Bodhi, the decentralized prediction market platform today announced that it has deployed a live beta on the Qtum mainnet. This Bodhi platform will allow users to leverage the wisdom of the crowd to more accurately predict the outcome of future events.
With the Bodhi platform, any user can create prediction events they are interested in. Other users can join prediction events with or against the initial creator. When the event ends, oracles set the result. If the public agrees with the initial result, winners collect their rewards and the event is complete. This naturally sets the odds of the event outcome; $1 on the ‘yes’ option and $2 on ‘no’ inherently sets 2:1 odds for ‘yes’ voters. Upon successful completion of the dispute phase, correct guessers receive both the original event-tokens, as well as additional incentive payments.
“It’s a major milestone for us. While other prediction markets are still not live, we already have a fully-decentralized blockchain application for the public to use,” said Xiahong Lin, founder of Bodhi.
If a dispute arises, the “replaceable oracle” mechanism phase is invoked. Bodhi’s innovative decentralized “replaceable oracle” mechanism is powered by Bodhi’s digital token (BOT). The replaceable oracle mechanism solves the most challenging part of building a decentralized prediction market; allowing for fair and accurate result-setting to be done in a trustless and decentralized manner. It also has the benefit of increasing participation and significantly lowering fees compared to traditional prediction market systems.
In contrast to centralized oracles, the “replaceable oracle” mechanism facilitates reliable outcomes regardless of who the initial oracle is; users do not rely on a centralized authority to set results. The Bodhi platform incentivizes BOT holders to participate in the voting process, and to rectify false outcomes, which rewards participants and simultaneously penalizes the false oracle.
Although Bodhi’s smart contracts are available publicly on the Qtum blockchain, the initial user interface has built-in restrictions preventing users from certain countries from accessing the platform until further clarity on local regulations is provided from the respective governments.
“This is a big step for Qtum. We’re excited to have Bodhi lead by launching the first DApp on the Qtum mainnet. We look forward to many more projects following,” said Patrick Dai, founder of Qtum.