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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 Kylian Mbappe be able to sign for Real Madrid by the end of the 2021 summer?
- Will Bitcoin be in existence in 2030?
- Will steem sell at 2USD by the end of 2021?
- Will Chelsea defend their Champions league trophy in the 2021/2022 season?
- Will Apple release the next iPhone by 31st December, 2021?
WILL KYLIAN MBAPPE BE ABLE TO SIGN FOR REAL MADRID BY THE END OF THE 2021 SUMMER
This is a question that can be used in the predictive market with YES and NO being the two options to choose from. This is a question from the happenings from world of football. In these last weeks there has been a debate in the world of football as to whether Mbappe will sign for Madrid this summer. Mbappe has expressed desire to Paris Saint Germain this summer but the club president has also made his opinion clear that he is not willing to let him off this summer. Currently it’s a battle between the two personalities. Football enthusiast can only predict and speculate as to whether Mbappe will leave for Madrid or not. The answer to this question will be known by the end of the transfer window. At the end of the transfer window if Mbappe stays at Paris saint Germain then those who went for the NO option will win and the vice versa.
WILL STEEM SELL AT 2 USD BY THE END OF 2021?
Currently steem is selling at 0.5724 USD but due to the volatility of cryptocurrencies the price can shoot up in a very short time. The future value of steem is uncertain and hence we could only predict. This question is asking for predictions from people as to whether the price of steem will reach 2 USD by the end of 2021. This can only be determined after the year has ended. If the value of steem steem reaches 2 USD before the end of 2021 then those who chose he yes option will win and the vice versa.
Explore Polymarket, answer and explain the first 2 questions in the Crypto category. Show screenshot.
I opened polymarket through this link link
After opening I registered by entering my valid email and verifying the email. I then explored how deposit was done on the platform by clicking on deposit.
From the deposit feature you are shown ways through which you can make deposits in order to trade on this platform. You can decide to deposit through coinbase, polygon which is peer to peer, MetaMask, or a credit debit card.
Another feature on the platform is the portfolio feature which displays the markets you have traded in and the positions you took.
The next feature I explored was the market feature. This is where various questions are displayed .
From the market I clicked on the drop down button by the category.
I then searched for crypto and clicked on it. The first two questions are shown below:
WILL CARDONA SUPPORT SMART CONTRACTS ON MAINNET BY OCTOBER 1ST, 2021?
Cardona is a very a key blockchain with the native coin called ADA. The cardona blockchain does not support smart contract as of now. But recently the blockchain developers indicated of its intention to carry out the Alonzo upgrade which will now allow the blockchain. The developers gave September to be the release month. This predictive market was developed from this announcement and my stake on this market will be a YES because the developers have shown so much confidence that the deadline they gave will be met.
Will Ethereum switch to Proof-of-Stake (EIP-3675) by February 22, 2022?
The ethereum blockchain is one of of the blockchains that uses the proof of work consensus mechanism just like Bitcoin. The proof of work mechanism has received criticism expecially with the amount of electricity it consumes. Developers of the ethereum blockchain proposed to switch to the proof of stake mechanism where miners will have to stake a certain amount of Ether before they can be selected to validate blocks on the blockchain. They have tried it on a platform called beacon and wants to implement it by December, 2021 but my stake on this market is a no because there hasn’t been any positive signal so far to suggest that this change will happen soon.
Explain in detail a Predictive Market project, it cannot be Augur, Gnosis or those explained in class.
This is a cross chain decentralized finance prediction market that is built on the ethereum blockchain. This market allows crypto enthusiasts to predict the price movements of crypto assets with given timeframes. PlotX has a native token called PLOT it current has a value of $0.080879
PlotX uses an algorithm called Automated Market Making (AMM) to close markets and distribute rewards. An example of a market on the PlotX prediction market is:
Will MATIC to USD value go up or down by tomorrow 1pm ?
In a question like this you are expected to bet on whether the value will go up or down before the market is closed.
I opened the PlotX website using this link I then signed up using my email.
You will be taken to the market feature after logging in. this displays various crypto assets pairs with the date it expires, number predictions made so far. You can choose the timeframe you want from the top right corner
You choose your preferred market and click on predict now.
You then select from the options displayed: whether the price will go up, remain flat or will go down and pay to make the transaction complete.
For you, what will happen to Predictive Markets with blockchain technology? Who will benefit from them?
Predictive Market with blockchain technology simply means that these prediction bets people do will now be done in a more secured manner and people will find it more safe prediction in decentralized platforms because they can make withdrawals without any governing body’s approval. The annonimity given by decentralized platforms will also play a vital role in making sure that these platforms are well patronized. The crypto world benefit because they will be an increase in crypto transactions hence giving the crypto assets the values crypto enthusiast are always wishing for.
Predictive markets can be likened to gambling platforms and is now gaining the attention of the public. These markets see as a platform for people to place bets on issues trending around the world and make money from it. It is an industry that has a lot of potential hence more attention should be paid to it. Thanks to professor @pelon53 for the great lecture.