplying data signed with cryptographic proofs that the information got here from the AP to EOS and Ethereum with the usage of infrastructure supplied by the Chainlink oracle community. 

“We can be making historical past as the primary to instantly signal AP’s race calls and publish for blockchain use,” mentioned Everipedia VP of Enterprise Growth David Liebowitz in a press launch. 

Following the announcement YieldWars, the gamified yield farming and aggressive prediction market platform, launched a Trump/Biden prediction market utilizing the AP information as an oracle. The market attracted over $250,000 in bets in simply two days. 

In an interview with Cointelegraph, one of many nameless co-founders of YieldWars, Owl, mentioned that Everipedia’s collaboration with the AP was a pure alternative:

“When researching the choice(s) extra, it turned clear that it was our greatest possibility. AP is sort of arguably probably the most trusted information outlet on this planet and being an nameless undertaking, we knew that to ensure that folks to belief us we wanted a definitive supply.”

Nevertheless, critics — lots of whom look like supporters of Donald Trump’s claims that the election has not been definitively determined — have argued that the AP is inadequate as an oracle. 

Mentioned one Twitter user

“Let yourselves down there, placing falsehoods on the blockchain as reality is a harmful highway, he could go on to win it, however recounts and courtroom proceedings are in motion, so how can it’s on the blockchain as reality.”

One other consumer, sporting the moniker “cryptoilet,” asked, “So am i able to additionally write onto the blockchain that i’m President now?”

Owl, nonetheless, thinks that future races and predictions markets will be capable to provide a extra strong assortment of oracles, ideally quashing these complaints:

“Sooner or later, I envision there being a number of oracles like AP and I predict within the subsequent election that we’ll see that. Having numerous trusted oracles settling markets ought to settle nearly all disputes.”