Delphy aims to create a blockchain-based prediction market for real-world event forecasting. Find out how it works today in our review.
What is Delphy?
Delphy DPY, found online at Delphy.org, aims to eliminate uncertainty by creating a blockchain-based prediction market. That market allows users to make predictions on real-world events, trade those predictions, and profit based on the accuracy of those predictions.
Overall, Delphy sees itself as the future of forecasting. It combines the power of the blockchain with the world-changing power of prediction markets, with the end result being a more efficient world with less uncertainty.
In layman’s terms, Delphy lets you get a reward for correctly predicting future events. You might correctly guess that Bitcoin will break $20,000 by June 2018, for example, or that the Eagles will win the Super Bowl.
Although there are other prediction markets available today, Delphy is the only predictions market based in China.
How Does Delphy Work?
Delphy is a blockchain-based prediction market. A prediction market is a marketplace where individuals can trade the outcomes of events. Traders who accurately forecast outcomes can financially benefit, while those who make incorrect predictions will lose their stake.
When people have a financial incentive to predict correct results, it leads to more accurate predictions. People with good information have a financial incentive to participate in – and contribute their wisdom to – those markets.
The end result is the creation of a prediction as a service (PaaS) platform.
Here’s how it works in a real world situation:
- Prediction markets typically predict the outcome of an event by asking questions about possible outcomes
- Each possible outcome has its own probability, and the sum of the probabilities of all outcomes is equal to 100%
- The probability of an outcome represents the transaction price of the outcome in the market; traders buy shares of an outcome based on their confidence and judgement
For example, if a stock’s value is set at $1, and the probability of the result is now 60%, then its price is $0.60; if the predicted result actually occurs, the trader who buys the shares is the winner, earning a profit of $0.40 per share ($1 – $0.60), and the people who predicted the opposite result will receive no profit
Obviously, this is similar to how marketplaces like Gnosis and Augur work: they’re prediction markets based on the blockchain. However, Delphy has several features that distinguish it from its competitors, including a mobile app that functions as a light Ethereum client, a customizable interface, an event filter, and social functions.
In Delphy, users can create events based on future events in the real world. To do that, they just need to use the Event Editor and Event Template. Clients create an event, then submit a detailed description of all possible outcomes. They also describe the Oracle that explains the outcome and all other information that’s needed.
There are three different types of outcomes for each event, including binary, list, and range:
- Binary Outcomes: Binary outcomes have two or more outcomes but only one correct answer. The question, “Will Germany Win the 2018 World Cup?”, for example, has just one correct answer: yes or no.
- List Events: List events have more than one correct answer.
- Range Events: Range events allow for a range of winning outcomes from one value to another.
Users can create events that are open to anyone or invitation-only.
Delphy will also have an event filter that filters out illegal or unethical events – like predictions on the assassination of a country’s leader or a celebrity.
Features of Delphy DPY
Delphy emphasizes all of the following features:
- Safe and Automated Payments: You don’t have to wait for your reward payments on Delphy.
- Fun, Easy-to-Use Interface: No training required, just download and go. The platform is accessible through a convenient mobile app.
- Decentralized Smart Contracts: Delphy’s transactions are based on decentralized smart contracts.
- Multiple Use Cases: Delphy can be used to predict financial market movements, sports, world events, and more. It’s a multi-functional prediction market that isn’t limited to a single industry.
How Do Delphy DPY Tokens Work?
DPY tokens are ERC20 tokens built on the Ethereum blockchain. They were issued by Delphy during the ICO, where they were available for purchase in exchange for major cryptocurrencies.
DPY tokens are the only accepted method of transaction on the Delphy prediction market. DPY tokens are the only ones used to buy shares and award winners.
Today, DPY tokens have a market cap of around $55 million, putting them in the top 250 cryptocurrencies by market cap. There’s a total supply of 100 million DPY tokens, with around 30 million tokens available as a circulating supply. You can view the CoinMarketCap listing for DPY here. The token is currently priced at around $1.90 USD as of January 2018.
Who’s Behind Delphy DPY?
Delphy is led by Bo Wang (Founder), a blockchain entrepreneur and technical expert who co-founded Factom and Wanglutech.
Other key members of the team include Fox Holt (VP of Business Development), Mike (Product Managing Director), and Vincent (Marketing Director).
The name of the company, as you may have guessed, is a reference to the “Oracles of Delphi” from Greek mythology.
Delphy DPY ICO Conclusion
Delphy is a prediction market made by a China-based team of developers. Similar to Augur and Gnosis, the marketplace incentivizes a community of users to make forecasts about future events. The ecosystem revolves around the use of DPY tokens.
To learn more about Delphy, visit online today at Delphy.org.