Bodhi is a decentralized prediction market built for Chinese markets. Find out how it works today in our Bodhi review.
What Is Bodhi?
Bodhi is a blockchain-based marketplace where participants can buy and sell predictions. Bodhi aims to integrate third-party oracles and voting-based oracles to the platform. Like we’ve seen with other blockchain platforms, oracles will be used to determine when a future event has taken place.
Bodhi will be deployed on Qtum at the initial launch.
How Does Bodhi Work?
Bodhi is a blockchain-based prediction market. A prediction market is a platform where individuals or groups can predict the outcomes of future events, then receive a reward for their predictions if successful.
Bodhi will allow users to make predictions on the platform. Then, an oracle will reward the winning prediction after a certain event or length of time has passed.
At a basic level, a prediction could be, “Bitcoin will be worth over $5,000 by January 2018.” Some participants take the “yes” side to that prediction, while others take the “no” side.
Bodhi is similar to Gnosis and Augur, both of which also allow oracle-based predictions. At launch, Bodhi will first be deployed on Qtum.
The reason for using Qtum is simple: Qtum combines the advantages of bitcoin and Ethereum with the goal of making blockchain more accessible to mobile users. Event forecasting is very time-sensitive. You can’t expect all users in a prediction marketplace to be on their desktops 100% of the time.
The marketplace, like most blockchain marketplaces, is also designed to minimize costs. The marketplace is free to access, and promises to provide low fees. There’s no centralized system in place to determine the validity of predictions. Oracles serve as judges. Meanwhile, BOT token holders are maintainers. An incentive (service fee) is provided to motivate more Oracles to provide credible and stable services for Bodhi.
The Bodhi Token
The Bodhi ecosystem revolves around the use of Bodhi Tokens (BOT). BOT will be issued during the crowdsale, with a total of 100 million units available.
Bodhi will not issue tokens – like Gnosis did with its WIZ tokens. When the company initially takes Bodhi online, they’ll only support BOT and QTUM. Users can hedge to link together their bets and the respective fiats. In the future, however, Bodhi will allow the use of any cryptocurrency to participate in the bet.
BOT tokens have two main features:
Arbitration And Compensation:
BOT holders are entitled to initiate arbitration for disputed results of prediction events and receive compensation accordingly. Before initiating the arbitration, a BOT holder must lock up a certain amount of BOT as a deposit. The arbitration results decides who gets the BOT tokens.
Voting And Rewards:
BOT holders vote for arbitration results of the disputed prediction events and receive rewards accordingly. This system also requires users to lock their BOT tokens.
Uses For Bodhi
Bodhi has a wide range of possible applications across the predictions market, including:
Bodhi’s prediction market provides a detailed description of economic events. You can launch a prediction like, “What will be the price of Apple stock on January 15, 2018?” Using Bodhi, the prediction result is calculated by the entire network for better accuracy and efficiency while also lowering the cost.
Use information predictions to decide things like who will be the next US president.
The traditional insurance industry has a long and complex claim process due to its centralized management. Bodhi’s decentralized solution can solve this problem by offering a market for flight insurance. Passengers can bet on a flight delay before boarding. If a flight delay occurs, the Oracle will write the flight number of the delayed flight to the smart contract. Bodhi will automatically process the claim for any passenger who purchased flight insurance.
Sports gambling is obviously a huge industry, and Bodhi can facilitate sports betting.
Ultimately, Bodhi can be used for everything from traditional market predictions to sports betting and more creative applications.
Who’s Behind Bodhi?
Bodhi is led by Xiahong Lin (Project Lead and Founder), Frank Hu (Tech Lead), Li Li (Design Lead), and Deric Walintukan (Smart Contract Developer).
Bodhi is developing China’s prediction market for the world by creating a blockchain-based prediction marketplace.
You can learn more about Bodhi by visiting the platform online at Bodhi.network.