Meet The UMA Team at ETH Denver
Tl;dr: UMA’s optimistic oracle aims to solve data pain points for developers of Web3 applications. At ETHDenver, UMA invites hackers to use the optimistic oracle to create fast, secure, and novel applications for the future of Web3.
What is an optimistic oracle?
An optimistic oracle is an oracle where data is proposed in response to a request, and it is accepted as true only if it is not disputed during a liveness period.
This differs from a brittle price feed oracle, whereby oft-requested prices are streamed on-chain but without any recourse or error protection.
This type of data is especially well suited to long-tail needs, as we expect to see in Web3. These might include decentralized social networks, rewards systems associated with reputations, or the financialization of NFTs. It is also well-suited to cross-chain applications.
UMA’s optimistic oracle is used today to resolve derivatives, prediction markets, and crypto security payouts. It is also used to secure a cross-chain bridge: Across.