What is Bodhi cryptocurrency BOT – Blockchain For Making Predictions

What is Bodhi cryptocurrency BOT – bBodhi is also one of the first and largest decentralized applications running on the Qtum blockchain.

What is Bodhi cryptocurrency BOT?

BOT cryptocurrency is a digital token based on the Bodhi platform’s Qtum blockchain for making predictions. The project team focuses on development in the Asian region, particularly in China. The main goal of the developers of Bodhi, is a reliable, scaled and decentralized platform through which users can bet on sports, political, financial and other types of competitions.

Bodhi’s goal is to build an autonomous, credible and scalable prediction market that integrates the application of a globally functional predictive marketplace to optimize decision-making.

This article serves as a basic introduction to Bodhi, as well as its potential strategic advantages in the current landscape of cryptocurrency. For further research, I recommend you consult the Bodhi White Paper.

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About Bodhi – The Basics

Bodhi wants to become the most popular prediction market platform in the world . The advent and application of the blockchain has significantly increased the reach and efficiency of this type of platform, as has the speed of innovation.

An interesting aspect of Bodhi is that it is one of the first and largest dapps (decentralized applications) of the Qtum blockchain.

Why Qtum? The team behindBodhi decided to use the Qtum channel because it combines the Bitcoin Core infrastructure with the Ethereum virtual machine. This combination brings modularity, stability and interoperability to the decentralized applications of the Qtum platform. Qtum also allows developers to build dapps that are executable on mobile devices, and that are also compatible with other major blockchain ecosystems.

Bodhi became the first dapp running on Qtum testnet on December 26, 2017 , and the team plans to launch the product on Qtum mainnet in February 2018.

Bodhi Features

The Bodhi platform is one of the first projects of Qtum cryptocurrency developed on the blockchain. Thanks to the blockchain technology, the project team wants to significantly increase the audience reach of forecasters as well as improve the speed of all operations. When creating Bodhi, the project team took Bitcoin and Ethereum cryptocurrency technology as a basis and took into account the flaws in the work of their main competitors Augur and Gnosis. Therefore, Bodhi has a hybrid mechanism for evaluating the results of forecasting – oracle and manual. In case if for some reason the oracle cannot determine the outcome of the event, the owners of the BOT tokens can take a vote and make a final decision.

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Also, Bodhi’s special feature is holding its ICO, during which China banned ICO into its territory. After that, the Bodhi team returned all of their funds in the amount of 12 million dollars to buyers. After that, they spent IEO (Initial Exchange Coin) – ending with raising $ 24 million.

Bodhi cryptocurrency prospects

Given the subtleties in raising funds for the project, we can conclude that the Bodhi team does not set itself the goal of raising as much money as possible in order to subsequently scam. And the project team further confirms the fact of serious intentions of the company, since it includes representatives of serious companies, such as Twitter, Microsoft and IBM.

We believe that the Bodhi platform will be able to win a large market share among the blockchain platforms for making predictions and rates. Now the Bodhi community has about 20 thousand users, which communicate in the wechat messenger.

Bodhi, a rising star in the prediction market platform 

Prediction markets are created to negotiate the outcome of certain events. The concept borrows from the idea of crowdfunding the notion of probability perceived as generalized of certain results. Predictive markets are used for everything from sports betting lines to strategic valuations.

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Prediction markets also lead to a phenomenon called “Wisdom of the Crowd”, according to which a group of people with very diverse experiences and opinions provides a more accurate prediction than a single individual. However, this “wisdom” is also subject to group thinking, pressure from other members of the group, bias and panic, which could pose a significant threat to the accuracy of the prediction market.

Bodhi, a rising star in the prediction market platform

Bodhi combines the concept of a predictive market with that of the blockchain. Thus, Bodhi is able to create an infrastructure allowing tens of thousands of potential users to engage and place predictive bets, while protecting against certain risks.

Bodhi, however, is not without competition.

Augur, followed by Gnosis, is currently leading Bodhi in terms of market capitalization, but the Bodhi white paper shows several advantages over both platforms. To fully understand the benefits, let’s take a quick tour of Augur and Gnosis.

