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SuperUMAns #38 - The UMA Ecosystem and the Optimistic Oracle

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Avatar for PVMihalache
Written by   1119
2 weeks ago

Been a SuperUMAn for over an year and I enhanced my crypto-knowledge in many ways. I learned about KPI Options and many other amazing tools created by Risk Labs, and got a clear understanding of the Optimistic Oracle.

Risk Labs and UMA have a vision for Universal Market Access, and the UMA protocol allows anyone in the world to access and create tokenized financial derivatives with self-executing agreements. The Web3 native protocol has a community-first focus and innovated the way oracles are solving issues. 

The Optimistic Oracle brings real data on chain, allowing contracts to quickly request and receive data information. The Optimistic Oracle acts as a generalized escalation game between contracts that initiate a price request and UMA's dispute resolution system known as the Data Verification Mechanism (DVM). The proposed data will not be sent to the DVM unless will be disputed.

UMA's Optimistic Oracle protects the smart contracts against manipulation of the external data feed, since incorrect data can always be disputed. The unique feature is unique for the OO, as every other oracle solutions are secured only by their data feed.

The Optimistic Oracle sessions are both educational and enlightening, as the information offered is user friendly and brings a big baggage of useful information.  I attended the "What is the USD price of BTC" session and was good to know that the OO has no limit on what can build. 

Does Finland Exist? I wanted to know how UMA handles conspiracy theories and quandaries.. and the answer is simple! The Optimistic Oracle solves the issue by bringing down this myth. 

This conspiracy started in the Cold War era, when Japan and the Soviet Union collectively spread the idea that there was a landmass known as Finland on this stretch of ocean. So ... is Finland real? Ask the 5,500,000 people of Finland who live there!

If UMA Protocol, Outcome and the Optimistic Oracle can provide such a good response for disputes, then is clear that DOAs, DeFi and KPI Options can blend together. The  future can be build on the Optimistic Oracle, and the tools for global crypto implementation are already available.

When I created Humble Tractors, my first NFT collection, I wanted to test the versatility of the Optimistic Oracle and I implemented KPI Options to my project. It was the first NFT collection to integrate KPI, using sale volume to reward the holders. Each KPI could have been redeemed for 0.5 or 1 USDC, depending on how many NFTs would sell before the token expiry date.

I shared KPI to the holders, organized raffles and other events and shared even more KPI options as prizes. When the expiry day came, 13 Humble Tractors NFTs set the claim value at 0.5 USDC per KPI. The process was validated quickly, without any debate or dispute. 

I wanted to mark the event and minted the Humble Tractors - Hey! collection -  a little spin-off that I created to reward those that supported my social experiment. Basically ... it's pure harvest... as you put your tractor to work and you get a good stack of hey. There are only 36 unique NFTs , which were distributed to Humble Tractors holders and as prizes for PVM Entertainment and Leisure competitions.

It's no boring day with the SuperUMAns, as I organized the second edition of the UMA Pumpkin Competition! Check everyone's carving skills and rate their work on Twitter (#UMApumpkin). We've done it last year and it turned out to be a great event. Byron helped with the original logo and was so good that I used it again this year.

I went crazy this year and carved a wheelbarrow of pumpkins. I said it was a competition, but the challenge was to be better then last year. Everyone is a winner with the Superumans, and all the carvings where horrific! :D

We are currently restructuring and good things will soon be announced. You can become part of the SuperUMAn community layer, or even one of the contributors. The DAO life will teach you more about the Cryptoverse then any higher-education course. We are SuperUMAns ... WE KEEP GOING!

How to join the superUMAns?

The SuperUMAns are the community’s ninja troops and the people who bring the community to life. All you have to do to become a superUMAn join our brand new Discord channel and put your talents to good use! There is always room for another superUMAn! 

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Written by   1119
2 weeks ago
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Comments

You guys do so much fun I guess! Well, is there any event or stages for the mobile photographers like me? Because crypto talks are just goes over my mind, hehe! I love to live the normal life, if there is any contest of photographies, I will take part!

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2 weeks ago

Join the superUMAns Discord and I am sure you will enjoy it. Tag me when you are are there

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2 weeks ago

Well, I have joined there and tagged you in a conversation.

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2 weeks ago

This is a very important information. This can help me also know more about Cryptocurrencies.

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2 weeks ago