SteemitCryptoAcademy || Season 3 Week 8 |Homework Post for @pelon53 : Predictive markets with blockchain technology
Hello steemain,
Glad to be part of another wonderful and interesting class by prof @pelon53 "Predictive markets withblockchain technology", as usual the class was well details and broad😊. Quite tasking and intense with lots of reasoning required. Below is my homework task and I hope my proof of brain was harnassed to the fullest.
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 the price value of Dodgecoin reach $1 by the end of December 2021.
Will the price value of Cardona (ADA) reach $10 by November 2021.
Will 80% of Nigerian population be completely vaccinated with covid-19 vaccine before June 2022.
Will STEEM price value climb to $1 by December 2021.
Will the use of cryptocurrencies be fully integrated in financial systems in the world by 2030.
Dogecoin is invented by Billy Markus and Jackson Palmer in 2013, is now one of the popular and talked about coin in recent time. The growth of this coin over the years has been tremendously great. Within this year 2021, the price of Dogecoin has rise over 800% and lots of investors as termed it a future coin.
The rise in Dogecoin was influenced by some celebrities namely Elon musk and Snoop Dogg who made a statement about the coin on their Twitter handle, since then it has became an item in the predictive market.
Lots of speculations and investors are itching about the price value of Dogecoin hitting $1 on or before December 2021, of which i think it might get to that value, considering that fact that Bitcoin has increased by 40% of recent and other Altcoin inclusive Dodgecoin are also rising to. Truth of the matter is that, cryptocurrency is highly volatile, and other Altcoin are dependent on Bitcoin, so if Bitcoin continues to rise in this current trend there's a high tendency that Dogecoin will get to $1 before December 2021.
However, these are just predictions and its pertinent to note that a Predictive market is more like gambling and then comes probability or 50/50 chance of the predictions coming to pass or not.
At the time of writing this post, Dogecoin is ranked #7 on Coinmarketcap. With a price value of $0.3185, market capitalization of $41,713,381,922.06, and a trading volume of $2,750,511,066.49.
ADA is the native token of Cardona Blockchain. This cryptocurrency was launched in 2017 by Charles Hoskinson. Since it's introduction to the crypto market, it has shown tremendous growth over the past years. Cardona is currently ranked #3 in Coinmarketcap and this is a great sign that the price value of ADA will reach $10. Cardona Blockchain is an open source blockchain that operates with proof of stake consensus algorithm, which is less expensive to run and requires less energy consumption for its operation. The Cardona Blockchain lacks a whitepaper unlike Bitcoin and Ethereum blockchain.
I think, ADA coin will reach $10 following the recent position of the coin in the crypto market now, the coin as at the time of writing this post, ADA is ranked #3, with a price of $2.40, market capitalization of $77,273,811,975.03 and trading volume of $4,895,650,435.44. These are great prospects of growth and sign to show it has a great chance reaching $10 by November 2021. ADA coin have been seen at rise of about 40% in the past 2months with its price value reaching $2.
Also the recent projects in Cardona Blockchain has attracted many users to having much interest in the coin. For instance, the Mary Hardfork that occured in February 2021 in the blockchain, brought about the creation of Non-fungible tokens which is one sectorin crypto world with a bright future and almost everyone is venturing towards that direction.
Following the announcement of the prospect of the Alonzo Hardfork that will bring smart contracts and introduce the DApp system to Cardona Blockchain has brought more investors and resulted in a hike in the price value of ADA coin to about 30% increase in the last week is a big sign that the price will reach $10 by November 2021
There is also two sides in a predictive market,; Yes, that it will happen and No, that it won't happen. So there's also a tendency that the price value of ADA will not reach $10, due to the fact that the crypto space is almost influenced by social media and some whales in the space. If a whale give any negative comments about ADA today or a negative trend is speculated in social media, there's a tendency that the price will reduce and not reach $10 as predicted by November 2021. Also considering, the fall in price of the coin in the month of May 2021. This is why I think the price wouldn't reach $10 by November 2021.
2.- Explore Polymarket, answer and explain the first 2 questions in the Crypto category. Show screenshot.
Polymarket is a Predictive and informative matket that provides a platform where people trade by predicting future events to get profit. People buy and sell their views on how a future event will resolve. Polymarket is a decentralized App built on Ethereum blockchain, where investors can place a bet on future events in different aspects of life such as Bussiness, sports, politics, cryptocurrency, health, Arts etc.