Augur allows users to create a prediction event using Ethereum Smart Contracts. Then, users predict and evaluate the probability of each outcome using native tokens (REP). When the event finally occurs, the specific REP holders declare the correct result of the prediction.

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The entire Augur system is built around PWR holders, as they are responsible for maintenance and arbitration. However, this system has some scaling problems. PWR holders are not only limited in number (whereas a much higher amount of prediction events can be created), but they also have different areas of experience.

As a core element of the Augur network, the limitations placed on EPR holders are reflected in a fear of time and a general decrease in efficiency because of the time it takes to reach consensus at the end of the year. a prediction event.

Gnosis also uses Ethereum smart contracts, but instead of token holders, he uses a centralized Oracle to determine the results. This helps to improve the efficiency of judgment.

However, using a centralized Oracle also has its limitations. For example, if there were to be a failure due to a malicious attack by a third party or a server failure, all predictions would be blocked and the Gnosis platform would lose some of its credibility.

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Bodhi’s competitors like Augur and Gnosis also differ from Bodhi because they can not revoke a bad result when it occurs, while Bodhi allows doing so through a “replaceable oracle”. This system allows the public to challenge and even revoke the betting results set by single players. This essentially allows Bodhi to create a more autonomous and efficient prediction market.

 Bodhi and how it predict efficiency market

Bodhi uses a third-party Oracle to evaluate forecast results to guard against the same consensus limits of the Augur platform. Bodhi also allows BOT token holders to support the voting process and make the final judgment in the event of an Oracle failure.

Bodhi’s trading history

Bodhi has had several interesting events in its commercial history.

Bodhi's trading history

After China’s ICO ban in September, Bodhi repaid $ 12 million in tokens sold to investors. Although this has been a significant threat to Bodhi’s existence, it can be considered one of the few projects that survived the ban.

Bodhi was able to circumvent the ban by making an initial exchange offer (IEO), considered the first of its kind. The team raised $ 24 million by entering five different markets on November 20, 2017.

Bodhi Bot Market capitalization

The Composition of the Bodhi team and community

Bodhi’s team consists of Xiahong Lin , Frank Hu, Li Li, Deric Walintukan and Chris Li. The current team has a total of ten members: four engineers, two designers, three marketers and one operations manager.

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Founder Xiahong Lin previously worked for Edmodo, Twitter, Tencent, and has internship experiences at Microsoft and IBM.

The Composition of the Bodhi team and community

Focusing on the Chinese market, Bodhi is supported by a vibrant Chinese community of more than 15,000 membersmost of whom are part of its wechat group (Bodhi’s official wechat account: bodhinetwork; Bodhi wechat group access code: imbodhi). You can also find this community on Twitter and Telegram.

Bodhi is currently supported by Danhua CapitalInBlockchainFBG and Aware Capital.

Where to buy Bodhi BOT?

Bodhi is relatively difficult to find because it is not listed on many popular platforms like Binance and Bittrex.

The white paper begins with a legal section stating that by accessing the white paper, you “acknowledge, understand and agree that you are not eligible to buy a BOT if you are a citizen, resident or holder of a green card of the States. United States, or citizen or resident of the People’s Republic of China “.

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Is not it beautiful – two countries often in conflict are not allowed to participate in the party.

Since December 12, Bodhi cryptocurrency has been trading on cryptocurrency exchanges, including:

• Gate.io

• Bibox

• BigONE

The cost of one token is $ 1.22 with a project capitalization of $ 48 million and 40 million coins in circulation. The average daily trading volume is about $ 6.5 million.

Conclusion

Bodhi developers have big plans for development in the second half of 2018, and the 2018 World Cup will contribute to the development of this project. That’s all, to new meetings and do not forget to see the official website of Bodhi – www.bodhi.network. And yet, on June 1, 2018, the Bodhi team prepared an airdrop for the holders of BOT tokens, conditions on the official website.

Conclusion

Continuing to follow Bodhi’s timeline for the deployment of its prediction market will certainly be interesting, especially since it is one of the many competing Chinese blockchain projects, as well as one of the few to run on the chain. Qtum blocks.

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Bodhi founder Xiahong Lin and speakers such as Brad Garlinghouse (Ripple) and Charlie Lee (Litecoin) were seen at Blockchain Connect in San Francisco on January 16, 2018.