Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Pulse and our guest was @Bowtiesarecool – Representative of Pulse DAO. The AMA took place on 18 April.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Pulse!
Welcome to Satoshi Club😀
Andrés M. | Satoshi
Club:
@Bowtiesarecool Welcome to Satoshi Club
Mary | Satoshi Club:
@Bowtiesarecool welcome here 😀
Sonny | Does Not
PM/DM First:
Hi folks, glad to be here with you on behalf of Pulse’s DAO
Andrés M. | Satoshi Club:
How is going your weekend?😃
Sonny | Does Not PM/DM First:
Weekend in blockchain? Never heard of it 😂
Mary | Satoshi Club:
Does crypto have weekend?
Andrés M. | Satoshi Club:
Haha red weekend🤣
Sonny | Does Not PM/DM First:
A very red one.
Mary | Satoshi Club:
Hope, it’s just weekend 😀
Sonny | Does Not
PM/DM First:
Feels like something we could have added to the market – will the market be red
this weekend? yes or no
Sonny | Does Not PM/DM First:
Next week is another time.
Mary | Satoshi Club:
But our AMA will be colorful 🚀
Nice idea👍
Btw, usually we starting our AMA with intro😀
@Bowtiesarecool could you please introduce yourself and tell us more about Pulse😀
Sonny | Does Not
PM/DM First:
Sure thing.
I’ve been in the industry since 2017 as a content creator, community manager, and business developer. I am here today on behalf of the Pulse DAO which is the decentralized community governing Pulse’s ecosystem. Anybody can be a member of this DAO as long as they are capable of contributing to the ecosystem. Feel free to reach out if interested
Pulse is a decentralized prediction market platform built on Near wallet and leveraging flux’s oracle aggregator to resolve predictions. It is open-sourced and governed by a DAO
Mary | Satoshi Club:
Nice info! Thanks! Do you have a big team? 😉
Sonny | Does Not
PM/DM First:
Currently we have 7 members on the team and rapidly expanding as the community
applies for roles within the DAO
Andrés M. | Satoshi Club:
How works the process to resolve predictions, could you provide us some details?
Sonny | Does Not PM/DM First:
Once the deadline for betting on the market is hit, the market is frozen and the oracle fetches the data for the outcome of the event predicted on. There is a 24 hours dispute window for the result fetched to be contested in the event that a validator provided incorrect data – either by omission or designed. If there’s no dispute, the DAO votes on finalizing the market with the result the oracle presented. Once finalized, the reward for the winning bet is distributed for winners to claim off the winning market
Mary | Satoshi Club:
Clear process 😀
Mary | Satoshi Club:
Thank you for your intro👏
Sonny | Does Not PM/DM First:
Very. In the near future and as the market expands, we are looking to add additional feeds from popular oracles through flux’s aggregator feature.
Mary | Satoshi Club:
Do you want to add something or we can go to the questions from our community?😀
Sonny | Does Not
PM/DM First:
Just a quick plug here that since the prediction market is in the early launch
phase, those using the dapp rigorously will be eligible for reward when the
token goes public 😊
Mary | Satoshi Club:
Oh, that’s inspiring🎉
Andrés M. | Satoshi Club:
Great news🥳
Andrés M. | Satoshi Club:
@Bowtiesarecool are you ready?😁
Sonny | Does Not PM/DM First:
Yep.
Q1 from Telegram user @victorogb
The prediction market can be likened to a futures or occurrence marketplace that allows people to trade on an event’s outcome in the future. Though, Pulse being a decentralized and open-source prediction platform governed and maintained by a DAO might easily be likened to an analytic service for gambling related activities because of it’s perculiar service. What makes Pulse different from traditional gambling & predictory service providers and how are these predictions and informations carefully analyzed?
Sonny | Does Not PM/DM First:
Hey @victorogb, this is a solid question. Let me start with some pointers though. Pulse’s decentralized nature makes it no different from the traditional prediction market because you’re also betting on the outcome of a future occurrence. The added benefit of decentralization – or in this case, the blockchain – is its open-source nature could enable the evolution of the prediction market into an analytic platform for measuring and leveraging the wisdom of the crowd without any of the traditional barriers.
By leveraging an oracle system that is also capable of aggregating feeds from other oracles, the community can easily create any market and be assured that the outcome can be verified across several other oracles.
Basically, you’re not depending on data that cannot be proven and verified by the public
Mary | Satoshi Club:
Which blockchain are you operating on?
