Decentralized Prediction Market Bodhi Partners WithCoinrail Exchange
Bodhi also announces plans for launch on Qtummainnet and token airdrop to QTUM holders
Bodhi, the decentralized prediction market platform targeting the Chinese market, has today announced that its BOT token is now tradable on Korean cryptocurrency exchange Coinrail. Using the Qtum blockchain, Bodhi aims to build a credible, autonomous, and global prediction market. This platform will allow users to create and trade on the outcome of finance, sports, politics, and other events. Bodhi’s innovative “replaceable oracle” mechanism, powered by Bodhi’s digital token (BOT), will enhance the reliability of the prediction market’s decision-making process.
Launched in October 2017, Coinrail is a leading South Korea-based cryptocurrency exchange that also lists major cryptocurrencies such as Dash, EOS, IOTA, and NEO. As an exchange that emphasizes usability, Coinrail offers Bodhi significant exposure to investors in one of the fastest-growing cryptocurrency markets in the world. Coinrail will allow BOT tokens to be traded with BTC.
Bodhi Founder Xiahong Lin said: “Bodhi is proud to partner with Coinrail, one of the preeminent cryptocurrency exchanges, bringing our platform and token to a broader community. With the BOT token live and easily tradable on the Coinrail exchange, we can get a wider distribution of users on the platform, and more investors will have access to the vast predictions market through a decentralized and efficient platform.”
Coinrail CEO Kyungsic Nam said: “Coinrail is excited to add Bodhi tokens to our growing array of cryptocurrency offerings. Bodhi’s innovative solution meets a demand in crypto markets for efficient and scalable means of trading on the prediction markets. Coinrail is proud to bring this token to our exchange and make it available to a broad sector of users and investors.”
Bodhi is able to offer users the benefits of a decentralized prediction market through its innovative “replaceable oracle” mechanism, which allows users to create a new prediction event and ensures trust in the result. The use of third-party oracles allows Bodhi to ensure fairness, increase participation, and significantly lower fees, compared to traditional prediction market systems. In contrast to centralized oracles, the “replaceable oracle” mechanism facilitates reliable outcomes regardless of which party is set as the initial oracle. In addition, the Bodhi platform incentivizes BOT token holders to participate in the voting process to correct a false oracle and simultaneously penalize the false oracle.
In order to use the Bodhi platform, users can stake the outcome of any prediction event about which they have an opinion. Other users can join the prediction event in favor of or against the initial users, establishing the odds of the outcome of the event organically. When the specified future time arrives, or the specified event occurs, the third-party oracle will be able to automatically poll the event results and determine the result instantly. If the “replaceable oracle” mechanism phase is successfully completed, users who predicted the outcome correctly receive both the original event tokens, as well as additional incentive payments.
Bodhi has also announced that it will airdrop four million BOT tokens to all holders of QTUM tokens on February 16. The airdrop of BOT tokens will encourage users to test the Bodhi prediction markets platform ahead of its main net launch on February 28. Bodhi concluded its highly successful Initial Exchange Offering (IEO) in November 2017, raising the equivalent of $24 million USD. As of December 2017, Bodhi became the first decentralized application that runs on the Qtumtestnet. Bodhi also plans to grow its team with the onboarding of more software engineers and business development managers.