Steemit Crypto Academy, Season 3: Week 8 || Predictive Markets with blockchain technology
Good day steemians trust our day was good, am happy to welcome you guys to my last assignment in season3 of the steemit crypto academy, to be sincere have I have learn relearn and unlearn am so happy to be part of the great platform and kudos to all the professor for the excellent job they've been doing.
Today I will writing on Predictive Markets with blockchain technology lectured by @pelon53
Enjoy!!! As you read.
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QUESTION 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.
Will decentralized system be used for conducting election in africa ?(YES)
Will bitcoin suffer set back by going back to $29,000 by 30/12/2022(NO)
Will STEEM be use as payment in my country by 2024?(YES)
Will ethereum surpass bitcoin by 2022?(NO)
will hard fork happen on STEEM before middle of 2022?(NO)
WILL DECENTRALIZED SYSTEM BE USED FOR CONDUCTING ELECTION IN AFRICA BY 2022 ? (YES)
The electoral process of some african countries has been turned upside down, in africa so many countries in Africa has s suffered deep setback due to political instability where by massive act of corruption,rigging and announcement of false winner.
The role of blockchain technology in Africa nations electoral voting system will improve so many things in Africa and it will eliminate disagreement which can lead to killings and destruction of both individual and government property.
Blockchain technology will help African nations conduct more transparent election provided its been installed well
and it will reduce cost and any attempt to alter any records in the system database will be easily spotted and disqualified.
blockchain technology will be the best option in electoral process in Africa in which I know some of the top African countries will soon adopt the blockchain decentralized system.
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Therefore,I will be reaching a conclusion that blockchain is the best system to adopt for electoral system because we have some people that have the mind of do or die which will want to attain that particular post by force, but blockchain technology will not tolerate any form of manipulation and the peoples choose will emerge winner and everybody will be happy, with this African Nation will experience development in other form apart from elections.
WILL BITCOIN SUFFER SET BACK,BY GOING BACK TO $29,000
Bitcoin (BTC) suffered a setback march 2021 which made the crypto community looks as if it's over.
bitcoin went far back to $29,000 from $64,000 and this has been the lowest drop down in bitcoin's history
The causes of the sudden drop down in bitcoin was as a result of some negative headline, from the CEO of Tesla El on musk and the Chinese government new regulations.
and this serve as a catalyst to the drop down.
Though btc is actually gaining back strength as at now bitcoin is at $49,000 and bitcoin is going up to $100,000
by the end of 2022 because more companies are adopting bitcoin as payment and more organization and more countries are adopting bitcoin into their system which will boost bitcoin so much that it can't drop till $29,000.
In conclusion, I see bitcoin getting to $100,000 by the end of 2022, because more eyes are on btc and more investors are coming in to invest on bitcoin though Tesla CEO elon musk made Some negative statement about bitcoin, but as time goes on bitcoin will recover fully.
QUESTION 2
Explore Polymarket, answer and explain the first 2 questions in the Crypto category. Show screenshot.
- To explore the polymarket we need to sign up with our Email via source because if we don't sign up we are not going to have full access to the website.
- After signing up then we click on deposit, we can deposit with USDC or Ethereum because it is built on ethereum blockchain.
- now we explore categories to get future that correspond with cryptocurrency, here we can fine so many predictive questions.
- The first two predictive questions on the crypto category are
will cardano support smart contract on mainnet by October 1st 2021
What will the fully diluted market cap of SuperRare’s token be 1 week after it starts trading?
- we can also make trade by answering question and if the question comes in our favor we will but if it goes otherwise we loss.
- when we make profit we can also withdraw our funds, the withdrawal process will last for 3-6 hours and only minimum of 0.0678ETH ($222) can be withdrawn.
- we also have alternative ways of withdrawal which are peer to peer and polygon.
Explain the first two questions under the category.
will cardano support smart contract on mainnet by October 1st 2021
Cardano is a popular blockchain projects that has made good advancement since when it has been created. With these development cardano has gotten so much attention and has risen to the top 5 cryptocurrency, cardano hard fork will benefit Cardano and the entire Cardano community, it was announced some weeks weeks back that the Alonzo hard fork will be launched, and everyone is anticipating toward that day.
My conclusion will be YES that caradona will support smart contract main net.
What will the fully diluted market cap of SuperRare’s token be 1 week after it starts trading?
Having done with some technical analysis on SuperRare token technical analysis is showing that the token is going to drop to $1,092,887,243 in the next one week before raising.
QUESTION 3
Explain in detail a Predictive Market project, it cannot be Augur, Gnosis or those explained in class.
I will be exploring PLOTX ,plotx is built on Defi and enables user's earn from high yielding prediction markets.
The following currency are supported on plotx , which are; $PLOT, $MATIC, $USDT, $USDC, $DAI.
To make prediction on plotx users need to connect to a web3 wallet on the polygon network.here are some feature's of the plox.
- To explore plotx we need to sign up with our E-mail to have easy access source
- after inputing our Email, then we will verify the e-mail to be able to login
After the registration a wallet address will be given to new users for deposit
.
To deposit user need to move $PLOT from ethereum wallet to 3web wallet.
- Deposits can be done through ethereum network and polygon network using meta task or wallet conner.
- If we want to participate in prediction we will go to market.
- Here we can choose any of the predictions we want to join and partake in if we are lucky we win if we are not we lose.
- Here is the withdrawal section in which withdrawal on ethereum network will take 30minutes and will require gas fee, but on the polygon network gas fee is not required and it very fast.
User will not be able to withdraw pending return from prediction market except it is claimed.
QUESTION 4
For you, what will happen to Predictive Markets with blockchain technology? Who will benefit from them?
Predictive market created on blockchain is very nice ideal, though not yet known to so many people.
Gambling and predictive market are almost the same and when both are now built on blockchain is will be well know and so many people will have trust in any gambling company built under blockchain technology.
Blockchain with gambling app will be really cool because all the users of the gambling app will have full privacy to their account and there will be not intermediary in any transaction and this will give betting companies owner opportunity to make more profit and more people will be willing to invest in gambling because they see it very safe.
Conclusively, blockchain technology is growing at a very fast rate in the world because it offer people what they want,
Predictive market with blockchain will soon be known to all the world as a whole.
CONCLUSION
Predictive market is not very popular yet but combining bit with blockchain technology will make it boom since a lot of people are really interested in prediction and gambling, and more people will invest more on cryptocurrency and betting especially when crypto is used as a means of payment in betting companies.
Thanks professor @pelon53 for the impactful lecture, I will be happy to learn from you next season.