VELES — first price prediction dApp on EOS blockchain
Have you ever had a feeling that you are totally sure what will happen with cryptocurrency rates?
In this case you may come on exchange and try to earn some additional coins. This is a classic way and it has some restrictions.
On the exchange to earn more you need to invest more. Besides that you will earn only if the price will go up or down.
Now we want to offer you an alternative way of making money on crypto rates with wider opportunities.
Meet VELES — the first prediction dApp on EOS! VELES is fully transparent and automated dApp based on EOS smart contract.
VELES dApp review
With VELES you can make a bid on your favorite token future price against other users and get profit. More users against your bet — more profit you get!
At the moment we offer EOS and BTC pair to bet versus USDT price. In order to keep an eye on price we use Binance ticker to USDT. DApp also has ticker and a chart to watch current price.
Next updates will include bids on custom other different coins and popular events, which will have an impact on cryptocurrency prices.
Bidding process
There are 3 types of events available for EOS and BTC price bids:
- 30 minutes event
- 1 hour event
- 3 hours event
Each event consists of 2 stages:
1. Bidding stage
At this stage you can make a bid for a future crypto price with 3 options:
- Up
- Flat
- Down
You can make a bid for only one option.
2. Waiting stage
At the very beginning of this stage system makes a snapshot of cryptocurrency price. This price will be a benchmark. At the end of stage VELES is comparing initial and final prices. Winners get their reward instantly!
For example: User make a bet for 30 min event. It means that bets are allowed during next 30 minutes in Bidding stage and result will be counted 30 mins after bets stopped to accept.
Price calculation methodology
All currencies prices are in line with prices on Binance exchange to USDT.
Each price range for bidding is calculated dynamically through Binance API. Range is based on percentage from average price fluctuations in last 50 timeframes according to each event.
Next formula is used to calculate “Flat” option range:
High price = Snapshot price + ((% Average price fluctuations / 4) * Snapshot price)
Low price = Snapshot price — ((% Average price fluctuations / 4) * Snapshot price)
“Up” option is the price above “Flat” high price
“Down” option is the price below “Flat” low price
Reward sharing
Players are betting against each other, by choosing one of 3 event options. If bet won players take a pot according to their share in bets between all winners.
Veles commission is 5%
For example, total bets are 100 EOS.
- Up is 30 EOS,
- Flat is 20 EOS,
- Down is 50 EOS.
Player bet was “Up” with 10 EOS. Let’s say “Up” has won. Then all “Up” users receive 70 EOS plus their 30 EOS back.
In total our player receives:
(100 EOS total pot) * (10 EOS / 30 EOS) = 33.33 EOS
This is simplified example as it doesn’t consider our fee and referral system which also is in place. …Invite more…to share bigger pot!
