Bodhi review 2018 – Crafting the Perfect Prediction Market
What is Bodhi?
Bodhi is a decentralized prediction market platform that focuses primarily on the Chinese market. Bodhi users can create and trade based on the outcome of sports, finance, politics, or other global events. It is powered by the Bodhi token (BOT).
Bodhi aims to build an autonomous, credible, and scalable prediction market that integrates the application of a functional prediction market on a global scale to further optimize the making of decisions.
Bodhi is also one of the first and largest decentralized applications running on the Qtum blockchain.
This article will help serve as a foundational introduction to Bodhi, as well as its potential strategic advantages in the current cryptocurrency landscape. For further research, I recommend checking out the Bodhi whitepaper.
How is Bodhi kept fair?
Arbitration is a way to keep this as fair as possible. If there is any dispute about the outcome of a result from Oracle, people can put money up to help. Bodhi Review. This satisfies the desire to have a fair outcome even if it is initially not in users favor:
About Bodhi – The Basics
Bodhi seeks to become the world’s most popular prediction market platform. The advent and application of blockchain substantially increased the reach and efficacy of prediction market platforms, as well as the velocity of innovation.
An interesting component of Bodhi is that’s one of the first and largest dapps (decentralized apps) on the Qtum blockchain.
The Bodhi team decided to go the Qtum route because it combines the Bitcoin Core infrastructure with the Ethereum Virtual Machine. This combination helps provide a modularity, stability, and interoperability for decentralized applications on the Qtum platform. Qtum also allows developers to build dapps that are executable on mobile devices, and that is still compatible with other major blockchain ecosystems.
Bodhi became the first dapp running on the Qtum testnet on December 26th, 2018, and the team plans to launch the product on the Qtum mainnet in February 2018.
A Rising Star in the Prediction Market Universe
Prediction markets are created for the purpose of trading the outcome of events. The concept borrows from the idea of crowdfunding a general perceived probability about certain outcomes. Prediction markets are used for everything from sports betting lines to strategic evaluations.
Prediction markets also lead to a phenomenon referred to as “The Wisdom of Crowds”, where a group of people with a broad range of experiences and opinions provide a more accurate prediction than a single individual. This “Wisdom”, however, is also prone to groupthink, peer pressure, bias, and panic, which could pose a significant threat to the accuracy of the prediction market.
Bodhi Trading History
Bodhi has had several interesting points in its trading history.
After China issued a ban on ICOs in September, Bodhi refunded $12M in pre-sale tokens to its investors. Although this posed a significant threat to Bodhi’s existence, Bodhi can count itself as one of the few projects surviving the ban.
Bodhi was able to circumvent the ban by doing an initial exchange offering (IEO), which is regarded as the first of its kind. The team was able to raise $24M by listing on five different exchanges on November 20th, 2017.
Where Can You Buy Bodhi?
Bodhi is relatively difficult to get your hands on as it’s not listed on many popular exchanges such as Binance and Bittrex.
The whitepaper kicks off with a legal section stating that by accessing the whitepaper, you “acknowledge, understand and agree that you are not eligible to purchase any BOT if you are a citizen, resident or green card holder of the United States of America or a citizen or resident of the People’s Republic of China.”
Isn’t that beautiful – two often clashing countries are both not allowed into the party.
Bodhi is currently listed on Gate.io, Allcoin, Exx, Lbank, and BigOne.
Continuing to follow Bodhi’s timeline for the deployment of its prediction market will certainly be interesting, especially because it is one of the many competitive Chinese blockchain projects, as well as one of the few running on the Qtum blockchain.
You can see Bodhi’s Founder Xiahong Lin, along with speakers such as Brad Garlinghouse (Ripple) and Charlie Lee (Litecoin), at Blockchain Connect in San Francisco on January 16th, 2018. Get 30% the price with the code “coincentral”.
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