
The pair
Every market issues a Yes and a No. They are the two halves of the same collateral, so an arbitrage keeps their prices adding up to one. The price you read is the implied probability, with no odds to convert.
Yes plus No always makes one. The cheaper side always pays more.
No human writes it and no oracle answers it. At the hour, the contract reads the chain and settles. Anyone can reproduce that reading, at any time, without trusting us.