DELPHI- A DECENTRALIZED PREDICTION MARKET
Hey guys. Today I wanna discuss what’s new in the crypto world. Check this out.
First of all, I’ll start by defining a decentralized prediction market. Prediction markets are platforms where participants are capable of creating, managing, and exchanging
financial shares in outcomes or events. Put more simply, they are systems which allow people to make
bets, and receive compensation if they are correct.
SIGNIFICANCE & ADVANTAGE OF PREDICTION MARKET
Prediction market can be very effective effective . They consistently outperform most sophisticated benchmarks,
They exhibit unlimited scalability and can assist in the aggregation and
distribution of unlimited quantities of information,and are highly resistant to manipulation.
It is very good in forecasting as it outperformed the auto mechanism of Google and Hewlett Packard forecast.
prediction markets possess an impressive track record, and have already demonstrated great
utility in recent history.
CONCEPT OF DELPHI IN RELATION TO ETHEREUM, BLOCKCHAIN & BITCOIN
The blockchain provides a mechanism by which value and information can be nearly-frictionlessly
shared, without risk of censorship, in globally-inclusive networks with cohesive, fairly-distributed
liquidity pools. The potential for such a tool is virtually limitless, and it wasn’t long after Bitcoin was
released that experiments and explorations into the possibilities of blockchain technology began to
The most successful blockchain project after Bitcoin is undoubtedly Ethereum
which allows gas-
bounded Turing-complete computations to occur in a distributed manner. This allows Ethereum to
function as a host platform and gateway to decentralized applications. Bitcoin allowed the world to
move value across the Internet without middlemen or centralized gatekeepers for the very first time;
Ethereum allowed the world to run code in the same way.
For certain types of applications (in particular those that would benefit from operating on a
cryptographically secure, decentralized, tamper-proof and hyper-resilient, hyper-available network),
Ethereum is the best network available to build and live upon. Blockchains like Ethereum’s serve as
freedom-providing tools, allowing individuals to share their knowledge and wealth online without fears
of being silenced or stopped by third parties, no matter who those third parties are. They might allow
society to finally move past quagmires of legal impasse and achieve its full potential.
WHAT TO EXPECT FROM DELPHI.
The deeper disruption potential of widespread, critical-mass prediction markets cannot be exaggerated.
If we are able to build, maintain, and refine truth-reinforcing technology, we can strive towards an ideal
of ubiquitous transparency and inimitable prescience. The low-cost ability to cooperatively exchange
outcome-representative value tokens across the Internet will inevitably bring about huge increases in
societal productivity and efficacy.
Hayek had a deep understanding of the relationship between information and value, and saw that
Humanity was just beginning our exploration into the full potential of the efficient and open
distribution of knowledge. We think that he would approve of what Delphi is trying to achieve today.
We aim to minimize informational friction. We believe that the most profound and empowering gift
that we can provide society is the free and open flow of information. Furthermore, we believe that the
widespread availability of prediction markets, functional distributed oracles, and high-quality interface
toolsets has the potential to herald an information renaissance, and we intend to spearhead that
Let’s now consider the stack of operation. Delphi has been designed as a stack-based platform, with multiple layers defined so that
the platform can be as robust and easily-extensible as possible.
The general platform layout is inspired
by the Gnosis approach, and does continue to use the Ethereum blockchain as the foundation upon
which the stack is built, but the Delphi approach is more focused on ease-of-use when it comes to inter-
layer integration, effectively allowing each layer to consider the layer below it a black-box API service,
Token Distribution (ICO)
The Delphi crowdsale is structured to avoid the complexity and pitfalls that plagued the Gnosis ICO.
Most importantly, 95% of the total existing DEL will be issued to the community as a result of this
crowdsale, inverting the Gnosis result and achieving a much more fair and even distribution of tokens,
thereby avoiding the economic vulnerabilities that Gnosis is now susceptible to. The crowdsale is
structured so that tokens are granted in two phases: 75% of the tokens are issued to the bidders of a
standard half-month-long auction process, proportionally to final amounts invested, and 20% are issued
as referral rewards to the auction participants proportionally to the final quantities associated with
respective referral codes or addresses. Crowd sale ends by July 30th.
Based on everything I discussed, Delphi represents the next evolutionary step forward in the development of a decentralized prediction
market platform, incorporating numerous significant improvements over both the Augur and Gnosis
models. In the same way that Bitcoin established a precedent which allowed subsequent initiatives like
Ethereum to learn from and expand upon its shortcomings, Delphi has been able to leverage the
research and work of prior attempts in the space. This is an excellent example of iterative development
in action, where the successes and mistakes of initial explorations serve to inform subsequent
initiatives. What Delphi is doing wouldn’t be possible without Bitcoin, Ethereum, Augur, and Gnosis
carving the way forward.
Incase I didn’t pinpoint much on augur and Gnosis, you can check out the white paper via the links below.
ANN thread: https://bitcointalk.org/index.php?topic=2003548.0
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1048662