Hello steemians fellow this is my task post for Professor @pelon53
QUESTION 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.
As we most already know from closely reading our professor's lecture post the in predictive market Questions asked are ussually in a binary format, that is they are answerable with either YES or
NO. I will be listing my 5 Questions below
- Will iPhone be foldable?
- Will Chelsea Defend the UEFA Champions League title this season?
- Will the steem coin reach a value of 1$ before October 1st?
- Will Pi coin reach mainnet before December?
- Will Ronaldo win the next Ballon d'Or?
WILL CHELSEA BE ABLE TO DEFEND THE UEFA CHAMPIONS LEAGUE TITLE THIS SEASON?
The 2020/2021 football season that was rounded up lately ended up with the Blues carrying the UEFA champions league against all odds, this a new season and the team is making new signings to further strengthen their squad against the upcoming Champions league and their own league title. Although this season will be tough PSG the last years champion's leage semi-finalist recently made a remarkable transfer sign one of the greatest footballers of all time Lionel Messi and this makes everyone wonder if the defending champions can stand against the current hottest team in Europe. Although football is unpredictable so no one can say for sure.
So basically in a nutshell do you think Chelsea will be able to defend their UCL title? YES OR NO
WILL PI COIN REACH MAINNET BEFORE DECEMBER 2021
Pi-coin was launched on 14 March 2019 and has been carting new users every day with a current increasing number of 23 million users daily, the Pi-network will either halve the current mining rate which is equivalent to 0.2 Pi coin per hour or completely end mining of new coins at mainnet which is the next phase they are about to enter. The pi coin was created by some Stanford graduates with no guarantees given if the whole event will be successful or not. The Pi team recently released their wallet although it is still in its testing phases and is yet to be used for in the real world for actual transactions.
So do you think the Pi coin will reach its mainnet before the year runs out YES OR NO
QUESTION 2
Explore Polymarket, answer and explain the first 2 questions in the Crypto category. Show screenshot.
TO explore the Polymarket I visited their official website
LANDING PAGE
To properly explore the website one has to be a registered member which can be done by simply filling in your email and confirming your email account by clicking a link sent there
Upon registration, the website gives you options so one can choose what aspect he is really interested in as seen above. I preferred betting on sports activities so I chose the sports and crypto options and most of my selections were updated based on my preference
The portfolio tab seen on the top right of the home page is where trades entered or history of activities in the platform is recorded alongside the Liquidity
The market portion of the website is where all sorts of Trade or questions are being asked here is where one gets to pick a market and chose his option which is usually being asked in binary YES OR NO Questions
An example is shown pictorially down below
Will the US have more than 200,000 new daily COVID-19 cases on or before October 1, 2021?
NO
With the current circulation of the covid 19 vaccines, they have been a steady decline in the number of covid 19 cases, and by October I believe they will be more decline in Covid 19 cases seeing that WHO is looking forward to eradicating the nations entirely fo covid 19 cases
Will Cardano support smart contracts on Mainnet by October 1st, 2021?
YES
This was in some sort of way confirmed by the CEO Hokinson Charles on a live stream not too long ago and also a tweet about the hard fork
"Input-Output Hong Kong (IOHK), the decentralized blockchain company behind Cardano, recently announced that the team is on track to meet the projected hard fork dates for its testnet and mainnet. IOHK shared the update on Twitter
Investors are taking note of Cardano’s readiness for replacing energy-intensive cryptocurrencies and buying ahead of the next big upgrade on the altcoin’s blockchain. The open bet on Polymarket against the launch of smart contracts before October 1, 2021, is now in favor of Cardano. The odds are 80-20 versus 63-37 four weeks ago. "
Source
With all the research done I am confident it will launch on the said date
3.- Explain in detail a Predictive Market project, it cannot be Augur, Gnosis or those explained in class.
PLOTX
The plot x is a market prediction website that had it alpha version launched October 2020 while its V2 was launched April 2021, the Plot D provides a platform through which users can predict or future outcomes and enter trades based.
The website is operated in three easy steps
as can be seen on the website, one just has to enter a trade by choosing a market he wants to predict on then choose where he stands on the trade whether up or Down/ yes or no.
The Plots gives a very beginner-friendly UI and a 5$ reward on signing in to motivate new users to trade or as a form of outreach to publicize the platform.
4.- For you, what will happen to Predictive Markets with blockchain technology? Who will benefit from them?
In the near future I believe the Decentralized or Cryptocurrency prediction market will overthrow traditional prediction platforms we have currently in place. Most traditional platforms require data that many individuals are not willing to give out to websites like this but as it is a criteria it has to be done before one can be allowed to use the platform. Platforms like plotx.io use cryptocurrency as their source of funding and payment and all this platform will need is publicity within a few years the entire world will be benefiting from platforms like this
CONCLUSION
Prediction market platform built on blockchains are the future of market prediction and with time and proper publicity I believe platforms like Augur and Plotx will take out the traditional system we have already in place with better services and better performance. Sports prediction is something most young people are into this day and going blockchain on it would be taking the whole concept to another level. I hope I was able to answer my questions to your satisfaction professor @pelon53 see you all next time