Glossary
This glossary provides definitions for terms used throughout the Ospex documentation. It's designed to help both new and existing users familiarize themselves with key concepts relevant to using the platform.
API (Application Programming Interface)
A set of protocols and tools for building software and applications. Ospex uses sports APIs to fetch real-time data for contests.
Approval
Permission granted by a user to allow the Ospex contract to utilize a specified amount of USDC on their behalf for creating positions.
Claim
The action taken to collect USDC winnings from a position that has been successfully resolved in the user's favor. Additionally, it is the process used to retrieve the original speculated amount in cases where a speculation is voided or a contest is deemed invalid.
Commission-free Parimutuel Pools
Parimutuel pools are methods where all stakes are pooled together, and payoff odds are calculated by sharing the pool among all winning positions. In commission-free parimutuel pools, there is no house take or commission removed from the pool. This ensures that the entire amount speculated is redistributed to the winners, allowing for a fully participant-driven reward system. Ospex adopts this approach, creating a direct and transparent payout mechanism based on the proportion of USDC contributed to the total.
Contest
Refers to a sports event on which users can speculate, such as a match between two teams.
Contract
In the context of blockchain, a contract refers to a smart contract, which is a self-executing contract with the terms of the agreement directly written into code.
DON (Decentralized Oracle Network)
A collection of independent sources that provide external data to the blockchain. Ospex uses the Chainlink DON to verify contest results.
ENS (Ethereum Name Service)
A service that maps human-readable names like 'alice.eth' to blockchain and cryptocurrency addresses, making them easier to remember and use.
Moneyline
A speculation on which team will win a contest. Unlike spread speculations, the moneyline does not involve a point spread.
Position
The stake a user places on a speculation. It represents the user's chosen outcome in a speculation.
Pre-approve
To authorize in advance the use of a specified amount of a cryptocurrency, such as USDC, by the Ospex contract for future transactions.
Profile Page
A public-facing page that displays a user's speculation and position history on Ospex. It can be customized with personalized profile names through services like ENS or Unstoppable Domains.
Push
The term used when a contest ends without a winner or loser for the position. In such cases, the speculated amount is returned to the user.
Scoring
The process of finalizing the results of a contest within Ospex, which then leads to the resolution of all related positions.
Speculation
An outcome based on a contest whereby certain conditions are met. Speculations allow for users to anticipate the results of an event - whether it's the victory of a team, the point spread, or the combined score - and receive returns according to the predefined rules of the platform.
A speculation on Ospex occurs in a decentralized and permissionless environment, relying solely on smart contract code to determine and distribute outcomes, without any central authority overseeing the process.
Spread
A speculation based on the number of points / runs / goals by which one team is expected to win over another.
Total
A total speculation is a prediction on the cumulative score of both teams in a contest. Users can open positions on whether the actual combined score will be over or under this predicted total; also may be known as the "over/under."
Unstoppable Domains
A service similar to ENS that provides domain names for cryptocurrency wallets, enabling user-friendly wallet addresses.
USDC
A stablecoin cryptocurrency whose value is pegged to the US Dollar, used on Ospex for creating positions.
Wallet Address
A unique identifier that serves as a location where cryptocurrencies can be sent. It's similar to a bank account number for digital currencies.