Water oxidation reaction is as follows:

2H2O = O2 + 4e- + 4H+

and standard reduction potential for the O2/H2O couple is 1.23 V (vs NHE). Therefore what exact potential (-1.23V or +1.23 V) we need for water oxidation? As we know that the water oxidation happens in a photocatalytic reaction using a semiconductor's holes from its valence band, what should be the position(-1.23V or +1.23 V vs NHE) for valence band maxima (VBM) of that semiconductor?

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