Frequently Asked Questions
What is Delphy? What are Delphy's objectives?
Delphy is a decentralized, open-sourced social mobile prediction market platform built on Ethereum. Delphy uses market incentives to help market participants transparently express their confidence and judgment about the outcome of future events instantaneously such as to effectively predict future. Delphy users can participate in transactions in any prediction market anytime and anywhere.
Delphy's objective is to leverage the wisdom of crowds to forecast future events and even create the future, and simultaneously to provide an excellent user experience.
What is a prediction market?
A prediction market allows users to buy and trade positions on the outcome of any arbitrary event. Most economic and financial experts speculative markets constantly report exemplary info institutions. Active speculative markets are very effective at inducing people to acquire info, share it via trades, and collect that info into consensus prices that persuade wider audiences. Due to this incentive, prediction markets provide an interesting, and more accurate forecast for the outcome of future events.
What is the DPY token used for?
The DPY token is required by users to participated in Delphy prediction markets. The value is stored on the blockchain until the prediction market is over and the funds are released.
What are the pain points of traditional prediction markets? How can blockchain technology resolve this problem?
First, centralized markets have the potential for corruption and price manipulation.
Second, markets are usually under tight financial supervision, resulting in the lack of user participation and limited transaction volume, keeping it away from the mainstream market. For example, the famous intrade.com was forced to close because it failed to comply with laws of CFTC of USA. Third, there is a certain conflict of interest between prediction market and the current intellectual circles (experts opinion) as well as public opinion polling.
Today, with the rise of peer-to-peer blockchain technology, prediction markets can take advantage of its decentralization and help populate their applications. First, data on blockchain are replicated across the network, and its feature of tamper-proof enables prediction platforms to prove their innocence. Second, decentralization also makes prediction market gain global liquidity and attract massive users. Third, blockchainbased prediction market can encourage and attract more insiders and professionals to participate with necessary token incentives.
What are Delphy's features?
First, Naturally Mobile
Smartphone is the preferred platform choice for Delphy to develop its application. Delphy iOS and Android mobile app will be launched simultaneously with the Delphy platform, and it will improve user friendliness, maximally meet users’ needs, and boost the popularization of Ethereum and the ecosystems development..
The same Event can be used to create Markets with different preferences, and each Market may have different loss limit, deposit, market liquidity, delivery date, Oracle and dispute arbitration mechanism. Users with different preferences can choose their own Markets for transactions, and really achieve creation and cooperation of personalized markets.
Third, Event Filter
The Event created by users will enter a temporary Event Pool provided in Delphy. The system provides a default Event Filter that is used to filter out illegal or unethical events, such as predictions on the assassination of a country's leader or the overthrow of a government. Delphy also provides Filter APIs for users to create their own Event Filters to comply with the laws, regulations and ecosystem in their countries and jurisdictions.
Delphy mobile app is a social prediction market. Predicting is a social, and Delphy features functions like comments, P2P payments, P2P messaging and OTC to provide users to socialize with one another on one single platform.
How does Delphy compare with other prediction market platform, like Augur and Gnosis?
1. Focused initially on mobile prediction markets
2. Entreprenurial team who has commercialized consumer software
3. Laser focused on developing a prediction market experience that is extremely fun and insightful
4. Lastly and most importantly, our roots in China will enable to succeed in the largest market in the world.
What's Delphy's Legal Structure?
A non-profit foundation, Delphy Foundation Limited (“Delphy Foundation”), has been established in Singapore with respect to Delphy, which will act as an independent legal entity to organize a core team to develop such a decentralized prediction market platform and application.
However, the operation and use of Delphy per se will be fully subject to and dependent on the community’s autonomy and the Delphy Foundation will merely be a garden-variety member within the community who may put forward proposals or suggestions on Delphy’s self-governance without supreme or distinguishable power of authority.
Proceeds from the sale of DPY will be used by the Delphy Foundation at its own discretion, mainly including expenses for technical development, marketing, compliance, financial audit, business development, and etc.
For detailed information, please refer Delphy whitepaper.
Can you please explain more about "a light Ethereum subprotocol"?
