This is Season 3 Week 8 of Steemit Crypto Academy and I'm writing Homework Task 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.
Will there be any chances of life on Mars after 2024?
Will Space travel be commercially approved by NASA before the end of 2021?
Can BNB hit the level of 603$ by the end of August?
Will Pakistan Cricket Team be able to win the first Test against West Indies (dated 20-25 August 2021)
Will Lionel Messi have scored more goals than Cristiano Ronaldo in the Champions League at the end of 2021?
Explanation of 2 Questions
1)
Will Lionel Messi have scored more goals than Cristiano Ronaldo in the Champions League at the end of 2021?
Lionel Messi is the best footballer on earth. He recently made headlines for his transfer from Barcelona to Paris Saint-Germain F.C on a one-year contract. The competition between Lionel Messi and Cristiano Ronaldo has always been a thing as fans of both sides are reluctant to accept the supremacy of one or the other. Though Messi is said to practice better techniques Ronald currently has more goals to his name.
Since his transfer is now completed and a league has opened fans are curious about who will score more goals at the end of the year. Many speculate that the transfer can be seen as a nurturing atmosphere and a breadth of fresh air to accomplish new levels of success one of them could be bagging more goals than Ronaldo at the end of the year.
Vote: Yes- 0.6$
The yes will be true if at the end of 2021 Messi will have more goals than Ronaldo. Messi will look to strengthen his place among his new team members and this extra effort can surely help him get more goals than Ronaldo building an everlasting impression on the world.
Vote: No-0.4$
No will be true if at the end of the year Messi has less goals than Ronaldo data will be calculated from the official sources. Messi may take some time adjusting with the new team members and 2021 may be early for this milestone to be achieved.
2)
Will Pakistan Cricket Team be able to win the First Test against West Indies (dated 20-25 August 2021)
The unpredictable nature of the Pakistan Cricket Team has always been the talk of the Town. Their recent series against England did not turn out so well. Still Captain Babar Azam along with some ballers continued to perform well. The test match is on the go and the result will come by 25th August 2021. Pakistan won the latest T20 match and the two matches before that ended in no results.
Pakistani bowlers have the potential to turn the match at any time. This was seen in the Champions trophy 2017. The first day of the test ended with 212 runs with four wickets down as Wi chose to field first.
Vote: Yes-0.6$
Pakistan cricket team has so far set a good score on the board with 6 wickets still remaining in the hand. The batting line up has the potential to take the score even higher making it difficult for the WI batsmen to handle the situation.
Vote: No-0.4
The second day the pitch can prove better for the ballers and can result in early wickets the WI batsmen can then take with the situation with some good average making it difficult for the Pakistani bowlers to set in the field. Since the big man Babar Azam is off the ground and Pakistani fielders are also often seen making blunders in catching and guarding shorts this can also prove to be a potential reason for them losing the match.
Question. 2)
Explore Polymarket, answer and explain the first 2 questions in the Crypto category. Show screenshot.
Exploring Polymarket
It is a predictive market platform
Go to Polymarket official website
Add your email to signup
Click on signup and complete the process by signing in to the provided eamil and verifying it
The above screenshot displays the two features of the polymarket.
Market feature:
In the market section there is a list of various bets. These are categorized into categories and types of the markets based on a user’s interest. A user can also see resolved bets, with the determined outcome. You also have the option of favorite bets.
In the categories sub option you see the list of different markets such as politics, art, business, school, coronavirus, crypto and much more.
The next we have a sorting option you can sort the bets on the basis of volume, the date of expiry, liquidity, the date of upload.
By ticking on the box along the “show resolved” sub option you can see the best whose results have already been declared
The next thing we will be exploring on the network will be the deposit option
By clicking on the deposit option you can fund your account in two steps
You can either transfer USDC from another wallet by copying the given address or you can buy USDC from the Coinbase
The other alternative options are Peer-2-peer deposits via polygon, Metamask wallet, and debit and credit cards.
The withdrawal can be done in three steps as indicated in the screenshot
Processing can take from 3 hours up to 6 hours.
The alternative withdrawal options are
First two questions in the crypto category
After I selected crypto from the first category the two questions that appeared were:
Question no 1:
Will Cardano support smart contracts on Mainnet by October 1st, 2021?
The above question has got a prediction vote cost of $0.81 for the yes option, and $0.19 for the No option. The resolving date is 1st October 2021, and the trade volume as for now is $648,072 with a liquidity of $12,807. Majority of the prediction is voted yes up till now.
Answer:
FXstreet, a popular financial report site stated that the Cardano CEO Charles Hoskinson announced the date of the Alonzo hard fork to be announced soon in his recent tweet feed.
Link to the site
As the CEO has already tweeted I think there are great chances that it will be launched before the date. The prediction market inclination towards yes also shows the potential in the implementation of this project and is based around the CEO’s latest tweet. In my view I will go towards Yes.
Question no 2:
What will the fully diluted market cap of SuperRare’s token be 1 week after it starts trading? (Range: $250M - $3.00B)
In the above question the prediction vote cost is $0.30 for the Yes option and $0.70 for the No option. The resolve date is 31 December 2021, and the trade volume is $32,694 and liquidity generated is $6,383. The majority of the prediction is voted No up till now.
Answer:
Current market price of SuperRare’s token is $1.01, and the market cap is $103,005,283, and the current diluted market cap is $1,012,273. The market of collectibles and NFT is gaining popularity but gradually and therefore as for now my vote is NO.
Question. 3)
Explain in detail a Predictive Market project, it cannot be Augur, Gnosis or those explained in class.
In this part of the post I will be exploring the most popular Predictive markets, the PlotX. It is a cross-chain marketplace for cryptocurrency predictions which promises high returns on the right predictions.
Go to PlotX official website
Complete the signup process to explore the platform
You can sign up via your email or by using one of the two wallets given above
The current stats are
The main page has two features
Markets
Round History
Markets feature give you the list of available markets of different cryptocurrency in which you can place your bids
The sub options you see here are:
Type of the market
Predictions voted
the potential return on investment
the time left for prediction settlement
When you click on any cryptocurrency its prediction page with all the details appear
The total participants for this prediction are 64 and the pool is $284.
Below the current live predictions we can also see the predictions in settlements
For making predictions the deposited funds are first converted into the native token $PLOT.
The funds can be deposited by connecting to one of the wallets option available
The funds can be withdraw by copying the wallet address of the connected wallets and following steps are then followed
Question. 4)
For you, what will happen to Predictive Markets with blockchain technology? Who will benefit from them?
The predictive market and blockchain duo will undoubtedly bring great adoption for the predictive markets. Prediction market places are very much similar to the conventional gambling and betting markets. The number of users increasing every day increases the worth of the industry overall. Blockchain can bring more transparency and security.
Predictive markets offer their users an array of opportunities in the form of different markets of interest. A predictive market place built on blockchain will create new streams of earning and utilizing the profits earned from active trading. The blockchain technology will eradicate the need of central authorities and will encourage a trustless atmosphere in the industry.
Conclusion
Although crypto predictive markets are still in their early stage, the inclination of users toward these platforms and seeing them as external channels of earning from the accumulated wealth indicates a potential in this project. Marketplaces such as the PLOTX provide a large number of markets to their users.
In addition to that the idea of blockchain integration in predictive markets will be an innovation that will bring benefit to both the industries.