I would like to build a dapp, hosted for people to actually use, that serves as a simple demonstration of API3 tech. I’ve been brainstorming but I would love some feedback and ideas from the community.
The goals would be
- Simple, minimal code. The purpose is to demonstrate using API3 tech in a real-world dapp so the smart contract should only be as complicated as it needs to be to achieve that.
- Actually useful. I’d like it to be something with real-world value. Not just a contrived example.
- Interesting to use. It should be something that people find interesting and maybe even fun.
- The code could be used as a template for similar dapps.
- Not just gambling. While a gambling app could be fun, I would like to portray a more positive image. It should reduce risk, not just be a game of chance.
I’m thinking it could be a market where people can buy something like peer-to-peer insurance based on derivatives from Web3 APIs. There would be buyers who want to hedge against a future negative circumstance and sellers who want to cover the risk for a premium. Both parties would send their assets (premium and payout) to the contract, which would be held there until the outcome is known. If the negative event occurred the buyer would get the assets. Otherwise the seller would get the assets.
Some additional thoughts are
- It could be done so the asset being traded is API3 tokens, since the purpose of this is demonstration and marketing for API3. There are pros and cons to this. Not sure.
- A variety of derivatives could be used as parameters to decide the outcome. Some examples might be weather, asset prices, election results, sporting events, etc… The buyer and seller would have to agree on the criteria when the deal is made.
- It would be nice to demonstrate use of both Web3 APIs (basic RRP) and Beacons (data feeds). Although I’m not sure how Beacons might fit in yet.
- I’d like to actually run it on a mainnet. Maybe Polygon, BNB, or RSK. It would have to be audited but if the code is simple and minimal that shouldn’t be too hard. The use case is very simple. There is no pooling, fractional reserve or need to worry about solvency.
So that’s the idea. I would love your feedback. Does this seem like a smart way to demo and showcase API3? What are your thoughts on the details? Do you have a better demo idea we should consider instead?