Nov 12, 2021

3 min read

1 Bon Jovi through Chainlink Hack

Pharo covers covering the spread

It’s been over six months since Pharo placed in the April Chainlink Hackathon, and we’re excited to participate once again! Chainlink is unique in its ability to validate off-chain data, and we’re looking forward to building Pharo markets around services like PreditIt and Sportsbetting. We are halfway through the current Chainlink Hackathon and we’re excited to share our new developments.

We recently completed our Thorchain Discord Experiment (please see blog for more) and are excited to expand into Kovan testing. We have proven that our Wisdom of the Crowds approach to community market development works (please see blog for more). We did this experiment based on the hack rate of the Thorchain and the effort mimicked the functionality and automation we are building towards for our production launch. The resulting user data and coverage policies generated by the Wisdom of the Crowds mimic equivalent offerings by Nexus Mutual.

We are building upon our Thorchain proof of concept during the Chainlink hackathon. Chainlink is the defacto crypto oracle and integration with Chainlink is critical to Pharo’s ability to provide the expected functionality. We are building on Kovan so that our community can begin to interact directly with automated markets.

For our next coverage market we are focusing on providing coverage for sports betting. This is a common concept in the US and abroad and does not require an advanced statistics degree or outsourcing to actuaries to create coverage. Individuals regularly take financial positions around the spread, outcome or other statistics relevant to NFL and NBA games. Someone may take a stance that the total game score comes out to 42, or that one team will win by 7. Whatever the stance, individuals take fiscal positions based on these beliefs in an attempt to win a gamble. However individuals may want to hedge their stance not with a counter bet, but with insurance in case the event(s) do not unfold as expected. Our Chainlink Hackathon solution will provide a coverage vehicle for these individuals.

The chainlink hackathon also serves as an important building block for offering more and broader markets. Once we have deployed to Kovan and have successfully integrated the oracle, we can support greater automation and more markets. We are actively looking for Market Makers who are interested in defining and managing their own Pharo markets, and making good money in the process. These building blocks are critical for all of you aspiring Market Makers out there, and we’re excited to get into Making Money with Pharo in an upcoming blog 🙂

Automation is at the core of Pharo, and using Chainlink data to automate market payouts is the right path forward for our community. We have a lot more coming in the pipeline, we wanted to share a quick update with you our community. Please join us for our weekly Ask Me Anything, Mondays at 1pm PST, and get involved in our Discord to learn more.

… and in case you were wondering what 1 Bon Jovi measures, here’s a hint 😏