The world is full of uncertainties. Yet, there is always a method in this apparent madness, a pattern that could have been predicted.
The Corporate Finance Institute defines a prediction market as an ‘exchange-traded market’ where individuals can place bets on the outcome of a ‘variety of events with an unknown future.’ What could these events be? Well, they could be estimates of future commodity prices, exchange rates, or even the annual revenue results of a company.
Although prediction markets date back to 1500 AD conceptually, the modern form of prediction markets, as we know them today, took shape around the 1880s on Wall Street, when presidential elections started impacting stock performances.
Over the years, the prediction market has evolved significantly, developing itself on various underlying systems. These include the continuous double action system, the system of automated market makers and market scoring, real money and virtual money systems, and other crowdsourced forecasting methods.
With the evolution of these systems, the reach and coverage of these markets have also increased. They’ve grown significantly to cater to a wide array of interactive spaces, including sporting events, macroeconomic outcomes, and political contests.
The reputational growth of the prediction market as a space that needs to be paid attention to has involved a range of factors. For instance, it has thrived on its ability to incorporate new information fast, shown resilience to manipulation, and lowered statistical errors as compared to professional forecasters and pollsters.
However, much of this success depends on the efficient use of futuristic technologies. The way we deal and interact with data and information has drastically changed in the recent past. One platform that has significantly facilitated this market and its growth is PredX, a solution that has leveraged AI and Blockchain judiciously to help the prediction market become the most informative and engaging.
What Makes PredX a Stand-Out?
Predx has brought together AI and Blockchain under the same roof. The design has been such that one complements the other. While AI has paved the way for users to seamlessly trade their opinions based on group interests, blockchain has ensured that the trading process is auditable.
PredX has worked meticulously to make sure that the system they’ve put together does not suffer from a resource crunch. The platform has the support of more than a thousand users who openly share their views with strong conviction.
Finding out the most engaging topics is a process that involves scripting over 1,000 news daily. The platform collaborates with more than ten data vendors and projects to ensure they do not digress from their vision. Finally, it runs on the mainnet of Base and SEI, the most popular and the fastest layer-1 blockchain, to ensure the most efficient auditability.
With the vision and resources in their appropriate places comes on-ground execution. The PredX Telegram Mini App allows any user to seamlessly predict the outcomes of a range of events and do a lot more in terms of trading. One can view, for instance, the points they have earned, swap items, and bookmark their favorite predictions with the app.
The telegram app has all the requisite functionalities that the web version has. But it adds more to the table by offering convenience and easy accessibility.
Every interaction on PredX qualifies for points as a reward. Users can collect these points and later redeem or exchange them for airdrop tokens. The largest portion – a significant 50% of the PRDX tokens – is allotted for the community.
Only registration and login accounts for more than 150 points. The top three weekly USDC traders qualify for 1000 points, 500 points, and 300 points, respectively.
Creating an event on PredX rewards the creator significantly. The creator is eligible to earn a major revenue share from trading volume. For instance, if a user has created a single event with $200K trading volume and $60K market cap of the lost side, the creator stands to earn 1% commission on half of the trading volume and 5% of market cap of the lost side, which is as high as $3,500 USDC in this case (50%*$200K*1% commission rate + 5%*$60K market cap of the lost side = $4,000USDC).
For every 20 USDC in trading volume, the user earns 6 points. Creating events makes one eligible for a reward of more than 300 points.
Altogether, PredX not only makes the prediction market an exciting and trustworthy place to be in, but it also makes the space extremely rewarding. The fact that AI is trained for continuous behavioral learning, the better AI understands the user, the more likely it is that one will win, rewarding expertise and making one earn more rewards. PredX also rewards the creation of intriguing topics. Everyone can create their trading targets based on their opinions and win rewards.
PredX, with all these features, walks towards a prediction market economy that can be sustained in the long run while its users flourish and earn more as they keep gaining experience.