BCG Blockchain Token Uses Smart Contracts For Prediction Markets
BCG aims to change the prediction industry using a blockchain-based prediction markets platform. Find out how it works today in our review.
What Is BCG?
BCG aims to create a decentralized prediction market that brings huge reforms to the finance, information, agriculture, sports, insurance, security, and lottery industries of the future. To introduce those reforms, BCG will create a blockchain-based prediction markets platform.
That market will, according to the official website,
“make every participant invest information in the free time and forecast falling point and probability for future events by using the blockchain decentralization and intelligent contract technology.”
The collective goal of the platform is to drive collective intelligence sharing in the world, creating strong forecasts across different markets.
BCG’s prediction market was first announced online on May 15, 2018.
How Does BCG Work?
BCG will create prediction markets based on blockchain technology
Like other prediction markets, BCG will allow anyone to start a bet on any topic at anytime, anywhere. Users can bet on a specific event (also known as a “share”) that’s actually happening in the world today.
If the price of a share represents the probability of the event actually occurring, then the price of each share should add up to, let’s say, $1. If the user is betting on a share that has even odds of occurring or not occurring, then the share will cost 50 cents. If the user makes the right prediction, then the user earns $1. If the user is wrong, the user loses 50 cents.
BCG will incentivize users to bet on events and shares on which they are more certain to be right, thereby encouraging accurate predictions across the industry.
Why does BCG need blockchain technology? Well, BCG’s development team claims that the problem with existing prediction markets is their centralization:
“Centralization allows malicious agents to manipulate or tamper data for their own personal gain.”
BCG aims to solve this problem using blockchain technology.
BCG Prediction Market Features
Some of the core features of BCG will include all of the following:
The BCG prediction software is the core of the platform. It allows users to participate in event predictions. Anyone can release a prediction event to the whole network using the prediction software, then set a reward to inspire people who share inside information.
BCG will have an independently-developed wallet application where a user can publish predictive smart contract trading participation forecasts directly in the wallet application center. The reward for a correct prediction will be automatically transferred to a user’s wallet address after a prediction is made.
BCG will have an instant chat software called Fastgrat available for Android, iOS, and PC. This messenger integrates functions like wallet payments, OTC trading, and digital money cashing.
“In the future, Fastgram will develop into a social network to link users with the blockchain world,” explains the official BCG website, “and eventually become the ‘WeChat’ of the blockchain field.”
BCG will have its own digital currency exchange where users can trade both cryptocurrencies and fiat currencies. The exchange can show predictability and versatility within the market while providing traders with more accurate risk-hedging instruments.
BCG will release a game engine based on their blockchain predictions engine. The team has announced two games so far, including NonceDice and Crash. These games will prove the value of the prediction market.
Available In Multiple Industries
BCG aims to revolutionize industries like sports betting, information collection, identity verification, corporate decision-making, and more. The team believes their prediction market software can disrupt multiple industries.
BCG will have an open SDK or developer’s kit. That kit includes a series of components like BCG.js, Oracle API, BCG DB, and the wallet API.
Who’s Behind BCG?
BCG is led by Carlos Xie (CEO). Xie has been developing blockchain technologies in Japan since 2013. Other listed members of the team include David Zhang (COO), Cheryl Lie (CMO), and Pan Zhibiao (Chief Technical Advisor).
BCG lists Chain VC, Coin Telegraph, Ethos, and Egret Technology as its partners.
BCG announced itself online in October 2017 when they released their website and official whitepaper. The company is based in Tokyo, Japan.
The BCG Token Sale
The BCG token sale is scheduled to begin in June 2018, although a pre-sale is taking place throughout May 2018.
There’s a total supply of 2 billion BCG tokens. 40% of those tokens, or 800 million tokens, are being released for the pre-sale.
The tokens are called BC.GAME tokens, or BCG. Each token is priced at 1 ETH = 80,000 BCG.
You can participate in the token sale today by visiting https://bc.game/tokens
As of May 18, 2018, the token sale has reportedly sold 6870 ETH, or 68.7% of its 10,000 ETH goal.
BCG is creating a blockchain-based prediction software that organizes predictions from members around the world. The goal is to create huge changes in industries like finance, information, agriculture, sports, insurance, security, and even the lottery industry.
To learn more about BCG and how it works, visit online today at BCGChain.com.