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OptionRoom AMA

To Celebrate the listing of OptionRoom on AscendEX, Dimitry Chesnokov sat down with Marsel Adawi from OptionRoom for an AMA to gain more insights into OptionRoom’s accomplishments and strategy going forward.

Project Details: https://bit.ly/3mHjM3c

Trade Now: USDT/ROOM

Dimitry | AscendEX

For those that are not familiar, can you briefly describe OptionRoom, and what problems is it going to solve?

Marsel Adawi | OptionRoom

OptionRoom is a user-governed oracle and forecast protocol built on Polkadot. OptionRoom has the ability to serve as an Oracle as a Service (OaaS) where oracle requests are solved by governance. Oracle requests cost a fee and a solution incentive paid in ROOM, rewarded to request solvers. OptionRoom allows users to create and participate in event derivatives that are pegged to real-world outcomes by governance consensus. OptionRoom’s mission is to create a self-reliant protocol with multiple use cases powered by the community. By rewarding honest protocol participants and punishing bad actors OptionRoom aims to create a governance that is pegged to the real world without relying on outside data streams.

Marsel Adawi | OptionRoom

basically we’re trying to add another source of data to the crypto ecosystem which is based on governance (human oracle), where we can source different types of data not available on traditional oracles, in addition to a limitless forecast market protocol that does not rely on external data sources

Dimitry | AscendEX

Got it! Could you share the development status and progress of the project thus far? Is there an MVP?

Marsel Adawi | OptionRoom

We are currently in the final stages of developing the MVP, with a closed beta program launching early next week

Dimitry | AscendEX

Understood. Why did you make the decision to go with Polkadot? What are some of the key benefits that Palkadot offers to OptionRoom?

Marsel Adawi | OptionRoom

We are building on top of Polkadot due to their transactional output and it would be much easier to scale functionalities on it. Even though Polkadot is our chain of choice, we are aiming to be chain agonistic and will start off on Ethereum while the Polkadot ecosystem is being developed. Polkadot is where our onchain governance will be executed.

Dimitry | AscendEX

Got it. What is your strategy in regards to promoting and incentivizing efficient governance of the protocol?

Marsel Adawi | OptionRoom

We have a reward system that rewards proper governance participants while deterring bad actors

Marsel Adawi | OptionRoom

Anyone participating in governance will be rewarded with ROOM tokens on a daily basis, In addition we have the COURT staking mechanism which grants users voting power based on how long they stake their COURT tokens, we call it the authenticity score. The authenticity score increases with every day users stake their tokens, granting them 1 vote per token on the first day of staking, and all the way up to 3 votes per token on the 100th day

Marsel Adawi | OptionRoom

If a user if found to be manipulating the protocol in a vote that has a certain outcome (not a matter of opinion), half of their staked COURT tokens will be burned, in addition to resetting their authenticity score back to 0

Dimitry | AscendEX

Understood, thank you for clearing up the relationship between the two tokens on your platform as well.

Dimitry | AscendEX

Let’s talk about the current landscape of other projects doing something similar. What separates Option Room from some of the existing players like Augur and Polymarket?

Marsel Adawi | OptionRoom

The first differentiator is protocol rewards, we are using 38% of the total supply of ROOM for protocol rewards

Marsel Adawi | OptionRoom

in addition to not relying on external data sources for market settlement

Marsel Adawi | OptionRoom

and we’re aiming to be the first forecast market in the Polkadot ecosystem

Dimitry | AscendEX

Got it! Thanks for providing more insight on the key advantages there. In regards to the NFTs, will your platform have a marketplace where users can buy and sell NFTs? Can you briefly describe NFT staking?

Marsel Adawi | OptionRoom

There will be no NFT trading on our platform, we released the NFT staking as a promotion for the project. In addition to having the opportunity to test NFT usage in our protocol, as NFTs will play a role in our protocol later

Dimitry | AscendEX

Got it. Congratulations on the success thus far! I know our community is eager to ask more questions. As the last question from my end before we open it up to everyone. Can you please elaborate on the goals you are aiming to achieve in 2021?

Marsel Adawi | OptionRoom

Development-wise, we’re planning to release the full OptionRoom protocol on multiple chains (including Polkadot given synthetic assets are live by the end of the year).

On the other fronts, we’re planning to promote our Oracle as a Service to be used by different crypto projects, and giving new projects the ability to build on top of our oracle, as for the forecast markets we’re expecting to capture a decent share of the forecast market industry by using our protocol rewards and more intensive marketing after protocol launch.

Dimitry | AscendEX

Impressive! Thank you very much Marsel for being here today and providing us with insights into OptionRoom. Best of luck with the project! Let’s open it up to everyone.

Participant Questions:

Wayni Capital

What is the biggest challenge you face currently in terms of becoming a successful project or company?

Marsel Adawi | OptionRoom

We faced a few development challenges along the way that were fixed with enough trial and error and the passion our developers have for the product. Our biggest challenge right now is adoption of our Oracle as a Service as it is something new to the crypto space, and we’re finding new projects to partner with in regards to the oracle at a very good rate

David Carey

As Education for crypto currency is necessary nowadays, what’s your plan to attract those people who don’t know about cryptocurrency? Are there any programs in the pipeline to help a newcomer to crypto get a decent crypto credit score while getting educated about their new venture?

Marsel Adawi | OptionRoom

We’re working with a talented UX designer to make the usage of the platform as seamless as possible, in addition to implementing a fiat gateway to give access to ROOM tokens without having to buy crypto initially. In addition we’re planning to create educational content about using the platform.

zafer metin

I will get the ROOM by staking

How can I calculate the COURT amount and how can I get liquidity?

Will all tokens of dishonest participants in governance be cut off? How are dishonest users identified and what is the role of the COURTs in this?

Marsel Adawi | OptionRoom

we have different staking programs available on our website app.optionroom.finance , and guides to providing liquidity on our medium: https://optionroom.medium.com/optionroom-launches-limited-liquidity-farming-program-fc1b7ef8e3d2

Dishonest participants will get half their staked court tokens burned, and by dishonest participants we mean people who are on the wrong side of the vote in a vote that is not a matter of opinion.

Wayni Capital

I usually consider 3 things on blockchains: flexibility, cost and security. How can you guarantee me that these 3 things are available on your project ?

Marsel Adawi | OptionRoom

We are releasing a protocol that will be owned by the users (anyone who owns COURT tokens has a say in the protocol), we’re also trying to reduce gas fees without affecting the functionality of the protocol by optimizing our code, and we’re planning a security audit, in addition to a bug bounty to make sure our protocol is safe to use.

Trade Now: USDT/ROOM

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