OpenProtocol merges the three most successful product markets in the crypto market: predictions, DeFi, and trading.
Despite the popularity of the trustless aspect of smart contracts, there is still no simplistic UI where 2 or more parties can make a prediction on anything, without the need for a middleman.
TrustPredict is a simple dApp that enables 1 or more parties to make a prediction on anything with a simple and easy form-like measure to explain reward situation. This enables everyday users who lack smart contract coding knowledge to easily launch a prediction without having to trust a middleman.
OpenPredict Protocol Beta
Core functions are live, with event creation managed by team. This feature will be gradually phased out.
All "o" and "io" tokens will be traded on Uniswap, enabling fees for minters.
However, Uniswap's 0.3% fee may make rapid trading of "o" or "io" tokens discouraging. oSwap will be a swap network dedicated to the trade of "o" and "io" tokens of every event launched via the OpenPredict protocol.
oSwap will have a 0.15% fee, which is half of Uniswap's 0.3% fee. At initiation, OPT tokens will be airdropped to minters who create liquidity on oSwap to drive more usage to oSwap.
Team foregoes right to decide which events and options-like markets can be the predictions be open to. Instead, a DAO held by tokenholders decides which events are qualified for a robust prediction market.
To advance the adoption of the product and create a growing utility for the token, OpenProtocol provides a series of products that create a consistently growing ecosystem.
It's common for cryptocurrency predictors to keep most of their wealth in ETH or BTC. This leads to long-term predicts having different values than intended.
Some predictors have to either sell their assets and lose on the potential upside. Others end up making an escrow that forces them to deposit an asset that can end up being worth much more than they intended to risk.
TrustPredict 2.0 will provide a unique solution to the vast portion of crypto predictors: hodl an asset, claim a smart contract-based loan on it, and make a prediction.
Initially, TrustPredict Lending will be enabled through SDKs provided by existing crypto lending platforms. However, by Q2 2021, this facility will be internalized. Lenders will be able to provide stablecoins to finance the collateralized predictions on TrustPredict.
A year after TrustPredict's launch on Ethereum, this high-demand product will be extended to additional blockchains, with Polkadot being the first expansion horizon.
Q4 2021 will be the deadline for this goal. If active addresses on Polkadot show signs of rapid growth early on, this goal may be prioritized to ensure early market share on Polkadot.