Crypto Academy / Season 3 / Week 8 - Homework Post for Prof. @pelon53
Hello Everyone,
How are we all doing? It's another beautiful week and am so happy to participate and be able to understand the topic "Predictive Markets with blockchain technology", tutored by Prof. @pelon53. I will be attending to some questions obtained from the class as you can see below without wasting your time.
Questions
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?
Answers
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 create any question that can be used in the predictive market, I would like to explain what is the predictive market. Firstly, the word "predictive" which we can also refer to as prediction, is when someone is trying to determine what will happen soon or in the future. If we now decide to combine market with the word "Predictive", that is, predictive market.
A predictive market is a market that tries to determine or predict what will happen in the future of a particular thing. Such as cryptocurrency or an asset. This type of market as been existing for a very long time now but if blockchain can be more developed, it will be of great benefit to many.
People try to determine the future because knowing the future can help to make the right decision and also to avoid failure in the future. A predictive market is a market that can help predict answers to certain questions. Why some of the questions can not be determined till the date of the deadline.
I will be listing some questions below that can be used in the predictive market.
Will Ethereum coin take Bitcoin position in the crypto world?
Before the end of December 2021, can the price of Dogecoin reach $1?
Will Bitcoin, Ethereum, or any other types of cryptocurrency beat down United States (U.S) dollar hegemony?
Will cryptocurrency vanish one day and never rise?
Will cryptocurrency be the future currency?
WILL CRYPTOCURRENCY BE THE FUTURE?
My answer is Yes. As we all know cryptocurrency is a digital currency that created an alternative to our traditional money. Such as dollar, naira, and so on. Cryptocurrency has been a digital currency as a great advantage that can benefit humans.
Thinking of how cryptocurrency as help many. Cryptocurrency is a digital currency that has helped many financially. If we should look at what each country is talking about employment, must jobs can only feed daily but can not make one each or wealthy. But having cryptocurrency in the world as one of the legal currency as gives many job opportunities for people, especially, youth in this world. Such as trading and so on.
Cryptocurrency has many advantages that can benefit both poor and rich people. It helps the poor to create wealth for themselves and it also helps the rich create more wealth for themselves. Cryptocurrency is a special currency that even many people prefer to save their money with it than using our traditional money. Cryptocurrency also has stable coin which you can use to save your money even if decided not to trade. It gives benefit to its users, it also has its disadvantages but it advantages is much more than the disadvantages.
Cryptocurrency can even be used to purchase things in some supermarkets. It is decentralized, transparent, and secure. One can not lose its cryptocurrency except one loses its private key.
So, with the advantages I had explained, most people have chosen cryptocurrency over our traditional currency. With the way the world is going, technology will also keep growing and most things will be done through the internet. I believe the generations to come will choose cryptocurrency over traditional currency.
BEFORE THE END OF DECEMBER 2021, CAN THE PRICE OF DOGECOIN REACH $1?
My answer is Yes. Cryptocurrency price can not be decided by anyone, but, it can only be predicted. Historically, dogecoin is a coin that was created by some engineers as a joke. It is a cryptocurrency that is well known and accepted by people
Some month back on Twitter, Elon musk who is a celebrity with over a 40million followers on Twitter posted on his Twitter page that Dogecoin might be his favorite coin because it is pretty cool. This post made many follow to buy dogecoin and it had a positive effect on the price of dogecoin.
Dogecoin later reduces in price due to the bearish trend of cryptocurrency after some months. But since the beginning of August 2021, we notice that cryptocurrency has started regaining back its price. Dogecoin has also started increasing in price. As I said earlier, cryptocurrency can only be predicted but can not be decided by anyone. I believe Dogecoin is on its track to hit $1 before December. But at the same time, this type of predictive market question can only be determined when the deadline date is approaching.
EXPLORE POLYMARKET, ANSWER, AND EXPLAIN THE FIRST 2 QUESTIONS IN THE CRYPTO CATEGORY. SHOW SCREENSHOT.
The first to do is to visit Polymarket website. After when you have visited, it will take display the play market homepage. Where you are required to use your email to sign up.
As you can see on the above page, click on sign up, it will display to you where you can register and view the market without depositing. See the below image.
After when you have seen the above page, click insert your email and click on signup, it will display to you the page below.
After when you have click on signup, it will tell you to check for the email sent to your to activate your account. My inbox is the image below.
In my inbox, I clicked on the login to poly market so that my account can be activated. After that, it gives me a confirmation that I have been logged in, also go back to my original tab. As you can see below.
When I got to the original tab, it displays where I am required to input my username and input the referral code which is optional to create my account. See the below image.
After when I clicked on to create it took me to the poly market-main page where I saw different types of market categories, where I can deposit if I wish to, my total account balance, as you can see below.