To explore Polymarket, first you have to visit the website
•On getting to the main page of Polymarket, you need to be a member of the platform. Click on Sign up at the top right, the next page shows, fill in your email details and click on sign up.
•Another page pops up asking you to verify your email. Next, go to your email inbox and verify your email details.
•Now you have successfully logged in to Polymarket. Go back to the main page of Polymarket to continue registration.
•Fill in your username(I used meniya) and click on create account. The next page pops up, showing you that the account has been successfully created.
•At the top-right of the main page, click on three dash icon, it shows you the various features of Polymarket;Markets, Portfolio, Accounts, Preferences, Learn and Logout
Now let's explore the features.
•Markets
To explore the markets feature, you click on Markets, it shows you the different markets available, you can choose any market you want to predict on, by clicking on category option to see all the markets.
•Portfolio
This feature shows you, your portfolio values, open positions and liquidity data.
•Account
It shows you account details, mode of payment and withdrawals. Polymarket uses USDC and Ether currency. User's can also choose an alternative mode of payment which includes; Peer to Peer(Polygon), Debit or Credit cards, and metamask wallet. The Peer-to-Peer (Polygon) medium is free, while other medium have charge fee and specified minimum deposit amount.
•Preferences
The users gets the choice what they want to be notified about in the market.
•Learn
This feature give more details of Polymarket platform and the community it is made of.
•At the bottom of main page you will see a chat symbol, when you click on it, it takes you to the chatting platform of Polymarket. Here user's share opinions and ideas together, and get connected with each other.
FIRST QUESTION
1. Will Cardano support smart contracts on Mainnet by October 1st, 2021?
The closing time of this forecast is on the 1st of October 2021. Total volume: $642,790. Liquidity $12,817
Yes: $0.82, No: $0.18
The Cardano project has been one of most talked about and famous projects over the last period of years and of recent, as there have been lots of significant improvements over the past years till date. The announcement of ADA with the intent of implementing smart contracts known as Alonzo update, to Cardano network has greatly hiked the price of ADA and placed it amongst the top 5 in cryptocurrency, currently ranked 3.
The Alonzo update is a smart contract that will introduce more applications like decentralized finance(DeFi) that will Provide an automated cryptocurrency lending and trading features to Cardano users. This smart contract will also improve the functionality of the network and place Cardano network in a better position to outshine Ethereum network, which is currently the leader with great smart contracts functionality amongst other blockchains.
Considering the recent troop of investors into Cardano network on the release of this news and the hike in price of ADA after the news, I can categorically say that, Yes, Cardano network will support smart contracts on Mainnet by October 1st, 2021.
SECOND QUESTION
2.What will be the fully diluted market capitalization of the SuperRare token 1 week after it starts trading? (Range: $ 250M - $ 3.00B)
The expiration of this market is on the 12 of December 2021. It has a trade volume of $35,385 and a liquidity of $6,332. Out of which 36% of the participants believes the price value of the token will reach $3.00 billion and 64% that it will be $250 million before the time of expiration of the bet.
Also, Following the fundamental analysis of SuperRare token, this token has shown variations in price value in recent time. The fully diluted market cap of SuperRare at the time of writing is $1,198,442,543.120billion, although it is down with 0.82% within 24hours, I still think it get to $3.00billion by the time of expiration of prediction.
However, the final verdict have not been reached, and of course anything is possible in crypto Market as cryptocurrencies are highly volatile. Since, its a Scalar market, Long and Short are used instead of Yes and No. So my choice will be short
3.- Explain in detail a Predictive Market project, it cannot be Augur, Gnosis or those explained in class.
I will be writing about SportX to answer this question.
SportX
SportX is a non custodial , peer to peer protocol with a set of open source smart contracts that operates with Ethereum and Polygon(metamask wallet) network. This platform offers different types of market in which users can offer and takes bets on any market of their choice, using DAI or ETH from their wallets. Some market offered by SportX are; MMA, Baseball, Crypto, NBA, Basketball, American football, soccer, Cricket etc
SportX project is highly secured, reliable and the privacy of it's users is guaranteed with a high liquidity nature. With SportX, there's no betting limit to users, a user can offer or fill any offer that is available without any limit, unlike other predictive market that limits the offer of bet for it's user's.
In exploring SportX, you have to visit the website. The main page comes up.
•At the top you see Deposit icon, setting icon, Login, Signup, and list of markets available. As a first time user you have to sign up to create an account on the platform. Now click on sign up.
•The next page shows, you fill in your email details and click on sign up. Next page asks you to confirm your email details.
