YieldWars uses AP’s publication as a reference for the US election betting markets and suffers criticism

YieldWars used Associated Press data to establish its forecast market, but some question the validity of using the vehicle as an oracle

The Associated Press earlier today that candidate Joe Biden is the new president of the United States and therefore won the victory over competitor and current president, Donald Trump.

For the first time in the history of the news organization over 174 years old and covering earlier since 1848, the election result was boiling in the blockchain of Ethereum and EOS.

On October 15, 2020, Everipedia – the encyclopedia and for-profit blockchain company – announced that it would provide signed data with cryptographic evidence that the data came from AP to EOS and Ethereum using the infrastructure required by the Chainlink network oracle.

„We will be making history as the first to directly call AP and publish for use in blockchain,“ Everipedia vice president of business development David Liebowitz said in a press release.

Following the announcement, Bitcoin Lifestyle, the competitive forecasting and gamified production market platform, launched a Trump / Biden forecasting market using the data AP as an oracle. The market attracted over $250,000 in bets in just two days.

In an interview with Cointelegraph, one of YieldWars‘ anonymous co-founders, Owl, said Everipedia’s collaboration with AP was a natural choice:

„As we researched the option(s) further, it was clear that it was our best option. AP is arguably the most reliable news vehicle in the world, and being an anonymous project, we knew that for people to trust us, we needed a definitive source. „

However, the criteria – many of which appear to be in favour of Donald Trump’s allegations that the election has not been finally decided – have argued that the PA is insufficient as an oracle.

Said a Twitter user,

„Let yourself go down, put falsehoods in the blockchain as fact is a dangerous road, it may go ahead to win it, but recounts and lawsuits are in action, so how can it be in the blockchain as fact“.

Another user, using the nickname „cryptoilet“, asked: „So can I also write in the blockchain that I am now the president?“

Owl, however, believes that future races and advantageous markets can offer a more robust collection of oracles, preferably by voiding these complaints:

„In the future, I imagine there will be several oracles like the PA, and I predict in the next election that we will see that. Having a number of oracles solving markets should resolve virtually all disputes“.