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Create with UMA’s optimistic oracle at ETHBogota | by Evan Duggan | UMA Project | Sep, 2022

Create with UMA’s optimistic oracle at ETHBogota | by Evan Duggan | UMA Project | Sep, 2022

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Tl;dr: UMA core members will be in Bogota 7-9. October as part of the ETHBogota conference and hackathon. This article contains information about $8,000 in prizes for hackers who create top projects with UMA at the event; resources for getting started with UMA’s Optimistic Oracle (OO); some concrete ideas that could be built on ETHBogota; and a video demonstration workshop by UMA’s John Shutt focused on building with OO.

The core members of UMA and our sister project Across and Outcome are coming to the southern hemisphere

The ETHBogata conference and hackathon will be held from 7 to 9. October in Bogota, Colombia, and more than $300,000 will be awarded to hackers, including $8,000 in prizes for those who build the best operating case using UMA’s optimistic oracle.

The event is part of a cluster of crypto/web3 events that will take place in Bogota in October and will also include:

DeFi Bogotá | October 10th

Devcon | 11.–14.10

UMA members participate in every event.

Come build with UMA in ETHBogota

The event is expected to attract a lot of hackers who will compete for prizes, connect with teams and network with the bright minds of the web3 ecosystem.

This event offers the opportunity to build and develop your own bright idea or riff on one of our seed concepts using UMA’s optimistic oracle and/or Outcome.Finance’s DAO management and fundraising tools, such as KPI options and success markers.

UMA core members are available to support and guide hackers through the competition. Winners can also receive an additional grant if you continue to build with UMA.

UMA’s awards are distributed as follows:

First prize $5,000

Second prize $2,000

Third prize $1,000.

The event also features a 30-minute introductory workshop focused on building with UMA’s optimistic oracle, hosted by UMA co-founder Hart Lambur. We’ll tell you more about that later.

UMA’s optimistic oracle is a human-powered truth machine for Web3

UMA is an optimistic oracle (OO) that can provide and verify any arbitrary information on the chain. Web3 increasingly relies on optimistic data validation and DAO tools, and that’s exactly what OO brings to the table.

Take your first steps in building with UMA’s OO by watching this previously recorded demo workshop with UMA’s Smart Contract Engineer John Shutt.

UMA’s data secures markets and smart contracts in Web3 and expands the design space for developers. OO tells smart contracts “things about the world” so they can monitor the actual payment terms.

UMA’s OO offers a very flexible solution for data disputes between smart contracts. Rewards can be earned by suggesting answers to a data request, and that is the lifeblood of the protocol. Proposed information will not be investigated unless disputed, and disputes are rare. This makes the UMA oracle optimistic.

Across Bridge, Polymarket prediction markets and Outcome.Finance DAO tools are three of the many use cases for OO.

The possibilities of OO are limitless.

Essential resources for preparing for ETHBogota

Three optimistic oracle ideas hacking and evolving at ETHBogota and beyond

Here are three concepts that should give hackers a head start on the build process.

Build a decentralized, connected news service which would allow anyone to post a story but require the reporter to post a bond. If the report is ultimately found to be erroneous through an optimistic oracle, the author may lose the bond. This system would require journalists to be accountable for their reporting, where facts and sources are clearly stated and verifiable. Editors can also be given a “truth score”, which represents the number of authors, such as articles not disputed, successfully disputed, and successfully disputed.

Build an optimistic market maker – a smart contract system with pooled ETH that accepts bound optimistic prices for various tokens from all bidders and uses these prices to buy tokens at a price slightly below that price. You can then resell those tokens at a slightly higher price. Sellers would be willing to sell below the global price as the OMM price may still be better than the prices available in the AMMs of that chain (and taking into account the CEX prices). Buyers would be happy to buy at a price below the global price, either to hold or to perform inter-chain arbitrage. This also allows tokens to be collected from multiple sellers and then one buyer gets them when it’s worth it.

Use UMA to build an optimistic payer Compliant with EIP 4337 and other payer systems. In this case, a payer could be loaded with ETH to pay for gas on behalf of users while taking their payments in arbitrary ERC20 tokens. That would be passive liquidity. Active participants would report the current ETH/ERC20 exchange rates, lock the ETH as a bond and take a cut of the payments. It would be better than using DEX prices which limit you to ERC20 models with enough liquidity to get a good chain price and it costs more to get gas. An active exchange rate bonder could update all exchange rates with a single call, and since they bond ETH, which the payer also pays as gas, passive liquidity providers are protected.

In the meantime, be sure to register for the hackathon.

Contact us if you have any questions and tell us more about what you want to build Twitter, or join us on Discord and keep an eye on UMA’s channels for more information on all of ETHOnline.

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