The BlitzPredict Exchange: What To Expect
We are proud to have released the latest version of the BlitzPredict platform, in which we implemented the exchange view, completed the transition to dark mode, and added in more robust data processing. Our developers have been instrumental in getting us to this stage —I’m really proud of the work they’ve done and excited for the future. In this post, we will look at what to expect as we near the launch of the BlitzPredict Exchange, built on top of Ethereum, Augur, and 0x.
You will notice our site layout has switched to an exchange UI as we get ready to launch our decentralized exchange. We will be focused on markets in sports, esports, and politics. We will deliver both futures markets (Who will win the NBA Championship?) and markets on particular games (Bucks vs Knicks). We will be adding more markets as we scale.
On the BlitzPredict exchange, users will be able to trade ETH (using Metamask) for shares of outcomes of future events. Each market will have an orderbook with buys and sells, similar to a crypto exchange or the stock market. Users can either post an order they’re looking to have filled (I’ll take Patriots -120 for 2 ETH) or fill an unmatched order from our orderbook.
Once a trade is made, users will receive instantly liquid, transferrable tokenized shares in an outcome of the event. Similar to the ETH in their Metamask, users will have full custody and control over their shares.
Liquidity is king in markets and we aim for our exchange to be no different. Developers and market makers are important for a thriving ecosystem —our goal is to have deep orderbooks with narrow spreads. Providing efficient ways for power traders to interact with our markets is a priority — we will be working towards offering trading APIs and other tools to further enhance the experience of traders in our markets.
Once created, our markets will stay live until the resolution process is completed. This means that our users will be able to freely trade in and out of positions before, during, and after events. Our markets will remain active even after a game concludes, allowing for users a way to trade to avoid lengthy resolution times on Augur — very similar to the liquidity reserve feature outlined in our original white paper.
Obviously, transaction speed is a major issue currently hindering adoption of decentralized apps. Our 0x relayer will allow us to manage our orderbook off-chain, providing for much faster transactions. There will be growing pains and plenty of other challenges to embrace as these nascent technologies scale and it’s important to stay realistic about the current state of blockchain technology as we prepare for the future.
Our goal is to provide low fee, global liquidity pools for markets on sports, esports, and politics. There is a clear need for the decentralized web and there is a ton of talent working toward solutions in this space. Our aim is to connect the wires and provide a streamlined experience for our users. We are very excited about the work that Augur and 0x are doing — their developers have been very welcoming and we look forward to continue building on their protocols.
We also love what Metamask and other companies are doing to help further adoption of this technology. I expect to see significant improvements throughout the space by the end of 2019. In order for mass adoption to transpire, decentralized apps need to get much easier to use. As such, the UI/UX of our platform is of the utmost importance.
We are taking a hub and spoke approach to our token and business model. The hub, our exchange, will be free to access and open to everyone — we want to provide low fee markets. Users will only need ETH to trade in our markets. Certain spokes, like our upcoming tournament feature, will only be accessible via XBP staking mechanisms. Other spokes may require fiat currency to access. We are also exploring hybrid options similar to a Binance model, where token holders earn discounts on fees and other rewards. Our community is very important to us and we will always look for ways to increase adoption within our ecosystem.
Of course, sports betting is a heavily regulated industry. We will continue to do our best to abide by the regulations of each jurisdiction we serve. When we launch real money wagering on Ethereum’s mainnet, access will unfortunately be prohibited in certain jurisdictions, such as the United States. After launching mainnet, we will look to get tournaments up and running which will allow Americans to participate in our markets (stake XBP to earn ETH). We will continue monitoring the changing climate around sports betting in the US.
We are very excited to begin rolling out what we’ve been working toward and we are weeks away from going live. Make sure to join our social channels to communicate with the team. You can find us on Twitter, Telegram, Facebook, Reddit, Discord, and Blockfolio. Thanks for your support! We are excited to get this out the door and into the hands of the public.