EthOnline Hackathon: Do you have the best ideas to build on the UMA Optimistic Oracle?

EthOnline is a month-long hackathon that runs through September with thousands of dollars on the line, including an $8,000 prize in the bag sponsored by UMA to be won by those who build the best project on the UMA optimistic oracle.

UMA is an optimistic oracle and dispute arbitrary system that can provide and verify any arbitrary data on-chain. The optimistic oracle allows you to initiate requests, bringing real-world data on-chain and rewarding anyone who proposes an answer to these requests unless disputed and sent to the DVM to be resolved and verified.

What this really means is if you initiate a request like "What was the price of Eth at 12 pm UTC 1st of September 2022" the optimistic oracle allows anyone to propose a bond answer that goes through a "liveness period" but if incorrect and disputed it is sent to the UMA Data Verification Mechanism (DVM) where token holders vote to resolve the dispute, voting by the ancillary data. But if no dispute was raised during the liveness period, the proposed answer is believed to be true.

The Optimistic oracle is set to achieve an increasing reliance on verified optimistic data and DAO tooling structure in web3. Building on UMA Optimistic Oracle also includes its tools known as the Outcome.finance tools (KPI Option, Success tokens) which are DAO tooling structures that help you generate positive outcomes as governance, action-incentivized, and fundraising tools.

The $8,000 prize from UMA for the EthOnline Hackathon is broken down into:
- $5,000 1st prize
- $2,000 2nd prize
- $,1000 3rd prize

The Hackathon is anticipated to see hundreds of hackers attend the event, where they will compete for more than $250,000 in total awards. It's the best place to make new friends, get in touch with mentors, and find your next web3 job to advance the ecosystem.

The opportunities for the Optimistic oracle are limitless and In light of the hackathon, UMA community is running an internal brainstorming workshop for interested community members to brainstorm use cases and ideas for the idea bank to be used to help inspire hackers to use develop for ETHOnline or at any point.
You can check out the bank ideas for ideas and more concepts or a general look at the UMA page for key resources to get you started.

Thank you for reading
Victorfela.