Bodhi Tutorial | Under what circumstances will the event be invalid?
Why the event I created is invalid?
Why did the result come out and the incident was invalidated?
why? ….
Bodhi Prediction Market is the world’s first decentralized prediction market that launched on a blockchain’s main network. With the full deployment of the forecasting application, users have downloaded, installed, and used it. Sometimes, the user may be convinced that an event is “invalid.” Because once the event was set into invalid, all tokens can only be returned in the same way, which is really a pity. So what kind of situation will cause the event to be invalid? How is it distinguished whether the event is effective? Let us discuss this topic together today.
Invalid event cause 1: There is a flaw when creating the event
An invalid event most commonly occurs when creating an event. When a user creates a new event and fills out the information, the event fails due to poor consideration. In this regard, you can read our early release of the Bodhi Tutorial: What should you pay attention to when creating an effective event? The details of the effective creation of events. An effective forecasting event must have the characteristics of independent, objective, and widely validated event results.
Invalid event cause 2: Event subject becomes unpredictable
The event subject is used as a reference object in a prediction event. If the event subject becomes unprovable during the prediction process, the event is invalid.
Examples:
Predicting event 1. Who is the next president of the United States?
Then the United States announced the abolition of the presidential system and no longer elects a president. The event subject is no longer relevant and the event should be considered invalid.
Predicted event 2. X month X, NBA playoffs Rockets vs Lakers, the results of the game?
After the event was created, the game was cancelled/delayed, the event subject is not longer relevant since there will be no outcome of the game and the event becomes invalid.
Invalid event cause 3: Event still in the betting phase when the event has concluded
The event creator should fully consider the Betting and Result Setting start/end times of the event when creating the event. If the event is still in the betting phase, but the event has already occurred, then the event will lose its predictive power and become a voting game that simply divides the failed party QTUM/ETH. In this case, the predicted event should be judged to be invalid.
The result of the Bodhi prediction event is the BOT/BOE community consensus. Compared with the traditional centralized forecasting market, the predicted results depend on a central organization to maintain. Although it can guarantee efficiency (you buy it immediately to give you feedback, give you confirmation, settlement), it also brings a lot of potential unfairness such as users can’t create events that they are interested in, the results are not checkable, they are vulnerable to black-box operations, and they don’t know the actual data of the event (participation, bet amounts, etc). This has allowed many organizations that centralize the forecasting market to have the opportunity to do evil.
Bodhi predicts the market as a next-generation decentralized forecasting market based on blockchain technology. The entire forecasting mechanism is built on the blockchain network through blockchain technology. Users can fully enjoy fair, open, and autonomous decentralized prediction. In addition to being able to freely create predictive events of interest in the market, users can use their BOT/BOE to defend the truth. Through the arbitration mechanism in Bodhi, users can effectively correct any wrongly set result through the investment of BOT/BOE.
Not only that, users who hold BOT/BOE are the very arbiters who judge whether the event is valid or not. In summary, the Bodhi Prediction Market predicts the effectiveness and results of all events in the market and becomes correctable in the event of a dispute with community consensus of BOT/BOE holders.
Bodhi official website: https://www.bodhi.network
Github: https://github.com/bodhiproject
Twitter: https://twitter.com/bodhitoken
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