Oracle Council
The Oracle Council (OC) is a governance body within Truemarkets and serves as the primary arbiter for low-level disputes. It operates as a specialist committee under the Truth Oracle framework, providing informed judgment and protocol stewardship during the early stages of the system.
Responsibilities
The Oracle Council fulfills several core functions within Truemarkets:
- Market Creation (Genesis Phase) — Creating markets in accordance with the Market Creation Guidelines, informed by community input and market insights.
- Low-Level Dispute Resolution — Arbitrating initial disputes and proposing resolutions when markets are challenged.
- Parameter Definition — Defining and adjusting select market- and oracle-related parameters during the protocol's early governance phase.
Role in Dispute Resolution
During the genesis phase, market creation is restricted to Oracle Council members. These members curate markets based on community suggestions while adhering strictly to the protocol's market creation standards.
As a specialist committee, the Oracle Council contributes informed perspectives to dispute resolution. Its role is to gather and evaluate all relevant information necessary to render a reasoned judgment. In the ideal case, Oracle Council resolutions reflect the most subjectively accurate outcome as expected by the broader community.
Of all arbitrators in the system, the Oracle Council is expected to provide the most informed and context-aware opinion in a market's resolution path—assuming honest participation.
Honesty Assumptions and Trust Model
The security of Truemarkets does not rely on strong honesty assumptions about the Oracle Council. While the OC plays a critical role, its authority is intentionally constrained.
All Oracle Council decisions may be permissionlessly challenged with a modest bond and escalated to increasingly neutral arbitrators. As a result, the Council's influence over final outcomes is limited and non-arbitrary.
Oracle Council members are selected by the protocol to act in the system's best interest. If the community determines that OC members are acting in bad faith, they may be ejected by governance.
These constraints significantly limit the attack surface associated with Oracle Council participation.
Governance Responsibilities
During the genesis phase, the Oracle Council may assume additional governance responsibilities, such as defining market-level and oracle-related parameters. These responsibilities are expected to be progressively relaxed or decentralized as Truemarkets governance matures.