🏛️Create Market

Step1

MetaOracle allows anyone to create a market for any upcoming event. The market creator sets the market type, event base information, forecast method, end time, and selects a designated Reporter to report the results of the event. The designated Reporter does not unilaterally determine the results of the market, and the community has the right to dispute and correct the results reported by the designated Reporter.

Step2

Then, the market Creator needs to select a data source that the Reporter will use to determine the result of the event. The data source can be a specific source, such as "https://www.federalreserve.gov (US Federal Reserve System)", "https://www.bbc.com/", or a specific API terminal address, or simple but credible " Commonsense".

Step3

Finally, the Market Creator is required to pay a Margin: the Creation Margin and the Validity Margin.

The Creation Margin paid in MOT will be returned to the Market Creator when, and only when, the Market's Designated Reporter actually reports within 24 hours of the end of Market Period, and the Market ultimately accepts the same results as the Designated Reporter. If the Designated Reporter does not submit a report within the required 24 hours, the Market Creator must forfeit the Creation Margin and give it to the Public Reporter of the first reporting market. This incentivizes the Market Creator to choose a reliable Designated Reporter and to report truthfully - which facilitates truthful reporting and consensus on the result of market events. Similarly, the public reporter of the first reporting market receives a Creation Margin if, and only if, it reports correctly within the required time frame. In addition, the Creation Margin is dynamically adjusted according to the percentage of Designated Reporters that failed to report in a timely manner during the previous Dispute Window and the percentage of Designated Reporters that failed to agree with the market consensus result. The Market Creator pays the required margin via an on-chain transaction, and once the transaction is confirmed, the market goes live with the event and starts trading.

The Validity Margin is paid by MOT and is returned to the Market Creator if the market resolves any invalid results. The Validity Margin incentivizes the Market Creator to create a market based on well-defined events and objective, clear results. The amount of the Validity Margin is dynamically set based on the proportion of recent invalid results in the market.