How Trusted Oracle Works
WeTrust’s Trustcoin (TRST) cryptocurrency can already be used in our Trusted Lending Circle platform to build and access credit within a group, and it can also be used to curate the non-profits and charitable organizations on our donations platform through Staking. Now, there’s a third way to put your TRST to good use — and you may even be able to earn some new TRST in the process!
Many of you are already familiar with our incentivized crowdfunding platform, CryptoUnlocked, where users can make campaigns that consist of beneficiaries and challenges. If the challenge described in the campaign is completed, then the campaign resolves yes, and all funds donated to the challenge will go to the beneficiary. However, if the challenge is not completed, then the funds donated to the challenge will go back to whoever contributed those funds in the first place. But how does the CryptoUnlocked platform know whether the challenge was actually completed? Couldn’t an unscrupulous person create a campaign, set her or himself as the beneficiary, and then make off with the funds without even completing the challenge?
To verify that our users actually complete the challenges they set for themselves, we rely on the Realit.io oracle. Some users of Realit.io ask questions and offer a cryptocurrency reward to whoever answers the question. Anyone who wishes to answer the question can post a cryptocurrency bond, that acts as an assurance that the answer provided is correct. If someone disagrees with the original answer, they can answer the question differently as long as they provide double the original bond. All of these questions must be answered within a set amount of time, and whichever answer has the highest bond (i.e. whichever answer was supplied last, since the bond must be doubled for each new answer) is accepted as the true answer. That person gets to claim the original reward for the question — as well as any bonds that have been tied to the answer. If there’s any dispute on the validity of this final answer, anyone can ask for further arbitration on the matter.
When someone creates a campaign on CryptoUnlocked, a Realit.io question corresponding to the campaign’s challenge is automatically created. That’s why all of our campaigns are in the form of questions, for example: “Will Warren Buffet have a positive view of Cryptocurrency after his lunch with Justin Sun?” To determine whether the CryptoUnlocked campaigns contributed funds can be “unlocked”, the Realit.io question must be answered by staking a bond. That’s where you come in!
To support the WeTrust ecosystem and encourage users to help us resolve our campaigns, we often add a reward (in the form of TRST) to each CryptoUnlocked campaign challenge. That means that just by staking your TRST coins as a “bond” to the CryptoUnlocked questions on Realit.io and answering the questions truthfully, you can earn the TRST reward for the question. For example, the question corresponding to the campaign mentioned above can be found here, and you can now use your TRST as a bond to answer this question.
To start answering questions on the WeTrust Oracle platform, just follow the link here and scroll down to see the questions. Or, click the “Ask a Question” link along the top to ask your own question and see answers from our community.
This usage of TRST as a means of resolving campaigns on CryptoUnlocked provides further use cases for the token, and provides additional value to the entire WeTrust ecosystem. Our users can now explore a financially inclusive universe in which they earn Ether by creating their own campaigns on CryptoUnlocked, earn TRST by resolving campaigns on Realit.io, and then use this TRST and Ether to save with friends using Trusted Lending Circle or support their favorite charities and organizations by Staking them on WeTrust Spring.
