hubii ‘Lottery Oracle’ Launched with 1 Million Dollar Bounty Fund
In another milestone for the company, the initial version of hubii’s innovative Oracle has been deployed to mainnet along with the first part of a 1 million USD bounty fund (in NII tokens) to encourage public testing. This version of the Oracle takes the form of an interactive on-chain game, where participants can stake their NII tokens to earn potentially huge rewards. Read on to find out more.
Ask The Oracle
Eventually, hubii’s Oracle product will be used to monitor nahmii — our revolutionary blockchain scaling and interoperability solution. Before then, we need to test our theories about how people will risk their tokens through staking and for that we need you. In return for testing this very early version of the Oracle, we’re putting up a series of bounties worth 1 million USD (100 million NII tokens, price based on the ongoing IEO).
We expect that these public tests will be a lot of fun, both for us and the wider NII token holding community. The rules are simple: we give you a ‘test statement’ which can be either true or false and you can stake your NII tokens on either option. If you’re playing the game truthfully, you’ll stake your tokens on true when the actual answer is true. But equally, you might want to try and exploit the rules and other players to try and win their tokens.
Deliberately Exploitable
We’ve designed this public game to be deliberately exploitable. Like a video game, we’re starting you off with a very simple first test. We’ve put 5,000 USD worth of NII tokens into the bounty fund, with 5% of that amount going into each round (or ‘phase’) of the game. As time goes by, we’ll introduce much more difficult tests with more complex rules. To keep things interesting, we’ll be upping the bounty amounts to match the increased difficulty.
So how does the Oracle work and how can you take part? You’ll need some NII tokens, which can be bought in our ongoing IEO with Liquid (including a 20% bonus for all buyers). You’ll also need to be able to use Ethereum and have a little ETH to make transactions.
What is an Oracle? How does it work?
Our Oracle product is easy to understand. We start with a statement which can be true or false and ask the Oracle to tell us which option is right. NII token holders then ‘stake’ their tokens against true or false, before the Oracle uses certain rules to determine when the staking round is over. The staking is all done through smart contracts on-chain, with the distribution of rewards also handled trustlessly.
In return for participating in the staking process, players who stake their tokens correctly (i.e. on true when the result is true or false when the result is false) will receive a proportional share of the bounty fund. Even better, victorious participants will also receive a proportional share of the losers tokens.
The Oracle therefore requires participants to risk their tokens; we’re asking you to put your money where your mouth is in order to earn your share of the bounty.
GitHub and Smart Contracts
The Oracle is fully open source and trustless. You can view the Oracle’s smart contracts through the links below:
Similarly, our GitHub repo for the Oracle is available here.
White Paper and First ‘Test Statement’
Today also marks the publication of the test Oracle’s White Paper. It includes a more detailed explanation of how the Oracle works, as well as worked examples which show how staking and reward payouts are calculated for a typical ‘resolution engine’ (which is our term for the code that decides when to ‘resolve’ the staking market and generate a result).
The White Paper includes the first ‘test statement’ — the statement that the Oracle will use as the basis for the game. In future, participants should always check the GitHub repo for the latest test statement and you can see all previous entries there also.
The links for the White Paper and Test Statement on GitHub are below:
Just the Start
As you’ll see, this is just the beginning for our public testing of the Oracle. Very soon, we’ll introduce the next ‘resolution engine’; we don’t expect that you’ll need long to work out how to exploit the first one and drain the bounty fund. Similarly, we can (and will) revisit old resolution engines by increasing the difficulty, changing the test parameters and reloading the bounty fund with more tokens.
Note: Each resolution engine has its own bounty fund; so if you ‘break’ one of them, that won’t drain the whole pot.
We’re really excited about what’s coming up with the Oracle and you should be too. Stay tuned for a major announcement tomorrow, plus news of our upcoming appearance at a very special conference (where we’ll be running a session about Oracles!).
One last thing: the first resolution engine is now LIVE with the 5,000 USD/500,000 NII bounty fund. We don’t expect it to last long, so hurry up and claim your share before someone beats you to it!
