Create new prediction market platform that uses bitcoin
The decentralized peer-to-peer network of cryptocurrencies, Hodl Hodl, opened its own platform within the prediction market, based on contracts paid in bitcoin. In this way, it joins the Hivemind and Augur networks in the sector of predictive markets.
Hodl Hodl accompanied the opening statement of his new system with a detailed tutorial, published on June 24 on his blog Medium. Through the platform, the user can establish contracts with other users who have already created their predictions, or create their own according to their taste and interests.
The funds in bitcoin will be stored in two multisig addresses, and can only be released with two of three keys, after the results of the events predicted. In case of dispute over the possession of the funds, Hodl Hodl will intervene, as a last resort, to achieve the correct fulfillment of the initial contract.
The tutorial cites, at the same time, examples and illustrative cases of the kind of predictions that can be made in the new platform. Among them, the user can predict: the value of the shares of certain companies, the price of gasoline and even the outcome of legal proceedings, obtaining benefits in bitcoins in case of guessing right with their predictions. Finally, the company Hodl Hodl says it is in the process of preparing an application for mobile phones.
Already in 2015, CriptoNoticias reported the official launch of Augur in the prediction market with bitcoin payments. By then, according to the words of Tony Sakich, director of marketing of Augur, it was a new world, the advent of an unprecedented innovation that would transform even the field of academies. It was, in that way, the paved road for Hodl Hodl and his new platform.
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