So, did you or your friends bet on who would win the election: Trump or Biden. Or maybe you are all interested to bet on whether will Bitcoin reach new ATH in 2022, for example. This is the world of prediction markets, which is really a fascinating space.
Let’s take a moment to dive into the history of prediction markets.
Prediction markets have been around for a long time. The first one came out in 2014 by Paul Stork who built the Bitcoin Hivemind which is actually a peer-to-peer oracle protocol which lets you get accurate data from the outside into the blockchain so Bitcoin users can speculate on various events on chain, but it seems pretty inactive and potentially dead now.
And after all these years, prediction markets are still one of the most popular areas of extra income, but there’s always been a few problems with them: how to find a trusted party to maintain the system, struggling with the shortcomings of the market design, do not allow easy trading and are hardly accepted by traders due to the lack of widely scattered events that in the past led to problems with market liquidity and its failures, an impartial judge to certify the results is also a hurdle.
That’s why the blockchain world has always had their eyes on this space as a really great use case for blockchain tech. Blockchain operates in betting with the usage of smart contracts for payment automated odds on a decentralized platform. With the help of blockchain there will be ensured and created the most trustworthy and fair betting platforms, as it offers increased security and reduces the possibility of human error.
Prediction markets are a very unique type of market that you can speculate on. Essentially you can place bets on the outcome of future events and you can utilize information from a wide variety of sources to make decisions on those events.
So,what types of predictions can you make? You can make predictions on anything that has a binary outcome. Some popular ones are election results, sporting game results, public company data (for example when they’re going IPO), price of commodities of other types of assets and even weather conditions. You can imagine whatever people want to predict and form a prediction.
Today, there are a slew of crypto sports betting platforms where consumers may place bets. They’re all different, and they all use the EOS, ETH, and mostly BSC blockchains to create decentralized platforms that run on smart contract technology. An example of such a platform is Oracula, which stands as the best decentralized betting platform.
Your best betting experience with Oracula
Oracula stands as a DeFi prediction market that will appeal to a wide range of people who share a common interest. Oraculas’ team consists of great experts that are ready to generate new ideas and are acquainted with all the ins and outs of working with digital assets. Cryptocurrency betting and the ability to contribute assets to the liquidity pool for a fee will be a great advantage for cryptocurrency holders.
Oracula, unlike the traditional betting platforms, operates on decentralized blockchain networks and with the usage of smart contracts these composite elements give the opportunity to:
- provide maximum of security and transparency
- track all the transactions and processes on the platform by the user himself
- collect and unite the most accurate opinions and thoughts of people around the world
- make our platform available to everybody, where real-world users can create their own events and further enjoy making predictions on future outcomes with utility token $ORACULA
- operate without a third-party mediator
- honestly receive rewards and place funds in a common liquidity pool
- automate platform functions
By having an amazing team of experts, we are going to revolutionize the world of prediction by introducing something to the market that many users have really been missing. By focusing our attention on improving usability on the social and entertainment aspect, we are creating a very exciting and extremely dynamic platform that will enable people to monetize their interests.
To sum up everything that has been stated, our approach will provide our users with an exciting forecasting experience with attractive rewards for active participants. Thanks to this, we have created for you the healthiest and safest ecosystem that is based on sustainable values and gathers all blockchain enthusiasts and investors together who understand the importance and potential of this industry.
Start your betting journey together with us!