Bitcoin Hivemind – Peer-to-Peer Oracle Protocol Blockchain Data?
There has been a lot of buzz around the bitcoin revolution, and there has been a lot of talk about this new revolutionary currency and what it can do. However, most people do not know the significance or the impact that the bitcoin revolution has on the world. Bitcoin is basically the currency of the future.
It is a form of decentralized digital currency. It is under nobody’s control, meaning as a method of transferring money it is the cheapest especially when transferring across borders. This is because there is no governing body requiring a fees or taxes. Many platforms have emerged, therefore, to facilitate the transfer of this currency. One of these platforms is called Hivemind.
What Is Bitcoin Hivemind?
Hivemind is a company that is used to facilitate the creation and sustenance of smart contracts. The platform acts like an Oracle Protocol between peers. The protocol functions to absorb all the data in a blockchain. This data is then made available to the users of bitcoin. The significance of this information is felt among the users of the bitcoin. This is because they can use this information to make predictions of the bitcoin markets. The markets in question are quite volatile. This is because they have the capability to revolutionize how information is disseminated in society.
The thing that gives these markets such a high stake in the dissemination of this information is the decentralization that the blockchains offer. A centralized system cannot hope to provide the same level of security that a decentralized system can offer.
Why They Are Needed
Companies like this one are essential in the blockchain industry. This is because it is one of the cleverest inventions to compliment the bitcoin technology. Hivemind is one of the best prediction markets available in the world. It gives the user all the combined information of every user. You become aware of so many things on the blockchain.
If we imagine how this would work if this system was integrated fully into society, the benefits are staggering. You could instantly know which schools are the best, what medical practices are most effective, what business is engaged in unethical behavior, where there have been terrorist threats, and what the latest scientific inventions are.
A prediction market is like a stock exchange. In a stock exchange, people buy and sell stocks; in a prediction market, people buy and sell predictions. A prediction can be about anything really: sports, politics, and even the economy.
Bitcoin Hivemind Conclusion
It is a place where you can get predictions on all types of things. These predictions can aid you make the right choices. The company is untested and the idea is largely unproven. The idea of a prediction market has been endorsed by many. It could either be the most important discovery after the bitcoin, or the biggest failure. It’s success hinges mostly on how widely adopted it becomes by users.