EOS dApp Ecosystem: PredIQt Network – Episode 5
Article credited to cryptomandate and provided by EOS GO
PredIQt
PredIQt is a new knowledge market platform that launched on the EOS blockchain last week. The platform is a decentralized dApp created by the IQ Network team, the same team responsible for the decentralized online encyclopedia – Everipedia. Like its sibling, PredIQt will support IQ tokens to be used within the platform and for user’s to create new markets with, thus creating much more demand for the IQ token.
According to the team, IQ Network’s goal is to become a universal decentralized knowledge database that not only provides information about the world up until present time but also about the future. Which is why they created the platform to help further that mission across diverse knowledge bases where anyone can partake.
Users are able to pick a market they’re more familiar with whether it be sports, crypto, or anything else you might enjoy. You also have the opportunity to learn about new markets that you wouldn’t have been exposed to otherwise. In case you don’t find a market that’s interesting to you, then you have the option to create one for people who share in your same interests.
Inner workings
Performing as a prediction market platform, PredIQt offers users the opportunity to buy shares in market pools based on the outcome of future events. For instance, you as a user could buy shares dependent on which team you think is going to win an upcoming football match or perhaps whether or not Bitcoin will be above $10K by the end of the month. The name of the game is to ‘predict’ but actually the rabbit hole goes much deeper than that.
Predictions at first glance may seem like 50/50 propositions but the odds could far well be stacked in your favor. As mentioned earlier, the IQ Network is focused on knowledge and information. Through this network you can learn a lot about the past and present but PredIQt is about tapping into the future. Any one has the capability to take a peek into the future by properly analyzing currently available information. Think of meteorologists predIQting the weather for the rest of the week, they’re not 100% certain it will/won’t rain tomorrow, but they have calculated the odds of it raining based on previous knowledge and information.
Possible outcomes are determined by previous ones, learning what influenced previous results will help you figure out what possible directions the future may take. Overtime a set of directions will out-weigh the others and can use that as data to pin point the odds of your desired outcome. Are they favorable or should you be betting against? These decisions should be contemplated each time you put in a market order for shares.
PredIQting accurately whether the price of Bitcoin will be below or above $10K at month’s end will therefore be dependent on how well you research and interpret that information, much like a trader would. The more you know about a market (crypto, sports, politics etc.) the better your chances of winning. It’s not a coin toss nor is it gambling. It is a subtle form of short-term investing and an incentive for you to further educate yourself on such markets. PredIQting knowledge is real knowledge and the better you perform on this platform the smarter and wealthier you’ll become.
The Oracles PredIQtion
Coincidently, the system of services that tracks market events on the platform are called oracles. As you probably know an oracle is someone with the ability to see/tell the future through prophecy. In the technological space oracles are services that track data and information for verification and confirmation in real-time. I guess they’ve earned that name because they are usually programmed to verify and confirm the outcome of future events.
Oracles are not unique to the PredIQt platform as they can be used for anything that requires future verification and confirmation. However, as you can imagine they play a vital role for PredIQt in delivering accurate market data back to the platform so that the relevant smart contract(s) can initiate payments to all winning shares. Oracle’s automate the process of acquiring data from outside sources and eliminate middlemen whilst cutting costs significantly. All this it does in a fast and efficient way that is most crucial for decentralized blockchain applications.
Blockchain systems now have means to automatically acquire information from the physical world through oracles. However, because of the centralized systems of the physical world the information oracles retrieve could be corrupted. I wrote a bit more about oracles in episode 3 of the series which focused on LiquidApps and the services they provide, incl. LiquidOracles. Check out: EOS dApp Ecosystem: The DAPP Network (LiquidApps) – Episode 3
To conclude…
I see PredIQt as sort of a niche network that caters more to the knowledge seekers of the world. People who are trying to excel in their respective areas of expertise. However, there is also a bit of a fun twist with this platform because it incorporates competitiveness. Firstly, through the introduction of diverse markets (subject matter) for anyone to relate. Secondly, the ability to purchase shares or rather place bets on the outcome of future events based on your own knowledge and/or research.
As mentioned earlier the platform is only a week old and is still in beta but I believe it has all the right components to be the leader in prediction markets. One of its greatest advantages is that it is the only one yet to be built on the EOS blockchain, thus it has far greater capabilities to scale to the masses.
Some of the processes I mentioned in this article may be a bit slow because the platform is still in its beta stage and a lot is being tested to ensure a great performance all round. Liquidity is also small in some of the less popular markets but should improve as more users join the platform in the coming weeks. I thought about waiting for the full launch before writing this but I figured it would be beneficial for you, the EOSGo reader, to be in the loop ahead of everyone else. Besides, I doubt much is going to change about this platform except in getting better.
Thank you for reading all the way through, I hope it was worthy of your time. Please look forward to the next article in the coming days, and check out PredIQt in the meantime.
Until the next one,
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