Delphy is a mobile platform running a light Ethereum client based on LES. The Delphy App supports all the functions of an Ethereum full node, except mining, and leverages the P2P protocol to communicate directly with the other nodes in the Ethereum network. This greatly improves efficiency and makes the Delphy App, SDK and API powerful and scalable.
Similar to Status.im's mobile application the light Ethereum client is running geth on Android and IOS.
How does Delphy determine the winner?
The Oracle is the information release mechanism of the real outcome of the Events in Delphy. The predicted outcome of an Event in Delphy must be determined by Oracle that provides a series of APIs by which Delphy uses to determine the outcome of prediction market and achieve the final settlement.
With Augur's Oracle, their token, REP, holders are obligated to cast a vote every time the network ‘checks in’ with reality (by default, this is every 8 weeks). They report and propose outcome.
With Delphy, Oracle can be centralized (such as RealityKeys and Oraclize), as well as multicentralized. A centralized Oracle will be enough when some predictive applications only need a single data point to verify the results. For a multi-centralized Oracle, we will devise an incentive mechanism and implement the “m out of n” mode and Oracle's dispute resolution solution.
Who controls the Oracle?
Within Delphy ecosystem, an Oracle is a service provided by an independent third party. It's absolutely out of Delphy's control.
Delphy provides a series of APIs for Oracle provider to connect with Delphy, and the predicted outcome of an Event in Delphy must be determined by Oracle that provides a series of APIs by which Delphy uses to determine the outcome of prediction market and achieve the final settlement.
Who is Delphy's Oracle provider?
Delphy will partner with a reliable and outstanding Oracle provider, and currently, we are discussing with different providers to find the most suitable one.
What's Delphy's pricing model?
LMSR (Logarithmic Market Scoring Rule), proposed by Hanson, is an automated market creating mechanism that always maintains a consistent probability distribution to reflect the market's evaluation of each event outcome. LMSR is becoming a de facto standard for prediction markets, as it has many excellent features, such as the limited loss resulted from the logarithmic growth of a predicted outcome, the infinite liquidity and the modularity of independent relationships. Many internal prediction markets and projects are using LMSR as pricing mechanism, such as inkling-Markets.com, Microsoft, yoonew.com, Augur and Gnosis. For details, please refer to Delphy whitepaper.
How can Delphy work with big data and AI?
By creating efficient markets for forcasting, Delphy, the prediction market platform aggregates all information sources and this valuable data feed can be utilized for any third-party application and can power big data and artificial intelligence.
Will Delphy have open source code?
Yes. Delphy is a open-source project, and code will be made open source when it's time.
Does Delphy have bounty program?
Yes. Delphy promised to give 50% of all DPY tokens, which equals to 50 million DPY tokens in total, to our token holders in a linear distribution way within two years, for free.
By end of each month, Delphy will monitor the number of holders and the amount of tokens held by each holder at a randomly picked moment (a snapshot) decided by Delphy. This reward program has started from Oct, 2017, as said before, will last for 2 years.
The total amount DPY token to be awarded to our holders is exactly same amount every month, which is: total of 50 million (DPY) /24 (months) = 2,083,333.33333 (DPY).
The number of tokens to be received by a holder = the amount of token held at snapshot moment/ (24+n) – transaction fees (which is about 0.5DPY by end of Dec, 2017 = Gas price * Gas used/Price of DPY). (n = Nth month of the reward program – 1)
Take Dec 2017 as an example, the snapshot moment is 18:00 on Dec 29, 2017. So the number of tokens to be received = the number of token a holder is holding at 18:00 on Dec 29, 2017/26 - transaction fees.
What's Delphy's core strength?
Delphy aims to become the first global-wise distributed social mobile prediction market platform. Although Augur and Gnosis have been working hard in the prediction market for quite some time, they haven't issued any products yet, let alone the mobile application with better user experience. Delphy's core strength is Delphy is able to launch the platform faster, with extensive prediction market applications. Delphy prediction market hopes to aggregate information and leverage the wisdom of crowds to forecast future events and even create the future.
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