Sonny | Does Not PM/DM First:
We’re on NEAR blockchain and the first of its kind. NEAR’s wallet has a human-readable address feature meaning instead of the usual 0xblahblahblah, my address can be any English word instead
Yes, Ethereum also has ENS, but it’s not as cheap nor is it integrated into wallet
NEAR’s integration makes onboarding extremely easy
Mary | Satoshi Club:
Gotcha👍
Thank you for your answers! Ready to go to the next question?😀
Sonny | Does Not
PM/DM First:
Fire away 😍
Q2 from Telegram user @cryptofollower
When I open your website it says “this is a community deployed open-source version of Pulse Protocol and is unaudited”. Did you release your prediction application right now or is it on a test phase? When will you audit your smart contract and everyone can use your application safely?
Sonny | Does Not PM/DM First:
The app has been rigorously tested for months and the current DAO has been vetted. However, we recognized the need for auditing by independent sources and will be allocating part of the treasury for such. This also accounts for the current whitelisting feature, which enables us to gradually scale up demand while gathering critical feedback for iterations
Mary | Satoshi Club:
Do you already know which audit firm will help you with audit?
Andrés M. | Satoshi Club:
Thanks for the answer, btw which benefits NEAR blockchain provides to Pulse?
Sonny | Does Not PM/DM First:
We’re actively looking at Trails of Bit, Quantstamp, and Peckshield at the top of our list and hoping that we can secure agreement with any one of them. Auditing do tend to be expensive affairs though 😅
Mary | Satoshi Club:
Nice choice 👍
Sonny | Does Not PM/DM First:
NEAR’s foundation has been extremely helpful in giving us access to tooling and critical feedback. They’ve also extreme interest in some of our upcoming features which I’m unfortunately not at liberty to reveal at the moment. Being the first such dapp on NEAR blockchain though, expect interesting things ahead
Andrés M. | Satoshi Club:
We will be expecting for it as well, don’t forget to share it with us 😃
Mary | Satoshi Club:
👍
Sonny | Does Not PM/DM First:
Certainly!
Mary | Satoshi Club:
Ready to proceed or you want to add something?😀
Sonny | Does Not PM/DM First:
Sure.
Q3 from Telegram user @NataliyaKil
Why do you offer NEAR Wallet for authorization on your platform? Does it have any advantages over other wallets? What benefits can I get? Still, I would like to have more wallet options to choose from. Have you thought about this so as not to limit your users to one wallet? In addition, I did not find a mobile version of NEAR Wallet, which is extremely inconvenient!
Sonny | Does Not PM/DM First:
Excellent question. Let me try and sum it up with an experience we’re all too familiar with – trying to get that friend of yours to use crypto. I’ve tried to get some friends into crypto, but the moment you come to wallet address, it becomes the biggest stumbling block. Some have asked me “why can’t my address be as simple as an email? Why can’t I choose my own name?”
The sports prediction market is one of the biggest markets in the world. However, for you to tap into this, you need to design an onboarding flow that keeps most of the crypto stuff under the hood and just allow them to sign up, create an address, and get to betting – just like they would for any traditional betting platform or email. Hence, the reason why NEAR’s integration of human-readable address as part of the onboarding flow became the most important piece in our selection of blockchain and wallet service to develop on
For mobile version, the current website has been optimized for mobile utility too
Mary | Satoshi Club:
So, let’s try to imagine that i am your friend😂
What i need to start to make predictions 😀
Andrés M. | Satoshi Club:
Do you have some guides about how to use correctly the wallet?
Sonny | Does Not PM/DM First:
First thing you need is to create a wallet address on wallet.near.org. You’ll be required to save your seed as usual and then asked to fund the wallet with 1 $NEAR (approx $6) for activating the human readable address. Don’t have $NEAR but you have some ETH in metamask? Just connect your eth metamask to https://faucet.paras.id/ to create a free near address
Once you’ve created the address, open Pulse app: https://pulsemarket.eth.link/ and connect your near wallet to it.
Yes, we do here: https://pulsemarket.medium.com/finding-the-pulse-for-mainstream-crypto-utility-a74ba9873b38
Mary | Satoshi Club:
Btw, for non crypto friends it’s not so easy 😀 can they buy NEAR directly with fiat in the wallet?
Sonny | Does Not PM/DM First:
We’re looking at integrating fiat on-ramp in our next updates. It’s one of the issues most of my normies friends have also raised. It’s a problem we’re exploring with NEAR foundation
Mary | Satoshi Club:
Gotcha 👍 i know normies problems on my friends
example also😀
Thank you for your answers! Ready to go to the next question?😉
Sonny | Does Not PM/DM First:
Yep.
