Crypto Academy Season 3 Week 8|| Predictive market with Blockchain technology|| Homework post for Prof. @pelon53 by@cinnymartins
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.
Explore Polymarket, answer and explain the first 2 questions in the Crypto category. Show screenshot.
Explain in detail a Predictive Market project, it cannot be Augur, Gnosis or those explained in class.
For you, what will happen to Predictive Markets with blockchain technology? Who will benefit from them?
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.
Before I go into details it will be pertinent to lay foundation on what a predictive market really is.
Ordinarily, the word Predictive is coined from Predict which has to do with the act of forecasting the possibility of a thing or the impossibility of an event. In other words, forecasting the future.
The Blockchain system functions in such a way that it cannot be predicted wholly. This means that no analyst can predict the future of a particular crypto asset. Hence, the phrase Predictive market is the type of market that tends to predict to an extent the future of an asset in the crypto market.
So my 5 questions follows suit:
Will cryptocurrency take over the world economy before the year 2030?
Will bittorent (BTT) reach $0.03 by the end of 2021?
Will my country (Nigeria) lift the ban on cryptocurrency before mid 2022?
What will happen if 40% of the countries in the world regulates cryptocurrency?
Will steem hit $3 before the end of 2021?
Will cryptocurrency take over the world economy before the year 2030?
By way of definition, cryptocurrency is a digital currency used as a medium of exchange for products and services. It uses the Blockchain technology which is a Decentralised technology meaning that there is no central entity or authority overseeing or managing user's transactions. In other words, every user has access to the system.
As mentioned earlier, cryptocurrency can be used in buying and selling and can be easily exchanged into a physical cash.
As at the time of writing, cryptocurrency has a limited purchasing power and this is Owing to the fact that it is not yet accepted by all businesses and across the world at large.
Regarding the question as to whether Cryptocurrency will take over the world economy before 2030?, My answer is YES. And my reasons would be that in recent years, the value of cryptocurrency has skyrocketed that some of the coins has tripled in price and someone would ask isn't this convincing enough to invest?
Moreso, people believe and tend to gravitate towards any investment that guarantees a reasonable return and that being said, in as much as there are physical trading ongoing in the world, it does not limit the digital transactions going on in the crypto world as businessmen tends to invest in crypto as an alternative investment relying on the secured system of the Blockchain.
Over the years, the acceptance and adoption that cryptocurrency is something worth investing has continued growing and with this rate of acceptance and so many speculations on cryptocurrency owning the future it is unarguable to say that before the year 2030, so many transactions mostly in the banking system will repose in the direction of digital currency and thus will further the world development as countries will embrace this development.
Will bittorent (BTT) reach $0.02 by the end of 2022?
As at the time of writing 1 bittorent is $0.004428 which is equivalent to #2.2 in Nigerian naira.
Bittorent is a token built on the Tron Blockchain and launched in the year 2019. It was developed by Bram Cohen and the Bittorent foundation. It got popularized through the initial coin offering process.
The total market supply of the token was 990,000,000,000. Users started acquiring the token through different means in the same year it was launched. It is a well known peer-to-peer file sharing platform and moreso a Decentralised network. It was released February 2019 under the TRC-10 network and is currently being ranked as the world largest communication protocol.
Cohen the founder of Bittorent said the token was designed to overthrow entertainment industries who has proven to be incapacitated in facilitating a speedy network.
Regarding the predictive question as to whether Bittorent will reach $0.02 by the end of 2022? Is a YES for me and my reasons are posed with regards to the fact that Bittorent (BTT) has for long joined the league of promising Altcoins and had shown great potential in the past.
It grew steadily even above the market prediction in the year 2020 from $0.005 to $0.0129 which is equivalent to #6.45 in the Nigerian naira. Also, considering the rapid development going on in their platform, some well known high-tech companies might see reasons to partner with them and if this happens, it will spike the price of the cryptocurrency to $0.02 which is also equivalent to #10 before the end of 2022.
Explore Polymarket, answer and explain the first 2 questions in the Crypto category. Show screenshot.
To explore the polymarket website you need to visit the website here
Next the crypto page opened up with Different Predictive questions from which we were instructed to choose only two and the first on my list is:
Will Cardano ($ADA) break $3 before the January 1 2022?
From predictions in Polymarket website the number of Yes outweighs that of No. And as at the day of writing, the current market price of Cardano was $2.46
My answer for this is Yes and this is because as at now Cardano (ADA) is ranking 3 according to coinmarketcap and if it does another 4×, it is going to flip Ethereum. Although their smart contract is around the corner and from this point I think it can only do 1-2× more. That being said, I think Cardano (ADA) will even exceed the predicted price before the season speculated.
What will be the price of $MATIC on September 3 2021?
Currently the price of MATIC form coin market cap is $1.65 and it is marking 17 according to coin market cap. MATIC is a framework built on proof of stake that supports multiple decentralized finance in the Ethereum ecosystem.
The aim of this project is to stimulate massive adoption of crypto by attending to scalability issues accruing to many blockchains. The token will continue to play an increasing role in securing the system. There is a total supply of 10,000,000,000 MATIC and a circulating supply of 6,303 ,422,325 MATIC.
My answer is YES banked on the premise that the token is moving on a speedy space . As at early Jan the price was $0.0018 and and was able to hit $0.043 by the end of January.By mid may2021, swayed towards the bearish trend when it fell from from $2.45 to $$1.66.and somewhere in may 24 the token spiked from $0.9.4 to$21.
With all this analysis, I think by the said date (September 3 2021 the token which is currently at $1.65 will hit $1.80
Explain in detail a Predictive Market project, it cannot be Augur, Gnosis or those explained in class.
Polymarket
Polymarket is a decentralized platform where traders converge around the globe. This market was launched in the year 2020 on Ethereum's ERC-20 protocol. Under the polymarket platform, people trade physical money market and from there, they are able to get the exact insight on the future of an asset. Polymarket provide the crypto world with unbiased information on the possibility of an event taking place in the future.There is no such thing as a taking custody of any traders crypto in the polymarket as it is basically designed merely for educational and informational purposes .The primary aims of polymarket also prevent misinformation
Features of polymarket
User friendly: This platform is a very easy to comprehend one users are guided and even new users are provided with a step by step guide on how to fund and trade on the platform.
currency: polymarket uses Us Dollars -backed stablecoin trading currency to trade.
centralized resolution: Result of happenings on the platform are resolved without observing protocols or consensus mechanism.
Moreso on the polymarket you can build a portfolio depending on your prediction and you gain when your predictions are right on this platform you bet on highly-debated topics and you are earn when your predictions are right.
For you, what will happen to Predictive Markets with blockchain technology? Who will benefit from them?
Predictive market is a system that has been in existence way back even before the inception of cryptocurrencies and has helped businessmen in making vital decisions about their businesses.
With the level of advancement going on in the predictive market, it would be unarguable to say that in the speed of light, the Predictive market with Blockchain technology will grow so rapidly.
In the Blockchain system, predictive market is a very good model to run analysis with before carrying out an investment project. In this market, users are provided with the opportunity of betting odds and determining odds themselves and this exercise earns them cryptocurrency as the system is a Decentralised one.
With regards to who will benefit from it, the system is a decentralised one and so any user who can bet rightly on the predictions is equally a beneficiary of this fast growing system.
Conclusion
Conclusively, I learnt in the essence of a predictive market and some of the Predictive market projects. In the course of exploring polymarket, I got to know of Cardano (ADA) ranking 3 on coinmarketcap and being a promising coin that I quickly added it to my watchlist.