X Protocol grant proposal

Hi X Protocol! Thanks for submitting your application! Would be great to see a prediction market come to the Conflux ecosystem! :slight_smile:

Can you please provide some more details on your cross-chain strategy for X Protocol. I.e. Will there be cross chain governance or will X Protocol issue a Conflux native governance token? Will their be any interaction between the Polkadot instance of X Protocol interact with the Conflux instance?

Also does the grant include the polkadot bridge? It is highlighted at the top of your application, but do not see it specified in the development roadmap.

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Thanks for applying! And to echo Geoff, would like more info on Polkadot bridge. Can you move metadata across chains?

Hi Geoff, thx for the comment.

About our Cross-chain strategy:
The X Protocol cross-chain bridge solution is a two-way cross-chain token bridge based on chain relay, and our relay solution will have better performance in speed. In detail, X Cross-chain Relay is a novel cross-chain validation Relay.
It implements a lightweight client using a new encryption algorithm-Merkle Mountain Range (MMR), Optimistic Whistleblower System (OWS), Relayer Incentive Model and other technologies.
What’s more, It has realized the function that any historical block can be verified through the latest block, with less storage occupation, on-demand use and lower cost.

Currently our development has not reached the stage of cross chain governance yet, but it is a great option that we can explore in the future. So does the governance token issuance on Conflux.

Regarding the question ‘Will there be any interaction between the Polkadot instance of X Protocol interact with the Conflux instance?’ what does it mean, sorry we did not understand it.

And to the second question, The grant does not include the polkadot bridge, we apply for the Conflux grant using X Predict Market, which is the first DApp of X Protocol. As a polkadot-based cross-chain protocol, it can develop various business scenarios. X Predict Market can benefit from the decentralized,safe and fast bridging solution of X Protocol.

We would love to issue a Conflux native X Protocol governance token once we find suitable DEX on Conflux to work with.

Currently i dont have any questions that are not already echoed by the other committee members.

Side Question:
Is it necessary for all governance votes from the “loser” of the vote to lose all tokens or am i misunderstanding?

Hi Tristception, you understand the mechenism correctly. If user vote for the option that is inconsistent with reality, he would lose all the tokens that he use to vote. And rewards will be distributed to users who voted correctly according to the ratio.

Hi SmoothCB, thx for your comment here. X Protocol develop our own cross chain bridge using the Relay components cross-chain method, which does not require this metadata concept in substrate. Hence we don’t need to move metadata across chains.

Hi! Welcome to Conflux!
I have several questions here:
1.[quote=“XProtocol, post:1, topic:9684”]
Prediction Completed
When the prediction period set by the creator of the topic ends, the result is pending. In this process, any new prediction can no longer be proceeded while liquidity can be removed.
[/quote]
Is this mean a creator can only have one active prediction at the same time?
2. How does the system verify the results?
3. What if multiple users propose similar proposes at the same time(Maybe different on the titles only), how does the system handle it?
4. As a user, can I buy X Yes-coins and Y No-coins, and provide lp directly?
5. Which token will be the governance token?

Hi Coolbit, we would love to answer the questions :blush:
1

This sentence means that, when Prediction proposal A is in the ‘end’ status, which means ‘waiting for result’, and users can not predict in this Prediction proposal A since the voting period has ended and we are waiting for the governance node to upload the results. But people can initiate multiple prediction proposals (active) at the same time.

2 There is a staking system in X Protocol, where people can stake certain amount of POT (governance token) to become a node.