Q4 from Telegram User @Yusbealco
My understanding is that one of the benefits I get from using NEAR is that instead of having an address that starts with 0x and ends up looking like the equation to recreate the universe, you can have your wallet address read “pulse.near”. What other benefit do I get from using NEAR? How does PULSE MARKET circumvent the accessibility traps that haunt the industry? How do you trade within NEAR?
Andrés M. | Satoshi Club:
Thank you for the clear explanation
Sonny | Does Not PM/DM First:
There’s one other advantage – transaction fees. Yes, we all know the meme – ETH gas fee are just too damn high. Most of us farm on eth and when we look at our fees on fees.wtf, we get shellshocked. Nobody likes to see fees eating into their profit margin and while ETH foundation is working on reducing the features, the truth is we can’t hold our collective breath until then. NEAR blockchain is extremely cheap, super fast, and most importantly decentralized. They have also released a two-way bridge to ETH and will be releasing EVM support next
Mary | Satoshi Club:
Yes, fees incredible and when i need to do something on Eth i close my eyes😂
Andrés M. | Satoshi Club:
That’s true.
Mary | Satoshi Club:
Not to see numbers
Haha, true😂
Andrés M. | Satoshi Club:
Btw, will be there a bridge with other blockchains as BSC?
Sonny | Does Not PM/DM First:
Despite criticism, there’s no denying the pull BSC has especially with its cheap fees too, so we have the chain on our radar and will be exploring how to tap into the ecosystem over there too in due time.
Andrés M. | Satoshi Club:
Great idea💪
Mary | Satoshi Club:
Got it! Hope to see more bridges soon!
Ready to jump to the next question?😀
Sonny | Does Not PM/DM
First:
Sure thing
Q5 from Telegram User @Winner_don
I am new to your app, so i don’t not know how the system determines its result. I know of a similar app – a prediction app that was wrecked by cheaters. The app allocate rewards to the most voted and so cheaters create multiple accounts to pull more votes for themselves thereby cheating the system. Have there been any similar cheat on the Pulse platform? How will you handle any form of cheat? How do you process the prediction result in general? What are the risk factors?
Sonny | Does Not PM/DM First:
Ah, yes. Think I’ve heard of that too. However, Pulse is a prediction market in the truest sense of the word meaning you are betting on the outcome of a future occurrence and will be rewarded (or not) when the event occur. But how do we verify and resolve this event when it occurs? That’s where the oracle comes into play and even if malicious result is feed into it, there is a dispute window to contest the reward and have the protocol fetch data from other feeds. There’s also an incentive for contesting malicious result because every validator bonds token to the oracle and if they provide bad data that is contested and resolved the right way, their token gets slashed and awarded to the node that contested the result
Andrés M. | Satoshi Club:
So, what is the risk level?
Mary | Satoshi Club:
Cheaters are very sad now😂
Sonny | Does Not PM/DM First:
Near zero at the moment considering the fact that the oracle will also have an explorer for everyone to see everything being done
Mary | Satoshi Club:
That’s great! So, we will sleep (predict) tight👍
Ready for the last question from this part?😉
Andrés M. | Satoshi Club:
Amazing 😁
Sonny | Does Not PM/DM First:
Fire away
Q6 from Telegram User @testercoin
The governance of pulsemarket is really important subject. For example the prediction about sports, who decides about which football matches will be listed on the ecosystem? Or for the viral topics, which hot topics will be listed for prediction on the system? Also are you going to list global events or will you list local events too?
Sonny | Does Not PM/DM First:
Ah. Good question. The current markets are being determined by the members of the Pulse DAO, however, it’s undeniable that we are not the repository of all events that can be bet on. So we often take ideas from the community too. So, if you have markets that interest you and feel it has enough importance/resonance with other members, just drop them in the community. For example, didn’t know Jake Paul had a fight until someone in the community mentioned creating a market for it.
Once the DAO fully launch, the community can propose and vote on any market they want. Pulse is prediction market democratized
Mary | Satoshi Club:
When do you plan your DAO to go fully live?
Sonny | Does Not PM/DM First:
Tentatively eyeing a Q3 window at the moment
Andrés M. | Satoshi Club:
So, Governance is one of the benefits for holders, right?
Sonny | Does Not
PM/DM First:
The token release should be sooner though
Correct.
