Subscribe to Our Newsletter
Thursday May 19, 2022
Bitcoin (BTC) $29,017.00   Ether (ETH) $1,934.88
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Swap USDT (TRC20) Instantly
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
Changelly
CryptoNinjas
Home Blockchain Technology

Predictive market dynamism makes for disruption by blockchain processes

Published by CryptoNinjas.net
01/04/2018
Predictive market dynamism makes for disruption by blockchain processes

The prediction market is huge and well established, it has also experienced several stages of disruption. Even disruptions such as online betting which appear to be very trivial nowadays happened just less than three decades ago. This speaks volumes about how quickly the industry is evolving and how the inherent players are motivating the design of better approaches within the ecosystem, thanks to emerging technologies.

Considering how relatively fast these changes occur, existing systems are already revealing a lot of cracks with better, no-nonsense solutions arising.

Existing Limitations

In the current systems, traditional sportsbooks are centralized authorities. Users must deposit money while earning no interest and tying up funds for long periods of time. Although wagers get graded nearly instantly (so users can keep betting), cashouts can take days or even weeks to process. In addition, if the sportsbook collapses and defaults, there is no recourse for users to reclaim their money. Also, despite the fact that Blockchain prediction markets solve the issue of trust, liquidity remains a major issue. Prediction markets like Gnosis and Augur may take up to a week to grade wagers and resolve contracts. Money tied up in a contract can’t be deployed, hurting users’ bankroll growth.

In these centralized systems, setting up accounts at multiple sportsbooks to find the best lines is a smart practice. However, the process of scanning various sportsbooks to find the best line is time-consuming. This process, combined with the liquidity issues discussed above, leads bettors to spend time doing monotonous, inefficient work, with a fraction of their working capital available. And also, because the existing systems consist of fragmented sports analytics, Sportsbooks, betting syndicates, sports teams, and other entities wall off their internal analytics departments and don’t share information with each other. Different analytics groups compete independently toward the same goal, instead of cooperating. In addition to the below market rate salaries that sports analytics jobs generally offer, there is no community where experts and enthusiasts can participate and be rewarded for their contributions.

Because the present system allows editing or manipulation of data, sports betting “experts” aren’t held accountable for their predictions. Experts can lie about their track records and claim they bet at numbers that never existed. Being a successful sports betting tout is more an exercise in marketing than in accurately predicting the results of events. In addition to issues with sportsbooks and prediction markets, there are security and design challenges in the blockchain space in general. Potential users are intimidated by the onboarding flow and the challenges of keeping their information safe and secure.

BlitzPredict: Solving Persistent Problems

As an aggregator of sportsbooks and prediction markets, the BlitzPredict platform constantly refreshes the odds like a stock market ticker. This ensures that users will always get the latest odds available for a given bet. The platform streamlines the process to make prediction markets as simple to navigate as traditional sportsbooks and provides a suite of smart contract tools for users to better interact with sportsbooks and prediction markets. This will allow users to set up smart contracts to execute when specified criteria are met. The goal is to bring the power of an advanced betting syndicate’s tools to individual users.

In order to solve the liquidity problems that exist, as mentioned above, BlitzPredict is implementing the Bancor Protocol. This will also offer low rates for the users and they will be able to instantly exchange tokens without needing to use an exchange or find a buyer. The platform’s aggregator and liquidity reserve will ensure that users always get the best odds and receive guaranteed instant payouts – no more waiting days or even weeks for withdrawals to hit.

The decentralized nature of Blockchain technology makes it easy to appropriately implement effective incentivization procedures. BlitzPredict rides on this property to incentivize sports analytics experts who contribute to the platform, and also work with them to create powerful predictive models. The models will be tested publicly and predictions must be made using actual odds available in the market at that time. Experts must stake BPZ to support their picks and models. Over time, the most successful models will receive the most support from the community.

Change is inevitable

The prediction market is defined by its dynamism, and that is the essence of the industry. Without a constantly changing market that is catalyzed both by underlying events and market liquidity, there will be no existence of opportunities. Therefore, the blood that gives life to the industry lies in the continuous presence of changing events.

Any ecosystem that is dominated by variances will continue to experience improvements as scientifically, the dynamism that is influenced by human elements must instigate some level of competition. Hence, competitive environments automatically engineers innovations and protracted innovation eventually lead to disruption.

BlitzPredict is introducing a prototypical and suitable platform it hopes it will further enhance the predictive market simply implies the direction of the industry’s next wave. Hence, the robustness and liquidity that the platform offers will only go forward to enhance a more improved and compliant ecosystem.

69
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

05/19/2022
Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

BitMEX Spot, the new trading platform to buy and sell crypto launched by one of the world’s largest crypto exchanges, BitMEX, has made a strong entrance in the first days since going live, hitting...

Read more

Decentralized oracle network for Algorand blockchain Algoracle closes $1․5M seed round

05/18/2022
Oracle network for Algorand blockchain Algoracle closed $1․5M seed round

Algoracle, a decentralized oracle network that links the Algorand blockchain to the physical world, announced today it recently closed a seed funding round for $1.5 million (USD) to help accelerate the development and launch...

Read more

StoneX executes its first cash-settled bitcoin (BTC/USD) swap

05/18/2022
StoneX executes its first cash-settled bitcoin (BTC/USD) swap

StoneX Markets, a subsidiary of StoneX Group Inc. (StoneX), a provider of execution, post-trade settlement, clearing, and custody services across asset classes and markets worldwide, today announced that it successfully executed and settled its...

Read more

Crypto tech platform Fireblocks unveils new ‘Web3 Engine’ with suite of developer tools

05/17/2022
Crypto tech platform Fireblocks unveils new 'Web3 Engine' with suite of developer tools

Fireblocks, a blockchain infrastructure & crypto tech provider, announced today the launch of a new, dedicated 'Web3 Engine' with a suite of tools for developers to build DeFi, GameFi, and NFT products. Also, Fireblocks’...

Read more
Load More

Discussion about this post

Where to Exchange

Crypto services suite in Spanish Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
America's first regulated bitcoin exchange Visit
  • Trending
  • Latest
Blockchain analytics provider Nansen integrates and invests in DeFi data app APY.vision 

Blockchain analytics provider Nansen integrates and invests in DeFi data app APY.vision 

05/12/2022
Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

05/19/2022
Asia cypto margin trading app MoonXBT integrates XanPool's fiat gateway

Asia crypto margin trading app MoonXBT integrates XanPool’s fiat gateway

05/12/2022
Hedera launchpad platform HederaStarter to launch its native token via IDO on May 19

Hedera launchpad platform HederaStarter to hold IDO May 19 to establish HSTART token

05/11/2022
Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

05/19/2022
Oracle network for Algorand blockchain Algoracle closed $1․5M seed round

Decentralized oracle network for Algorand blockchain Algoracle closes $1․5M seed round

05/18/2022
StoneX executes its first cash-settled bitcoin (BTC/USD) swap

StoneX executes its first cash-settled bitcoin (BTC/USD) swap

05/18/2022
Crypto tech platform Fireblocks unveils new 'Web3 Engine' with suite of developer tools

Crypto tech platform Fireblocks unveils new ‘Web3 Engine’ with suite of developer tools

05/17/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

Go to mobile version