Truflation-powered predictions market Plation launches on Ethereum mainnet. | Truflation

Truflation-powered predictions market Plation launches on Ethereum mainnet.

Published 28 Oct, 2022

Oct 25, 2022, Plation, a predictions market powered by Truflation data and Chainlink technology, launched on the Ethereum mainnet.

Plation was a winner of the Chainlink Spring 2022 Hackathon, securing one of the 3 awards offered by Truflation for building with our data.

“Inflation has been a big issue recently, and it's been difficult to be able to get a prediction without it usually coming from singular experts, so I decided a prediction market could be a solution to being able to aggregate predictions and possibly come closer to accurate predictions for changes in inflation.”- The sole creator of Plation wrote in the hackathon’s Devpost entry.

A prediction market is an open market that enables bets on outcomes of various events and can be used to predict a specific outcome.

Plation prediction market allows users to bet whether daily inflation increases ('Over') or decreases ('Under') based on the Truflation oracle served through Chainlink's Decentralized Oracle Network (DON).

The Plation website is home to the current inflation rate prediction round. Once you have connected your Ethereum wallet, you will see the latest predictions cycle and be able to participate. Once the betting closes and the results are announced, the winners receive their bet back and a share of the losing pool. If there is no change in Truflation, then all bets are refunded.

Plation is built on Solidity, with the UI in Javascript. It uses Chainlink Keepers, currently rebranded to Chainlink Automation, to time the closing of the prediction bets and to keep inflation up to date. The first version of Plation was completed during the Chainlink Spring 2022 Hackathon and utilized an off-chain Python script as a keeper to handle winnings. The current version is entirely on-chain, thanks to the Chainlink tools for developers.

"Truflation's inflation oracle provides censorship-resistant and verifiable inflation data, in the future we plan to further integrate with data provided by Truflation's marketplace, including longer prediction periods, and climatological predictions"- Liam Aikin, the creator of Plation, told Truflation,

Currently, the predictions market is using the Truflation US oracle, an inflation index based on independently aggregated data that’s put on-chain via Chainlink.

In the near future, Plation plans to also use the Truflation UK and other local indexes, as well as predictions of price changes in categories like food, transport, and fuel.

Plation is also working on the longer-term predictions (weekly, monthly, quarterly) and market sentiment indicators recently put on the blockchain by Truflation.

To find out more about Plation, visit Plation Website and read the whitepaper. You can support this project by following Plation Twitter.

This project is one of many brilliant projects that originated from Chainlink hackathons and uniquely inclusive and educational 5-week events for developers of all levels. The Chainlink Fall 2022 Hackathon is now taking place, with another opportunity for builders to learn blockchain development, interact with new tools and protocols, build out their solutions with the support of the community, and get a chance at winning cash prizes.

This time Chainlink awards amount to a total of ~300k and Truflation is offering awards to the 3 top projects that build with our data:

  • 🥇5,000
  • 🥈3,000
  • 🥉2,000

You can still register for free and submit your solution before the deadline on Nov 18, 2022 to Chainlink’s Devpost. You can also join Truflation Discord and Telegram for guidance, inspiration, and technical support.

About Truflation

Truflation is an economic data aggregator serving independent, unbiased, real-time data on-chain and off-chain. It validates, harmonizes, and calculates outputs using open-source algorithms. Truflation’s oracles are a source of independent censorship-resistant data on-chain and an engine that powers inflation-protected web3 applications and blockchain economies.

About Plation

Plation is a prediction market for inflation on the Ethereum blockchain, and a winner of the Chainlink Spring 2022 Hackathon. Allowing users to predict outcomes in inflation in a decentralized and verifiable manner.

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