You can learn more about our partnership with Kleros and Reality.eth for crowdsourced event resolution here to understand how it represents an important step towards the full decentralization of prediction markets.
Crowdsourced Event Resolution
The following process is done via reality.eth using POLK as the bond currency:
After the event resolution date has elapsed, people will be able to place bonds — let’s call them answers — on the outcome that they believe is the correct one.
Answers can be challenged via the posting of another answer and a higher bond.
A timeout period is started after an answer is placed. After that timeout expires with no challenges, that final unchallenged answer is accepted as the correct one.
Correct answers receive their bond back, plus the reward and incorrect answers lose their bond.
Check reality.eth's documentation to get to know in detail how payouts work.
After the event expiration date elapses, users can now place a bond, using POLK as an ERC20 for disputes.
Step 1: Get POLK on Moonriver
Check our guide on how to buy POLK on Moonriver, or how to bridge it from the Ethereum network.
Step 2: Allow the platform to use POLK
Allow our platform to use your POLK. Click on the Allow Polkamarkets button. You’ll get a wallet popup to authorize the transaction.
Step 3: Placing bonds
Place a bond on the correct outcome. Use the input field or slider for your convenience.
After the bond is placed, a 3-day timeout period is started, which will allow other users to dispute and place bonds on other outcomes.
Every time a user places a bond on a different outcome, that 3-day period restarts, and the POLK amount needed to place a bond doubles.
You can show how much time is left until the timeout period expires and the market resolves on the report screen above the input.
Step 4: Wait for the timeout period
Please wait until the timeout period has elapsed.
Once elapsed, you are now one step away from claiming your winnings! After the timeout period is completed, the smart contract needs to acknowledge the bonds placed and compute the market payouts. That can be done by clicking Resolve on the screen below:
Step 5: The market is Resolved
The market is resolved 🎉 Go to your portfolio and claim your winnings.
Watch the video for a better understanding of how market resolution works: