2022-10-12 17:28 |
October 11th, 2022 / Prophet is a decentralized platform for betting in which users may partake not just by placing bets but also by offering liquidity and benefiting from transaction fees. It relies on a formula using bonding curves, which ensures that both betting and trading may occur at all times and that there will always be enough liquidity to buy and sell back. This is the most significant benefit of centralised prediction markets over previous forms of decentralized prediction markets, which often had poor liquidity and unpleasant trading conditions for users who only wanted to place a bet.
Earning money as a liquidity provider (LP) involves betting on all possible outcomes simultaneously and receiving a portion of the trading fees paid by bettors who arrive after them. As a result, LPs limit their risks by receiving their part of the money regardless of the outcome. Prophet is compared to other prediction market systems in the same way AMM (automatic market maker) DEXs are compared to order book DEXs. The latter has traditionally struggled to acquire momentum because of limited liquidity, while AMM DEXs (such as Uniswap) have had far more acceptance.
Prophet enables users to place bets on the results of a variety of future events, such as if the price of a fiat currency, cryptocurrency, stock, or commodity will trade over a certain level on a future date; in sports, predicting who will win a forthcoming game; in currencies, stocks, and commodities, predicting whether or not a given level will be reached; events of a political nature, such as the outcome of elections; economic figures, such as whether or not inflation, GDP growth, unemployment, or some other significant economic metric will surpass a given level on a specific date in the future; and a great number of other things.
Soccer and currency markets are the most popular, but any future event may be traded. Sports oracle provides market data. Investors may consult the oracles of cryptocurrency and precious metals prices for information on the financial markets. All 3 oracles are managed by well-known community members; they’re centralized, but decentralized Counterstake oracles are feasible. One may add any marketplace they desire, and this market can utilize any existing oracles, a fresh oracle, or you can be an oracle by uploading the event result from your Obyte wallet.
Prophet is a decentralized betting and liquidity exchange that functions like cascading donations dapp Kivach. Users may transmit cash from other networks like Ethereum, BSC, and Polygon to make bets and provide liquidity. Therefore, those without Obyte balances may still take part.
The Counterstake SDK handles bridging through Counterstake and switching via Oswap.io automatically, so all the user has to do is choose which token to transfer.
The user’s (new) Obyte wallet is where the YES/NO tokens will be deposited. If a user places a wager using Obyte and wins, they may withdraw their earnings to the same wallet and place other bets through the same platform.
About Prophet
Prophet is a decentralized betting network where users may not only place bets but also give liquidity and profit from transaction fees. Prophet simply provides tokens on a bonding curve. This implies that traders trade against the pool (which is implemented as an Autonomous Agent – AA) instead of against one another, and liquidity is constantly accessible.
About Obyte
Obyte is an open-source distributed ledger protocol that uses directed acyclic graphs (DAG) founded by Tony Churyumoff. Access to the Obyte ledger is transparent, fair, free, and disintermediated compared to centralized ledgers and blockchains.
Media Contact:
Company: Obyte
Person: Tony Churyumoff
Email: [email protected]
Website: https://obyte.org/
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