Introducing PredIQt: The First Prediction Market Built Using EOSIO Technology
The PredIQt Protocol is a prediction market platform built on EOSIO technology. Using PredIQt, any EOS user anywhere in the world can create a market on any future event. And any user can purchase and trade shares in the outcomes of those events. For the first time ever, EOS-powered information markets will be available to the world.
The PredIQt Protocol is a flexible general-purpose prediction market platform for EOS on top of which anyone can build. The IQ Network team will be building the first dApp and interface for the protocol, available at PredIQt.Network.
PredIQt is the second major dapp launched by the IQ Network team following the IQ token airdrop in July 2018 and the subsequent launch of the IQ-powered Everipedia Network. A full 2.0 update of the Everipedia Network is expected within the coming weeks. These are just the first examples of what will become a family of knowledge-based dApps that comprise the IQ Network.
Why Have a Decentralized Prediction Market on the IQ Network?
The goal of the IQ Network is to become a universal decentralized knowledge database. The first application built on this network is Everipedia, a decentralized, open-source encyclopedia that is governed by its community and rewards contributors for adding to its knowledge base.
A global knowledge database should include not just information about the world as it is, but also information about the future. A decentralized prediction market has the potential to be one of the most powerful tools ever used to aggregate knowledge about the future. This is why the IQ team has decided to bring prediction markets to the EOS mainnet.
Using EOS for Better Flexibility & Scalability
PredIQt.Network is a dApp and interface for the PredIQt Protocol that will be built on the EOS mainnet. EOSIO software is the fastest, most performant, most user-friendly blockchain technology in the world. PredIQt will be the first decentralized prediction market capable of offering a user experience that mirrors that of traditional centralized alternatives.
One of the fundamental elements of a decentralized prediction market is the ability to integrate information from the outside world in a timely, cost-effective manner. Without this step, one cannot “resolve the market,” or provide the definitive answer to reward users who have predicted correctly. Decentralized prediction markets must use oracles to accurately record the outcomes of events that happen outside the blockchain. (For example, an oracle would input information about who won this year’s SuperBowl.)
In our analysis of blockchain-based prediction markets, we have found many designs and implementations of oracles. With PredIQt running on EOS technology, market creators and users have unprecedented flexibility to create resolution models that make the most sense for different markets. Using the EOSIO account system, market creators can set any account as the resolver for any given market. Because EOS accounts are highly flexible, this resolver could be set up to be anything from a single individual to a smart contract, a many-party multi-sig, a DAC, a secure data feed, or something entirely different. We expect to see a number of different resolution models built to serve the needs of various types of markets.
In addition, building a decentralized prediction on EOS provides more opportunities for scalability, performance, and usability. Not only does EOS allow users free transactions, but it also has far higher throughput and much lower latency than alternatives like Ethereum. We believe that these features will help attract more users and more liquidity to PredIQt, which will ultimately result in more robust, more accurate markets.
PredIQt Is Using the IQ Token
PredIQt is one of the several dApps utilizing the IQ token; IQ tokens serve as the fuel that allow users to create markets on the PredIQt Protocol.
The overarching goal is to strengthen the network by creating valuable knowledge-related dApps and building communities around each of them. PredIQt is just one of the distinct use cases that will increase the token’s natural utility and provide value for the global IQ community along with it.
When can you expect PredIQt to Launch?
With all of the EOSIO community updates expected for June 2019, we’re aiming to launch our MVP by then. We “prediqt” that this will be an incredible month for the entire EOS ecosystem! We’re looking forward to sharing PredIQt with the entire EOS community! #JuneIsComing