At the upper part of the image that is displayed to you, as you can see in the above image. I clicked on the icon that is that the upper part of the page. I order to see the market category.
I clicked on market, it took me to the page below to have access to the market categories.
I clicked on category as you can see in the below image, it displays market categories to in a role, as you can see below.
I clicked on crypto because of the question given to us, we were told to answer 2 questions in the crypto categories. In the crypto category, we have different questions but I will be answering two (2) questions. My first question is in the image below.
Question 1: Will it be possible to shop on Amazon using Bitcoin in the US before 2022?
My answer is Yes, it is possible. Cryptocurrency in the future, which can be anytime soon, will be a currency that will be used online to purchase things. Cryptocurrency is a digital currency that can be used or transfer from anywhere to any location within a short period. Cryptocurrency is also a currency that can be spent as long as the receiver agrees to accept it because it has been legalized.
Talking about Amazon, it has been rumored that Amazon will soon be accepting cryptocurrency before the end of the year 2021. The information was sourced from an anonymous insider of the company. According to the information that was published with the report in the London newspaper City A.M., the anonymous Insider said, Amazon's crypto plan of accepting cryptocurrency such as Bitcoin, Ethereum, Bitcoin cash has been in motion since 2019.
Question 2: Will Cardano support smart contracts on mainnet by October 1st, 2021?
My answer is Yes, Cardano will support smart contracts on mainnet even before October 1st, 2021. Firstly, Cardano recently launched a test net to test run on a smart contract on Cardano's blockchain and it has been predicted that, if it goes as planned the developer and its users will be able to build and engage in a smart contract on Cardano, to expand blockchain functionalities. Cardano has also been suggested or predicted by popular analysts/professionals that Cardano will support smart contracts because of the ongoing Hard Forks installment.
EXPLAIN IN DETAIL A PREDICTIVE MARKET PROJECT, IT CANNOT BE AUGUR, GNOSIS, OR THOSE EXPLAINED IN CLASS.
source
Stox is a predictive market project that was created to predict real-life events. It is a decentralized platform that was founded on Ethereum’s ERC-20 protocol.
Stox is like many other prediction markets such as Augur, and so on, is a project that was launched in the third quarter of 2018. It is a project that was launched or designed for users to create market, prediction, and categories. Stox has its token called STX. Its price as of when I was doing my homework is $0.01006 and STX coin is ranked number 187 according to coinmarketcap as you can see below.
coinmarketcap
Stox is a predictive market project that uses blockchain, it's a project with some features. I have explained some but we still have some more. Such as, it uses its token which is STX to trade on its platform and also predict real-life events. STX has a total market cap of $509,027.57.
FOR YOU, WHAT WILL HAPPEN TO PREDICTIVE MARKETS WITH BLOCKCHAIN TECHNOLOGY? WHO WILL BENEFIT FROM THEM?
If we should discuss how financial institution such as a bank is, they are centralized because it is controlled under an authority. But if blockchain can be included, it will play a very big role because it has the power to eliminate any intermediaries. Once blockchain is involved, one we have authority over his/her money without any intermediary.
A predictive market with blockchain is going to be of great benefit for its users because it will be decentralized. Stox is an example of a predictive market that is built on a blockchain. Its users are allowed to creating markets, predictions, and categories. It is a predictive market that predicts the true-life event and also trades with its token.
About those that earn, as I had explained earlier that some predictive markets such as Stox predict a true-life event. Let me refer us back to one of the questions which I have answered, "Will it be possible to shop on Amazon using Bitcoin in the US before 2022?" In this type of question, some will agree while some will disagree. Those that agree will buy a "Yes" contract while those that disagree will buy a "No" contract.
The above question has two answers which are either, it is possible to shop on Amazon with bitcoin in the US before 2022 or not. This type of question can not be decided immediately but as people buy their contract (yes or no) if there is any rumor, as there was a rumor about Amazon already planning to accept bitcoin.
It "yes" will be much but if we are approaching the ending of 2021 and there is not be any news about the confirmation of the news, the " if" will increase. But, if we now later get the confirmation of the rumor that Amazon will start accepting bitcoin, the yes will increase. If they now start receiving the cryptocurrency before 2022, The trader with the right answer which is yes will Earn from the blockchain. But it happens that the right answer is "No", those who with a "No" answer will earn while those with "Yes" will not be rewarded.
In conclusion, a predictive market with blockchain will be of great benefit for its users because it will allow them to have authority over their money and be able to access it at any time. A predictive market that uses blockchain is another opportunity to earn from the blockchain.
I want to use this opportunity to say thanks to Prof. @pelon53. I enjoyed the class and I look forward to receiving more lessons from you, sir. Thanks for reading through my post.