Federal Communications Commission (FCC) Creates a Blockchain Financial Market Forecasting Ecosystem
Federal Communications Commission (FCC) Leverages Blockchain to Create a Financial Market Forecasting Ecosystem
The Federal Communications Commission (FCC) is building a forecasting ecosystem based on the blockchain technology. FCC plans on generating reliable & secure data stats that can be used to forecast asset prices using in-depth machine learning & Swarm intelligence. By using the token ecosystem, FCC was able to integrate swarm intelligence to enhance the blockchain-built forecasting ecology.
This idea by the FCC will use stock markets and top digital currencies to test the feasibility of forecasting the right index prices for a given time span. Its developing team is focused on delivering a network that entertains users with the various forecast options to predict. In order to make a solid entry into the market, FCC launched the Forecast Tournament application.
The FCC crypto-forecasting ecosystem is quite simple and will be powered by token holders’ participation. Participants get to make a prediction with a span of two minutes on whether the price of a given asset will go up or down. Other predictions that users will be able to make include the last digit of a given asset’s price & whether it’s an even or odd number. The FCC ecosystem will then reward participants whom predict correctly.
According to the FCC blockchain-forecast design, betting with actual tokens will increase commitment to the network. This therefore means that the generated models for price prediction with the FCC network might be quite resourceful as adequate information has been integrated in the forecast methodology. Basically, this is why FCC started the Forecast Tournament.
This tournament will use TRX altcoins for placing bets on financial products forecasts. It will dwell on 3 hot digital currencies as well as 3 main securities market indexes. The TRON blockchain project emerged as the best suitor for the FCC blockchain-forecast platform due to its compatible nature with the idea.
How to Navigate the FCC Network
- Digital Currency deposit and withdrawal
Users can easily navigate the FCC network by visiting the assets portal on this platform. They can then withdraw crypto tokens by entering the amount & address to be withdrawn to as long as the tokens are at least 1000. For token deposits, one can simply copy or scan the QR code.
- FCC Network Sample Features
FCC platform participants can leverage the network to make a number of predictions as mentioned earlier;
- They can predict the movement (Up or down) of a certain financial product, this has to be time & round specific.
- Predict whether the last price digit for a market security will be an even or odd number at a given time frame.
- Finally users can predict the actual last number of an asset’s price.
Participants will have a two-minute time frame for placing their bets on the forecast prices. Betting options will be terminated during the second minute leaving users with only a minute to place their bets. Users that miss this time span might be forced to opt for other forecasts as the awarding time varies for the assets. As it stands, crypto coins that can be predicted within this ecosystem include BTC & ETH while the Shanghai Stock Exchange qualifies for the stock indexes category.
The FCC Blockchain-Based Odds Betting System
The system has an upper bound of 1000 bets per 24 hours. Forecasting participants within the network are however advised to place different amounts on their bets to prevent product addiction. This amount to be placed can be a 10, 20 or even 50. Alternatively, users can place multiple bets in smaller denominations; instead of placing 100 one can bet two times with 50-50.
In the case of security market proxies like that of the Shanghai Stock Exchange, FCC network users are advised to start with a general market prediction at the time of opening. This will give them a better view on whether to predict a bullish or bearish market. As it stands, the Forecast Tournament is already awarding a participant who won a couple millions within a day.
FCC users will have to detail their even & odd number predictions to show the difference between the two. This situation is brought about by the fact that the FCC ecosystem does not show the last number of the decimal if it is a zero. Therefore, the network’s even digits are fewer compared to odd numbers. In order to solve for its 0 inefficiency, the FCC platform uses probability to adjust the odd & even numbers within the ecosystem’s predictions. An event where a user gets the right prediction is based on the coin-flip 50-50 prediction theory.