🎫Ticket Market
Learn about the mediation ticket market
Introduction
A mediator ticket is purchased directly from the protocol's ticket market. The ticket market manages the supply and price of the ticket.
There is a capped amount of tickets that can be purchased. The price of each ticket grows and falls in response to demand.
A ticket is purchased using the Joint's P2P token.
Ticket Pool
A ticket pool is a collection of tickets drafted to disputes that originate from a market. Pools are used to group capable mediators for a specific market type and security expectation.
When a market is created, it must pick a pool from which mediators will be drafted whenever there is a dispute.
Ticket purchases are also required to join a pool if their ticket holds sufficient security bonds.
Ticket Security Bond
A ticket security bond is a staked that is locked with the ticket at the time of purchase.
When a ticket is purchased, the purchase must indicate the pool to which the ticket should be associated. Then, they must lock the ticket's market price and the pool's security bond.
Security bond provides security to the mediation system in that mediators have skin in the game and can be punished in the event of failure to carry out their duties deligently.
When a mediator fails to vote or vote erroneously, a fraction of their ticket is slashed and they are removed from the pool.
Ticket Supply
At any point, the total supply of mediator tickets cannot exceed 10,000. Joint Governance will be able to adjust this cap.
Ticket Life-cycle
A ticket goes through several states throughout its lifetime.
Creation
A ticket is created when it is purchased. At creation time, it is assigned a pool. The ticket market price and the pool's security deposit determine the overall ticket cost.
Maturation
A new ticket cannot immediately join its assigned pool. It must wait idle for some time. This wait time is known as the maturation period.
Once the ticket matures, it is considered mature and must join its assigned pool.
Join
A mature ticket enters a state where it must join the pool it was assigned at creation time. As a joined ticket, it will be eligible for the draft to mediate in new disputes.
A mature ticket must join its assigned pool within a period, after which it will expire if it remains unjoined.
Expire
A ticket enters an expired state when it is cancelled or not joined to its assigned pool. An expired ticket cannot join a market; the owner must cancel it and drain the security bond and purchase cost.
Cancel
A ticket not drafted into a dispute can be cancelled at any time. Cancellation is the first step required for a ticket's security deposit to be withdrawn by its owner.
Ticket cancellation is not instant; it takes effect after a long wait. This delay prevents bad actors from destabilizing the ticket market through an abrupt exit.
Drain
When a ticket's security deposit and purchase cost have been withdrawn, we say the ticket is drained.
To drain a ticket, it must first be cancelled. Draining is instant; Funds are immediately returned to the ticket owner's account.
Draft
When a ticket is randomly selected to mediate in a dispute, the ticket is said to be drafted. In other words, drafting is when a ticket is picked to mediate in a dispute.
Ticket owners who have joined a pool should expect to be drafted anytime. Once drafted, the ticket creator must participate in the dispute process or risk getting their security deposit slashed.
The Joint protocol miners are responsible for drafting mediators into disputes.
Undrafting
Undrafting a ticket means removing it from a finalized dispute and returning it to its assigned pool. A ticket can only be undrafted after miners have executed the dispute's verdict.
When a ticket has been undrafted, it will be immediately available for drafting into a new dispute. The Joint protocol miners are responsible for undrafting mediators.
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