Tl;dr: UMA’s optimistic oracle aims to solve data pain points for developers of Web3 applications. At ETHDenver, UMA invites hackers to use the optimistic oracle to create fast, secure, and novel applications for the future of Web3.
An optimistic oracle is an oracle where data is proposed in response to a request, and it is accepted as true only if it is not disputed during a liveness period.
This differs from a brittle price feed oracle, whereby oft-requested prices are streamed on-chain but without any recourse or error protection.
This type of data is especially well suited to long-tail needs, as we expect to see in Web3. These might include decentralized social networks, rewards systems associated with reputations, or the financialization of NFTs. It is also well-suited to cross-chain applications.
UMA’s optimistic oracle is used today to resolve derivatives, prediction markets, and crypto security payouts. It is also used to secure a cross-chain bridge: Across.
The Across L2 bridge is an example of a Web3 application the likes of which could be built by hackers at ETHDenver. This bridge creates the contracting to allow different wallets to make short-term loans to each other. These short term loans are trustless because the oracle would be called in the event of any dispute.
If your application needs to know about the world, an optimistic oracle solution like UMA’s may be a perfect fit.
In Across’ case, this “knowledge about the world” is plugged directly into the if/then logic of the protocol.
The core team supporting the UMA protocol will be in Denver, as will the SuperUMAn DAO, which is the evangelist DAO supporting UMA. The team will be hosting events, such as “BrewMA,” which is an UMA-inspired microbrew at a bar in Denver.
Four UMA team members have been selected to speak at the conference. Follow the team on twitter for the schedule and speaker announcements.
The SuperUMAn community will also be shooting a documentary. Be on the look-out for the film to feature on the SuperUMAn story in Denver.
Stop by the UMA booth or meet us at one of the side events to chat to us about the things you want to build. Also be sure to scoop up some of the UMA swag (and some first of its kind: Across swag!)