By
Mayowa Adebajo
March 12th, 2024
The BCG uses blockchain and smart contract technology to build the widely accessible prediction market, and make valuable information flow freely.
When speaking about prediction markets, they should not be stranger to anyone. Prediction markets are the processes, under which we, in accordance with the market principles, collect and aggregate information on the event alike, and, basing on its analysis, foresee the development trend, after which prediction for the possible outcome is figured out.
Augur and Gnosis are the earliest prediction markets based on blockchain. Although the framework and chain logic of Angur, Gnosis, and Delphy differ, they present quite the same product, which allows to convert the prediction event to a question and enables participants, through purchasing the “share” of the answer, to earn rewards basing on the outcome.
The BCG prediction market enables every participant invest information and forecast probability for future events by using the blockchain and smart contract technology. Invested information, in this case, forms a powerful forecast strength and drives collective intelligence (or collective consciousness) spread around the world. BCG prediction market is believed to bring huge reforms to the finance, information, agriculture, sports, insurance, security and lottery industry in the future.
The traditional centralized prediction market cannot guarantee fairness and transparency, and may be controlled by interested groups. No trust can be established between the platform and participants, as centralized servers are often plagued by some security problems, which commonly lead to huge asset losses.
How it Works
The BCG reconstructs the prediction market by using the blockchain related technologies, such as distributed network, cryptography, smart contract and Token pass, making the prediction market have not only a new look, but quite an attractive one. Core features of the blockchain tech, such as decentralization and absence of data tampering, mean that no interested parties can control the prediction market, which, consequently, enables greater fairness, openness and transparency.
As traditional centralized organizations are replaced by the blockchain smart contract, users no more need not worry about prediction market’s trustworthiness. Finally, the innovative Token award mechanism also contributes to the avoidance of the traditional finance supervision, while driving global finance and data circulation, and bringing more users and larger scale traders to the BCG prediction market.
The platform allows anyone create prediction, ask a question to the community, and award the participants answering it right. Provider of the right answer gets higher rewards, and, consequently, gets motivated to share his/her intelligence while contributing to the information flow. If those ‘know-it-alls’ get, let’s say, $1 for their correct answers, those, who fail to answer the question right, lose their 50 cents. This system incentivizes users to bet only on those events on which they are more certain to be right, creating more accurate predictions.
BCG & Gaming
The BCG team introduced the idea of prediction markets and relevant tech to the gaming industry, releasing the game engine BC.GAME, and developing 2 games: NonceDice and Crash, based on this engine. The use of prediction markets technology and Oracle information arbitration mechanism makes these 2 games absolutely fair, transparent, and traceable.
Since the release of the game 3 months ago, it has attracted 300K registered users and accumulated over 10 million gaming transactions, making BCG prediction markets one of the quite profitable projects in the blockchain industry. Other games such as World Cup Prediction and Card Games, also based on blockchain technology, are being developed and will be released by the end of May 2018.
Native Token
The BCG prediction platform issued their Token “BCG”, which is used as the main currency in circulation and commission deduction for forecasting event transactions. The more users enter the prediction market, and the more frequent prediction applications are used, the more demand and consumption of BCG increase, generating BCG token holders more profits.
From Private to Public Chain
Temporarily, blockchain prediction market cannot be released as the public chain, as the early network is susceptible to attacks affecting performance and data security. That’s why BCG decided to release the platform as the private chain on the first phase, quickly developing the prediction market blockchain-based application.
After a while, the private chain will be transformed into the alliance chain via the permission mechanism and granted access of third-party developers based on open SDK. The alliance chain is supported by an organization, so the nodes are more stable, and security and performance can be guaranteed.
With more and more third-party developers and users getting involved, the BCG prediction market will fully evolve to the public chain. Anyone could participate in trading and data circulation of the public chain and release and execute the prediction contract at any time.