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Cryptocurrency p2p platform Hodl Hodl launches a prediction service. Platform Hodl Hodl just yesterday, February 27, announced a new product called "Predictions". Its launch is expected this spring, and as some representatives of the exchange think, the project can be a very useful tool for the Bitcoin ecosystem.
The meaning of this product is to create a special service where you can enter into a contract with another user, payment for which depends on the outcome of a particular event. Well, for example - we create a contract, where one user believes that by May 2019 the price of Bitcoin will rise above $ 5000, and the other does not agree with this. The terms of the contract state that each party sends to the escrow address of 1 BTC, and in May the winner of the dispute receives 2 BTC.
In the role of "judge" is a third party who decides on the outcome of the dispute and rewards the winner. Although, as representatives of Hodl Hodl say, there is a much more interesting scheme. Earlier this service launched multisig contracts "2 of 3". Using them, platform users were able to trade using an escrow, using only two keys out of three. As stated in the platform’s blog, contracts of this type require only two of the three keys to release funds, which belong to the buyer, the seller and the service itself, respectively. Under an ideal scenario, both parties agree on the outcome of the contract, since neither of them can unilaterally return the funds locked in the escrow.
But even if there is a dispute, Hodl Hodl reserves the chance to intervene with a third key, which can be used to sign the transaction in favor of the party who guessed the outcome. By the way, Hodl Hodl, as always, does not have access to funds. Thus, this project can be called a blockchain-based prediction service (peer-to-peer).
Contracts themselves are not limited to the price of Bitcoin and can be created for a variety of situations. This includes election results, the price of oil or other assets, or even the weather forecast. The only condition that the exchange sets up and intends to moderate its observance is that the contracts do not contain anything illegal and cannot be interpreted in two ways.
Additionally, the service offers the possibility of creating contract coefficients and establishing minimum volumes. For example, in a contract with a ratio of 1 to 10, the contract creator sends 1 BTC to escrow, and the party that accepts it - 10 BTC. If the opposite party is not ready to send such an amount, and, for example, has only 5 BTC, then the contract creator sends 0.5 BTC.
This is what the representatives of Hodl Hodl say - “We believe that this will be an ideal and much-needed ecosystem tool. We especially want to point out that this is not gambling. Gambling, as a rule, is associated with the expectation of instant profit, quick execution and randomness. Prediction markets work differently - they focus on longer terms, financial planning and responsibility. And, of course, the Bitcoins themselves are stored on the escrow address, which is incomparable in terms of security with the storage of funds on centralized exchanges. ”
No need to be a predictor to understand that Bitcoin will rise in price again by the end of the year. Therefore, now is the time to buy chock. The best platform for buying or selling cryptocurrency is Bitteam. This is where fiat money can be exchanged for cryptocurrency with a minimum commission of 0.2%! This is a peer-to-peer service for the exchange of cryptocurrency between users without intermediaries. The platform itself acts as a guarantor in transactions (via the Escrow system), which guarantees the security of all transactions.
List of coins:
Bitcoin (BTC);
Ethereum (ETH);
Litecoin (LTC);
Bitcoin cash (BCH);
Tether (USDT);
Prizm (PZM);
BitTeamToken (BTT);
in the process of connecting Stellar (XLM).
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