Andrés M. | Satoshi
Club:
What are the main benefits for holders different of that one mentioned?
Mary | Satoshi Club:
Soon😉 next quarter 👍
Sonny | Does Not PM/DM First:
We’re exploring staking rewards for holders and liquidity provider alongside deflationary mechanisms
Andrés M. | Satoshi Club:
Excellent, we should recognize your team is doing a great job💪
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Karoceh
You mentioned that there is a 24 hours dispute window for the result fetched. How and Who will be the mediator if there is any disputes? and how does Pulse ensure fairness in dispute resolution?
Sonny | Does Not PM/DM First:
There is no mediator. Once there is a dispute, the amount of oracles/sources to get feeds from is specified and the oracle fetches the result. For example, if you specify 3 oracles to resolve a dispute around “Who won ElClassico in April 2021”, then all you need is a 2/3 for the dispute to be resolved.
Q2 from Telegram user @andrey_seleznov
I assume you use oracles to validate predictions? What oracles do you use for this? Do you have any preventive system in case one of the oracles gets hacked and provides erroneous data?
Sonny | Does Not PM/DM First:
We use the oracle from Fluxprotocol.org
Flux has a token bonding feature for all validator, an explorer for real-time, onchain monitoring, a dispute system, and slashing mechanisms for bad actors.
Q3 from Telegram user @surendra040
For safety, I don’t usually connect metamask on unknown websites,
https://faucet.paras.id/
How safe is it to connect my metamask wallet in this site??
Sonny | Does Not PM/DM First:
Can tell you two things:
- It’s very safe
- Keep a close eye on Paras ecosystem. What they are planning to do with NFT is amazing. Yes, I know NFT is a meme now, but…
Q4 from Telegram user @neverencryp
The normal prediction market i know are those bet sites company all around, but instead of calling yourself a bet company you instead called it a prediction market. What is the reason, why the pulse market is a prediction market and not a normal bet company in the average world.
Sonny | Does Not PM/DM First:
Prediction is similar to betting companies but not the same. True prediction requires that you are knowledgeable in the market you’re betting on. If you ask me to place a bet on a match between Lakers vs Bulls, I would because basketball isn’t my jam. Meanwhile, betting is more luck-based – I could bet on a coin if it will be heads or tailor if I can get 3 6 dice rolls at once. Betting is not a prediction.
Q5 from Telegram user @smelekin
I tried to use your app but it need a Near Wallet. I tried to create it but it asks for sending tokens to the address. Is this safe to use?
Sonny | Does Not PM/DM First:
Yes, it is safe to use. The token is used to create your human-readable address and it’s one-time only.
Q6 from Telegram user @Korryl
In pulse platform, user possible to stake their asset on the result for any market and earn fees, can you explain more detail about this? Is this stake same like betting system which the winner will get reward fees and loser will lose their asset?
Sonny | Does Not PM/DM First:
Correct. There can only be one outcome in binary prediction – you either win or lose. What you lose is given to the winner, hence the reason why it’s called betting, but prediction is not luck-based.
Q7 from Telegram user @Dogleae
CAN I buy $ PULSE without using the Ethereum network?
Sonny | Does Not PM/DM First:
There is no $PULSE token in circulation. You may be able to earn some from placing bets on the platform regardless of the outcome of the bet.
Q8 from Telegram user @andrey_seleznov
Do you plan to expand betting platform to trading futures as they seem more or less of the similar nature?
Sonny | Does Not PM/DM First:
This is being explored on our roadmap. We want to make as many markets as possible available and the DAO will play a big part in this.
Q9 from Telegram user @azrayeni
How many NEAR tokens do I need to use your dapp?
Sonny | Does Not PM/DM First:
Depending on the market. Current markets are based on two currency: wNEAR – wrapped NEAR and nDAI – a fork of DAI on NEAR. You can bet as low as 0.1 wNEAR or 1 nDAI.
Q10 from Telegram user @Xusuo
Can you explain to us how important are community for a prediction market project? Are your community possible to contribute in Pulse project and is there any community event like airdrop or bounty program in Pulse project?
Sonny | Does Not PM/DM First:
Decentralization is synonymous with community. There can be no decentralization without community. Decentralization also allows project to sidestep the thorny issues of jurisdiction, regional blocking, and censorship.
Our community is critical to market proposal and creation. Early users will be rewarded for being a part of our launch journey.
Part 3 – Quiz Results
In the final part, we tested your knowledge in terms of Pulse. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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