When the result generation time set during the prediction topic creation comes, the
prediction result is uploaded by the governance node through the oracle and should be
accepted by the trial of all users during the result publicity period. In the future, we will
develop a graphical operation interface for non-technical personnel to use the oracle to
upload results. The result publicity period is initially set to 3 days, and it can be revised
through the community voting in the future.
Users can report wrong nodes that upload results that are inconsistent with actual events.
When reporting, it is necessary to stake more than twice of the staked amount of
governance tokens of the reported node. If the reporter cannot raise that many tokens
by himself, he can also initiate a report call, and other users can stake in to support the
reporter. Upon successful staking, the report is formally initiated, which will be voted
and determined by users of the entire network within 3 days.
When more than 50% of the votes support the reporter, the report succeeds, otherwise the
report fails. When the report succeeds, half of the staked tokens of the reported node will
be given to the reporter, and the other half will be distributed to the reporter’s
supporters according to the voting ratio. When the report fails, half of the tokens staked
by the reporter will be given to the reported node, and the other half to the node’s
supporters in proportion to the voting.
After a successful report, it will enter a new round of publicity period. During which
people are also allowed to report, but the staked tokens to initiate the report will be
multiplied by 2 times. The process repeats until no one ever files for a report in a certain
round of publicity period. Then the result of this round will be the final result.
The result has already been produced when the ruling is made, under normal
circumstances, users will vote for the correct result. If a collusion is plotted by the
whales, then they first need to hold the majority of governance token, which is costly,
and if they jointly kidnap the project and tamper with the results the governance
currency of such a project risks to become valueless, which will eventually cause them
to incur a loss. This is not worth the gain. On the other hand, should there be a successful
report against them, their staked governance token will be lost to the reporter. Therefore,
over the long run, nodes will be incentivized towards submitting correct results, which
ensures the fairness.

3
We are not worried about the similarity of the proposals. If users initiate the same prediction proposal, it means that this is a problem that everyone cares about. Under the same proposal, users can go to the community to call on everyone to participate in their own proposals, so as to get higher income. Competition will bring everyone’s attention, which means that for x predict market, the same proposal will bring more liquidity, it is up to the community to create diverse proposals.

4 Correct
Users can even buy Yes coins and No coins at the same time, and they can provide liquidity after the purchase. (To be clear, the Yes / No token are just lp token, which you can exchange for settlement token when the results are uploaded and the prediction ends. But users deposit settlement tokens as liquidity)

5
If we understand the meaning correctly, POT will be the only governance token in X Protocol ecosystem.

What Oracle service will X protocol use on Conflux.

Hi Flarcos

Being the first DApp on X Protocol, X Predict Market can conduct all kinds of prediction event. Including long term/short term cryptocurrency price prediction & real-world off-chain event.

The Oracle service can contribute to X Predict Market’s short term cryptocurrency price prediction with it’s on-chain data feeding function.

We would love to work with Oracle project on Conflux

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Hi @XProtocol nice product there!

The Witnet decentralized oracle recently launched on Conflux. We’ll be happy to help!

The benefit for a prediction market to use an autonomous oracle service is to improve the certainty of the result and to reduce the resolution time. Some projects even have near-immediate resolution and payouts, like Augur Turbo.

I’ll DM you if that’s ok.

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Hi ASDPC
It’s nice to learn about your project, of course we would like to have a further discussion about the cooperation :smile:
I have joined the telegram group chat
Thank you

Hi Flarcos

Being the first DApp on X Protocol, X Predict Market can conduct all kinds of prediction event. Including long term/short term cryptocurrency price prediction & real-world off-chain event.

The Oracle service can contribute to X Predict Market’s short term cryptocurrency price prediction with it’s on-chain data feeding function.

We would love to work with Oracle project on Conflux

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Could we include a Witnet oracle integration as a milestone in your grant proposal? :eyes: @ASDPC

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That’d be great. Let me know if you need anything from our side to make that happen.

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Hey Christian, is there any other questions that you would like to ask, we would be glad to answer it :slight_smile:

We are now working on the governance in our network, which should form a better verification system

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And also, what’s the next step for us to proceed with the grant ?

Please keep us updated ~

We would be appreciated :slight_smile:

Hey @XProtocol there has not been a lot of movement on this grant recently, so to hopefully get your application back on track here are some suggestions for your proposed milestones :slight_smile:

The milestones below are general categories for what we are looking for, so please be sure to add in the specifics of each deliverable, including smart contract functional requirements, and community and network growth goals.

You can also see some general milestone guidelines here: Grant Application Milestone Guidelines

Please respond directly to this post with your updated milestones.

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