As with brick-and-mortar industries that are slowly fading away to the globalism of the internet world, so too will the conventional prediction market industry need to innovate to keep up with the sheer efficiency, reliability and security that the decentralized prediction markets promise to bring.Augur (REP) has gained headlines lately with the launching of its highly anticipated prediction market earlier this season. Meanwhile, Bodhi (BOT/BOE), another decentralized application, has been operating over the Qtum mainnet because April 23, 2018. These decentralized prediction platforms intention to interrupt the institutional futures markets by reducing the barrier to entry, enabling more individuals to throw forecasts on a worldwide scale and increase the mindshare of information; creating transparency in the prediction process via the blockchain ledger and smart contracts; increasing the ethics and accountability of payments; and decreasing the costs to transact from the prediction markets. For instance, the financial markets will happily welcome Michael-Burry-number-crunching predictions about the best way to invest in and the overall information markets would benefit from open-sourced information, in which participants use their closed-source information and other resources they might need to support their prediction analysis.How Can Bodhi Work?Bodhi is a DApp that now runs to the Qtum (QTUM) system, utilizing the QRC20 token BOT and QTUM to run on the Qtum network. The Bodhi Ethereum DApp will be released on the Ethereum community in Q4 2018, according to Bodhi Founder Xiahong Lin within a meeting with Bitcoin Magazine.On that the Qtum platform, QTUM is used to cover the transaction fees to operate the Qtum network and to wager bets as well as the BOT is used “primarily to arbitrate against poor actors,” Lin said. In this manner, both QTUM and BOT are required to force the Bodhi DApp over the Qtum network. Similarly, when Bodhi is introduced on the Ethereum system, ether will be used to cover your Ethereum network transaction prices and to wager bets and BOE will be used “largely to arbitrate against poor actors,” according to Lin.Although the present version only supports wagering together with QTUM, the Bodhi DApp is intended to scale and allow it to use any cryptocurrency that’s not a security, meaning it may eventually run on stablecoins and others. This larger extent means more folks will have the ability to donate their research and place a bet on that research to forecast the results of a prediction — that should result in better prediction results.Bodhi utilizes third-party oracles to confirm predictions; to additional increase autonomy, once the BOT/BOE holders involved a prediction contest the outcome, BOT/BOE holders may each participate in voting right for the answer themselves. If a former spherical ’s outcome isn’t contested within 48 hours, it’s then locked in and becomes the last result of this prediction. But if the prediction outcome is contested over the time limit, then the new round takes 10 percent more BOT/BOE compared in the previous round to place a vote for the new outcome from the present round. The result from the last round(s) is not able to be voted in the present round. By way of example, consider there are four prediction outcomes to vote : A, B, C and D. In case the last curved ’s BOT/BOE holders majority vote led to answer A in the last round, then at the present round, any outcome apart from A can be resolved , and it’s only in a round after the present one that prediction result A can be voted to again.This voting process lasts until the BOT/BOE holders no longer contest the outcome. This helps dial from the end result to the correct result by requiring 10 per cent more BOT/BOE than in the previous round to throw a vote. The voting method is meant to make it tougher for poor actors to conquer the machine and it utilizes “game theory for a theory of conflict resolution,” according to Lin. The question of immoral forecasts is a true concern. However, Bodhi seeks to tackle this by enabling BOT/BOE stakeholders to average the area by voting on which forecasts the community deems illegal or malevolent which, consequently, should allow the stakeholders to maintain their mutual interest from the platform.The Road MapLin said Bodhi is developing a social media plugin to put the power of their decentralized prediction market in the fingertips of social media consumers, beginning with all the social media platform WeChat, developing a smooth integration between the centralized and the decentralized. Lin explained it this way:“user expertise and consumer growth are both key metrics for developing a widely adopted prediction marketplace. The Bodhi social networking plugin will allow users to create a prediction market right within a social networking and readily share it with your own buddies to take part. Imagine that you are in a WeChat set, when you are talking about some subject, you create a prediction occasion with respect to this subject straight away, and friends and family can make predictions instantly. We are going to construct a social networking gadget that may associate your social media accounts with your Qtum/Ethereum wallet, so it will automatically take your input in a social networking and synchronize it with Bodhi’s prediction marketplace. ”They also possess “Bodhi Light” at the works: the growth of a lightweight Bodhi application client version “that is meant to take out the need for your Qtum desktop wallet in [the] DApp,” Lin said.Disclosure: The writer holds both QTUM and BOT.
This article originally appeared on Bitcoin Magazine. […]