Price Seekers who require price information for illiquid assets will be able to create price enquiries manually through a web application or programmatically through APIs.
In each enquiry, a Price Seeker will identify and/or determine:
- Asset to be priced: This includes name, identity, location, quantity, quality, and other key attributes.
- Price measurement: For example, if the asset is to be priced on an equity value or enterprise value metric.
- Value date: For pricing of the asset.
- Submission deadline: Cutoff time that Price Experts are required to submit their encrypted pricing estimates.
- Minimum Reputation Threshold: Price Seeker may elect to only accept pricing output produced by a group of Price Experts that includes at least a certain number of participants staking RP no less than a minimum threshold it requires.
- Pricing frequency: Multiple price enquiries for an asset can be commissioned as a time series. For example, weekly pricing for an asset could be provided by 52 weekly pricing enquiries - ensuring a growing dataset beneficial to the Price Seekers.
As an enquiry is posted, the protocol creates a new transaction within the Lithium smart contract on the blockchain that references a content identifier. This identifier then points to content that would eventually be stored on IPFS, comprising of the enquiry and other relevant background information. Once the creation is completed, Price Experts will be able to start submitting price estimates through the Pricing Mechanism.