Predictive Markets with Blockchain Technology
Thank @pelon53 for your lecture on the predictive market. I have learned much here, being the first time I have come across this topic.
Based on your guide, I will be answering the following questions:
1.- Create 5 questions that can be used in the Predictive Market. And explain what 2 of them consist of. Be creative and explain in detail.
2.- Explore Polymarket, answer and explain the first 2 questions in the Crypto category. Show screenshot.
3.- Explain in detail a Predictive Market project, it cannot be Augur, Gnosis, or those explained in class.
4.- For you, what will happen to Predictive Markets with blockchain technology? Who will benefit from them?
Question 1: Will the price of TRX hit $1 before the end of November 2021? This question begs the answer from different groups of Tron enthusiasts and gives the opportunity for everyone to predict the price of the token within the stipulated time.
Those who say yes are indicated by a green line on the chart and those who say no is indicated as a red line on the chart. This predictive market will expire on November 30th, 2021.
Question 2: Will the price of gas fees in Etherum blockchain reduce before the end of September 2021?
The price of Ethereum gas fees might reduce as version 2.0 is being launched. Investors speculate that this might be a way of attracting more users to compete with the massive usage of the Binance smart chain. Those who say yes will have their result indicated as a green line on the chart and those who choose no will have their result indicated with a red line on the chart.
The market will expire by September, 30th 2021.
Question 3: Will pancakeswap. finance expand their platform to Polygon network before the end of October 2021?
Question 4: Will the Binance coin (BNB) hit $1000 before the end of 2021?
Question 5: Will the price of AXS get to $100 before the end of December 2021?
First question:
Will Cardano support smart contracts on Mainnet by October 1st, 2021?
Personally, I give a yes answer to this question. I believe as Cardano is working on their mainnet, the sure way to get it into the mainstream is by enabling smart contracts.
Second Question: What will the fully diluted market cap of SuperRare’s token be 1 week after it starts trading? (Range: $250M - $3.00B). My answer to this question is $1.50 Billion.
Screenshot taken from here
This is a predictive protocol that allows users to predict the price of cryptocurrencies and earn rewards on an hourly basis. It was established in 2020 and it is easy to use under three steps.
Step1: Choose a Market- Select a market you want to predict and simply connect your wallet.
Step2: Choose an option range- This can be done by using your trading skills to decide where the market is likely to rest.
Step3: Make a prediction. After making a prediction, you then wait for settlement so you can receive your rewards.
The markets available to choose from are BTC/USD, MATIC/USD, BNB/USD, DOGE/USD, SOL/USD, ETH/USD, and AXS/USD.
The PlotX is an open-source project built on the Ethereum blockchain and it is audited by CertiK.
Reward Calculation on PlotX
Each prediction pool has its rewards attached. The predictions made on that pool attract fees and it is collected and locked to be shared when the pool expires.
It is then distributed to position holders based on how correct their predictions turn out at the end of the pool. The calculation is done as follows:
Reward pool X (number of positions held by user/Total number of positions on the option).
Predictive markets in cryptocurrency are a great opportunity for gamblers and non-traders. I believe this initiative is a big opening for everyone to earn from the crypto space.
The future of this market is big. With more people getting to know this space, it will become another business empire away from crypto trading.
Anybody can benefit from the predictive market. All they need is to predict and get lucky enough to earn from the pool of rewards.
The predictive market is a great relief from the complexity of crypto trading. It could be noted that trading cryptocurrency takes time to learn. Experienced traders still need to do a lot of technical analysis and at times with complex tools before embarking on a trade.
With the predictive market, anyone who is lucky can earn, without having to acquire some special skills.
Thank you for checking my blog.