Events is a format of question based on future where predictions are made using stox to bet on any event the customers feels will likely be right. The events posted on stox prediction are required discrete and well defined number of potential outcomes. Every event has a specific time frame within that certain time you need to predict. The prediction is closed likely before the vents start. The outcome are immediately released once the event is over. Example of events questions, choice of answer and results.
Which team will win between Russia vs Saudi Arabia?-EVENT QUESTION
Russia and Saudi Arabia?** CHOICE OF ANSWER**. You can predict on this team.
Russia.RESULT. The winner here is Russia and ksa is a loser. The one who predicted Russia will get back stox and gain brain power. The user predicted on ksa will lose the stox.
Event creation -stox is decentralized system meaning that user or anyone can create an event and gain stx. The event is submitted to stox, once it approved then the user is awarded a certain stx. The event can based on any category or recent happening around. The user can create event based on sports, politics, entertainment etc., but it has to have an outcome as one answer. This is an opportunity for user to gain sox creating event of their choice. The stx awarded is 10-50stx.The prediction is approved based on smart contract to block chain.
-FORMAL DISCRIPTION -details of the question based on the event to be predicted.
-LIT OF POTETIAL OUTCOME- the outcome has to be in discrete list. The result will be released after the event and only one will be declare winner among the list.
ORACLE- the user need to identity and specify the process that will declare official outcome of the event.
-PARTICIPATION FEE- the event creator defines the charge of user participation specific event outcomes. The event creator controls the fee charge on his wish. The fee is defined as percentage from the investment made by the user.
COLLATERAL- To protect users from fraud and make sure deliberate false reporting by an oracle cannot be profitable, operators need to provide a collateral securing the event. Collateral can be put per-event, as a collateral in STX which is locked in a smart contract for 24 hours past event resolution by the oracle, or by linking the event to the operator’s CR collateral.
MARKET MAKER RESERVE- the event creator need have reserve stx towards bootstrapping prediction to be considered as counterparty for the first investment. The reserve size affects the LMSR market rate. The reserve is returned or diminish ass the result of the prediction.
STX IS AWARDED BASED ON THE CRITERIA AND REQUIREMENT FULFILLED UPON SUBMISSION.
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