COVID-19 prediction launched!
With Waves.Exchange’s new predictions market, users can forecast the dynamics of the spread of the coronavirus and win rewards in USDN. All proceeds will be donated to support nonprofits in the #CryptoCOVID19 campaign.
The number of confirmed COVID-19 cases globally has continued to rise. At the same time, the virus has plunged the economy into a financial crisis. In order to support people affected by the coronavirus, the Waves.Exchange team has implemented a predictions solution. This is an example of a “predictions market”, which allows users to predict the course of events by purchasing a special token and get rewarded if they’re right. Moreover, participants will be able to trade these tokens among themselves. This will change the ratio of predictions over time, which will be reflected in the price of the tokens — offering an objective forecast of the situation.
You can predict future COVID-19 spread, forecasting whether or not the amount of new weekly confirmed cases will reach its all-time peak by June 1. To make a prediction, users buy a specific token.
There are two prediction tokens — COVID-DWN-JUN20 and COVID-UP-JUN20. These are regulated by the smart contract that holds all the USDN rewards, until one of two possible event outcomes occurs:
- COVID-DWN-JUN20 wins if the total number of new confirmed cases during any week is less than during the previous one
- COVID-UP-JUN20 wins if the number of infection cases increases every week to June 1
The smart contract will distribute 1 USDN for each winning token purchased. You can buy any amount of prediction tokens.
Waves.Exchange traders buy prediction tokens in pairs for a total of 1 USDN (i.e. COVID-UP-JUN20 + COVID-DWN-JUN20 = $1). This guarantees that you will be able to exchange the winning token for 1 USDN.
How does it work?
Every day, an oracle records the number of confirmed cases, according to Data Repository with figures provided by Johns Hopkins CSSE. This data is used by the smart contract to determine whether the COVID-19 spread rate has reached its peak or not.
Spread is calculated according to the total number of new cases in a week. COVID-DWN-JUN20 token will win if the total number of new confirmed cases in the current week is less than during the previous week. In other words, the graph should reach its peak value and then go down. If the graph rises continually, COVID-UP-JUN20 will win.
You can view the smart contract code here.
How to buy a prediction token
- Go to this page
- There are two buttons at the top of the page where you can buy tokens for USDN. If you don’t have USDN, you can buy the stablecoin with no fees on Waves.Exchange
- Log in or create an account to proceed
After the smart contract is executed, you will be able to exchange your prediction tokens for USDN using the ‘Get reward’ button.
Any funds remaining at the conclusion of the competition will be donated to support nonprofits in the #cryptoCOVID19 campaign.
Feel free to ask any questions in our Telegram group. You can also contact support in the Waves.Exchange desktop and web versions via the chat service in the bottom right corner.