•Go to your mail and click on Login to SportX. Another page shows you have successfully logged into SportX.
•Now go to the main page of SportX. At the bottom you will see Exchange, Tournament, Token and Chat features.
Now let's see the features
•Exchange.
This feature gives SportX users a view of the various markets available for them to place a bet on. Some markets available includes; Baseball, Soccer, MMA, Crypto.
•Account
The feature gives a detail of the users deposit, the amount of money won by user, total bet won over the week, an overview, unsettled and settled bets too.
•Tournament
This feature gives users the avenue to bet with each other and win cash prizes. It also shows ongoing, upcoming and past events of the Exchange, where users can bet.
•Token
The Token feature allows for users to stake their money on the SX coin for future rewards. It also shows Bet mining and SX options.
The native token of SportX is SX.
SX is an ERC-20 token built on Ethereum and Matic blockchain protocol. This token gives control(Governance) to the token holders over all smart contracts of the exchange, the token holders must first stake(Staking)to have control in the platform and most importantly, token holders are given a discount(fee discount) on any exchange fees to be paid when betting.
At the time of writing this task, SX token value is $0.5809 according to Coinmarketcap.
Source
•Chat
The feature serves as an online social platform for users to get connected, chat and share betting ideas for their own benefits of making profits.
•At the very top right corner of the main page is a Deposit icon, when you click on it, it shows you your wallet details, how you can fund, Bridge, withdraw or swap your tokens. Sportx exchange uses DAI, USDC or ETH for betting. The betting fee for users on SportX platform is 2.00% of profit from each bet. Screenshot below.
•Close to Deposit icon is an Ethereum icon, when you click on it, you will see the cryptocurrency that supports SportX.
4.- For you, what will happen to Predictive Markets with blockchain technology? Who will benefit from them?
Predictive markets have a long existence in commercial sector and other sectors like Finance sector, sports and trading sectors. Predictive market have been in existence but more like gambling, where gamblers make a prediction on any item of their choice with the hope it brings profits to them.
The introduction of Predictive Market with blockchain technology has a great potential together as both party will experience great shift and huge growth and profit. Predictive market with blockchain technology will bring about decentralization in the market, giving it's users an edge to have full control over the activities in the exchange. The innovation and introduction of the blockchain Oracles and Dapps in Predictive Markets places them at the center of finance system presently. Users also have power to choose the cryptocurrency they wish to bet on and also have the privilege to set the bet offer to soothe them.
Predictive market with blockchain technology is a young sector in finance system with a great potential of yielding high profit in the future, as this potential is already seen with the high profits made by Polymarket and SportX exchange within this short time. Predictive market with blockchain technology will also create more awareness to attract more customers and this will go a long way in the growth of predictive Markets.
Who will benefit?
Many party involved in predictive market and blockchain technology will benefit from it. I'll be highlighting a few points on the benefits obtained;
☆Users :The user of predictive market with blockchain technology will benefit greatly from this in the sense that;
• With blockchain technology, predictive market will become highly secured and users will not be scammed easily.The predictive market also will be more decentralized with no third-party involvement, gamblers can place their bets at higher odds of choice and yield higher profits.
• Also, Users of predictive market will also have the power to create offers, connect with each other, and share ideas that will help in making right decisions while betting to earn more profit.
• With great and excellent knowledge of ideas shared by various users of predictive market, many users take advantage of the social platform created to gain more information about a cryptocurrency to make the best decision when trading to gain more. For instance, in the course of my research I have gain knowledge from polymarket about ADA and SuperRare projects, and with this knowledge I can make best decision on
☆The predictive market and blockchain technology will also benefit, as the predictive market becomes more popular they attract more customers and users to the betting exchanges and in turn will yield more profit for the market. For instance, Polymarket and Augur betting platform has already began to make huge profits.
CONCLUSION
Predictive markets are protocol where users and gamblers place a bet on a future event trying to forecast what the outcome will be and in turn the gamblers make profit from it. The predictive Markets is still in it's infant stage in blockchain technology and it's full potential have not yet been seen.
The merging of Predictive markets with blockchain technology, Blockchain Oracles and Decentralized applications will bring the full potential of predictive market to limelight and this will also enhance the growth and success of cryptocurrency market in finance system.
This class has indeed broaden my knowledge about cryptocurrency market and predictive market, and how to get great informations from different traders in order to make better decisions when trading or placing a bet in predictive markets.
Big Thanks professor @pelon53, Indeed proof of brain have been highly harnesses by me.