Welcome to Fortunity Docs. Here, we provide an explanation of our concept and project for the Chainlink Fall 2022 Hackathon.
We live in an uncertain world. Our governments, businesses and families struggle to foresee the future of our economy. We outsource the task of understanding the future to a handful of "experts" who have no good reason to be right about their predictions. Worst of all, unless you're a researcher at the central bank, your understanding is ignored by the current system.
To solve this problem, we invented Fortunity: a new system that lets anyone trade economic variables directly. From indicators like inflation to GDP growth, we empower you to turn wisdom into wealth – your predictions into profit. And, in the process, your unique insight shapes a clearer vision of our economy for everyone.
Fortunity is a decentralised exchange that allows users to trade derivatives that are directly linked to economic variables. We call this new class of derivatives 'Forecast Markets'.
These are new types of prediction markets that allow for continuous trading of variables. Unlike prediction markets, which typically offer bets on a 'yes or no' outcome, Forecast Markets let you trade variables the same way you can trade stocks.
Fortunity uses a 'Growth Variable vAMM' to bring together traders and Liquidity Providers to make markets. This model is an adaptation of an Automated Market Maker used in perpetual futures DEXes. For the first time, our adaptation allows the smart contract to transform any economic variable, even non-positive indicators such as GDP growth rate, into a positive price of Forecast derivatives.
To ensure that our derivatives are aligned to the value of the underlying variable, we use a 'funding rate' indexed against the real-world variable's on-chain value. For this, we use Chainlink to verify off-chain data and bring it on-chain, allowing our markets to operate in a trustless way.
Thanks to their highly convenient and reliable data feeds, we decided to begin with making Forecast Markets for Inflation indicators on Truflation. In the future, we hope to scale our range of markets to support a wide array of Chainlink API feeds. We also wish to support the Chainlink ecosystem by developing our own Oracle API feeds for the mutual benefit of our ecosystems.
Fortunity is developed on the Polygon blockchain, which allows users to buy and sell tokens without network fees. We chose Polygon thanks to EVM compatibility, their fast-growing DeFi ecosystem, and their brilliant community of devs.
We aspire to create a world that rewards people's knowledge fairly. We aim to provide a universal exchange for trading the variables that matter to humanity. By building an ecosystem, we unlock a new paradigm in DeFi.
- Head of Markets @ London Blockchain Labs
- Economics Student @ University College London
- Winning Team @ Spacecamp Hackathon 2021
- Computer Science & Electrical Engineering Student @ New York University
- Ex Software Engineer @ Artimus ltd
- Ex Leader of Revolution Robotics Society
- Developer Student @ Encode Solidity Bootcamp
- Blockchain Entrepreneur
- Bachelor of Computer Engineering
- 25+ years of software development experience
- 2 years of web3 and solidity development
- Software Development Engineer
- Masters of Computer Science @ New York University
- Former Data Engineer Intern @ Amazon