FutureICX Prediction Market on ICON Integrates Band Protocol For Decentralized & Customizable Price Oracles
FutureICX, a multi-grant winning decentralized prediction market built on ICON Network, has completed the integration of their BandChain customized oracle script and the migration to BandChain Proof-of-Authority Mainnet. In recent months, both teams have been working to fine-tune the oracle parameters to test and iterate a secure and reliable price feed that is ready for the production environment and highly resistant to frontrunners or manipulation.
FutureICX is a trading-related prediction market where the players can place a wager on what a certain crypto pair’s price would be at a pre-determined future moment of time. All the players’ wagers are then pooled together, and the most accurate ones are rewarded according to a multi-tiered reward structure.
“The aim of FutureICX is to create an equally fair platform for skilled traders to have a fighting chance to make returns without having to outplay the institutional investors in a decentralized and safe environment. The transition from our Hylian oracle to Band Protocol’s oracle on the Mainnet will power the data layer of FutureICX in a completely scalable and decentralized manner. We are thrilled to have the strategic support of Band Protocol in the long-term as our team ramps up product offerings and traction.”
Dilyan Georgiev, Founder of FutureICX
With the BandChain bridge implementation completed on ICON Network, FutureICX has switched from using a centralized oracle to Band Protocol’s decentralized oracle which will be providing highly reliable and accurate price feeds for all crypto pairs that are sourced from various high-quality and trusted data sources.
FutureICX developer team has created an oracle script on BandChain to query the ICX/USD price feed which has been customized to update once every 5 minutes or upon a 1% price deviation. The price data for ICX is currently being aggregated from five trusted sources: CryptoCompare, CoinGecko, Binance, OKEx, HitBTC. Both teams have already been working on creating the next iteration of the oracle script which will support more popular crypto assets to be onboarded and experimenting with new market and game types.
“Band Protocol is excited to support one of the leading decentralized applications to come out of the ICON Network ecosystem. The future of blockchain applications is not purely for decentralized finance but a variety of use-cases including prediction market and games. The collaboration with FutureICX to secure their prediction market logic is an example of the wide array of applications that Band Protocol’s customizable and scalable oracles are able to support.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
With the support from ICON Foundation and scalable oracle technology provided by Band Protocol, we are excited to collectively work together in the long-term to bring user adoption to FutureICX and the wider prediction market.
FutureICX is a fully decentralized gamified trading platform for inexperienced and experienced traders alike. With FutureICX, players compete against one another by placing price predictions for the same period to earn rewards. On FutureICX, players compete against one another rather than institutional investors, banks, or corporations, giving all traders an opportunity to generate income.
Website | Whitepaper | Telegram | Twitter
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github