Fair Protection God: Bodhi prediction market circular arbitration mechanism
In the Bodhi forecast market mechanism, the most confusing thing to the user is the circular arbitration mechanism in the BOT Court. In the Bodhi event lifecycle, once the initial result is set, the event will enter an open arbitration period (currently 48 hours long). During this period, any user who would like to dispute the initial result can initiate arbitration through the staking of BOT and change the event result with enough consensus. As the number of arbitration rounds increases, the amount of BOT needed to reach a new result is increased by 10% (starting at 100) after each arbitration round that has reached the consensus threshold. It is Bodhi’s own circular arbitration mechanism that defends the fairness of the forecast market.
Free arbitration: everyone can participate in the setting of event results
Bodhi predicts the market will adopt a designated result setting person and an open court to create double result setting mechanism.
When creating a new event, the event creator can set an address as the Result Setter of the event. The Result Setter can select the option as the event result according to the objective facts within a certain time period (set at event creation). If the result setting time period is over, and the Result Setter did not set the result for the event, then the predicted event will enter the Open Result Setting phase and anyone can set the result by staking BOT. Any users with BOT can participate in the setting of event results. And this is just the beginning!
After the result is set, any user who has an objection to the event can initiate arbitration by re-collateralizing the BOT and change the event result. As the number of arbitration rounds increases, the BOT required to reach consensus of the new result also needs to increase by 10% each time. This means that the cost of arbitration in the same event will increase. It is worth noting that, after the event is over, the correct arbitrators will only receive a portion of QTUM of the losing party (1% split between all the BOT stakers) and will also get all the BOT of the losing arbitrators.
Open and transparent, the results of the publicity to give full play to the advantages of blockchain technology
The Bodhi forecast market is a next-generation decentralized forecasting market based on blockchain technology. The entire forecasting process is open, transparent, and chain-ready. In addition to being able to clearly understand the details of each predicted event in the forecast market, the user can also query the arbitration phase history for each event. Not only is it open and transparent, but everyone can check the advantages of mutual witness. Bodhi predicts that the market can perfectly solve the traditional centralization and closure, undetectable and other ills, and also eliminate the unfair phenomena such as the black box operation of the centralization prediction mechanism.
Cyclical arbitration, defending the facts
I believe that many users will have doubts about: everyone can arbitrate the result of the revision of the result correction. So, if there is a bad actor doing malicious arbitration, will he control the entire forecasting mechanism? The answer is: no!
Why not? We take the assumption of the above question as the premise, and there is really a wrong result of such a bad actor doing malicious arbitration, trying to maintain its own prior interests. Then other users who participated in the incident saw it, and they also launched anti-arbitration to deny the facts of the perpetrators to defend the facts. As the amount of staking BOT for arbitration continues to increase, the cost of doing evil acts are also increasing. More interesting is that the arbitrators who staked on the final result will get all of the losing BOT at the end of the event. In this incident, as the number of BOT staking increases, it will only attract more and more onlookers to participate and launch a new round of arbitration to defend the facts. Until the 48 hours of the arbitration runs out without hitting the consensus threshold, there will be no new rounds. Arbitration is done and finalized.
Therefore, under the Bodhi circular arbitration mechanism, the cost of malicious arbitrators will only become higher and higher and eventually will have to defend against the BOT holders of the entire Bodhi community. All users who defend the facts will receive a BOT award.
Bodhi official website: https://www.bodhi.network
Github: https://github.com/bodhiproject
Twitter: https://twitter.com/bodhitoken
Chinese telegraph group: https://t.me/BodhiCN
