Moirai, found online at Moirai.io, is a decentralized prediction market for the crypto community. Find out how it works today in our review.
What Is Moirai?
Moirai is a decentralized prediction market where anyone can create new predictions or join existing predictions. The site is currently available as a demo version. On that demo, you can participate in predictions like, “What will be the price of bitcoin at the end of November?” or “Will the USA president be impeached before the end of 2017?”
Overall, Moirai believes it’s a new approach for predicting future events using the power of collective intelligence:
“According to many scientists & futurists – open source collective intelligence will eventually generate superior results in many outcomes. One of the main outcomes in the prediction of future events.”
The Moirai ICO is underway from October to December. MOI token holders are eligible for a 15% cut of annual profits from the platform.
How Does Moirai Work?
Moirai is a decentralized app on the Ethereum blockchain. The fact that Moirai is decentralized is important. The Moirai whitepaper mentions that competitors like Intrade were shut down by the United States government. By maintaining a decentralized system, it’s difficult to shut Moirai down.
With Moirai, users receive rewards for correct predictions. You can create your own prediction – essentially, a poll – on the platform. Or, you can participate in existing predictions. Users are rewarded in MOI tokens for creating and successfully resolving events as well as correctly predicting the outcomes of these events.
Users can predict events in the crypto world – like the success of an ICO or the price of a particular coin. Or, users can predict events in the “real world” – like political events and predictions.
Predictions are organized through smart contracts on the Moirai blockchain. Those smart contracts come in three different forms. Here are some of the ways those forms could work when predicting political events:
- Winner Take All: The contract pays off if a particular candidate wins an election.
- Spread: The contract pays on the percentage of the vote received by a candidate.
- Index: The contract pays if a candidate receives more than a specific popular vote percentage.
There are also three main parties who interact in the Moirai ecosystem, including:
- Providers: Providers develop apps for the prediction market client. They provide users with access to the network through the Moirai application. The provider brings traffic into the Moirai network.
- Operators: Operators are responsible for creating events and resolving their real-world outcome. The operator determines the event participation fee.
- Moirai: Moirai is the third party involved in the ecosystem. They create the MOI token, the technology, and the model. They also develop and release the Moirai app.
Ultimately, Moirai aims to be a decentralized prediction market where market prices indicate what the crowd thinks the probability of an event is. These markets are also known as information markets, predictive markets, idea futures, event derivatives, or virtual markets. It’s an exchange-traded market created to trade the outcome of events.
Moirai Use Cases
Prediction markets can be applied to a wide range of markets and events. Some of the possible use cases for Moirai include:
- Election results around the world
- Political and financial events
- Sports predictions
- Success of entertainment products like movies, video games, and music
Moirai wants to disrupt multiple prediction markets, including finance, insurance, sports betting, political events, and general information.
Who’s Behind Moirai?
Moirai is led by Prediction Markets, Ltd., a London-based company. Prediction Markets made headlines in October for launching one of the world’s first regulated ICOs.
The company plans to launch its platform by the end of Q4 2017.
Key members of the company include Peter Gilbert (COO), Rachel Parker (CFO), Gary Taylor (CEO), and William Perkins (CTO). Gary Taylor has 10 years of experience in the gaming and IT industry and is a graduate of the University of Oxford.
The name of the company, by the way, comes from the Greek mythological figures also known as the “Fates”.
The Moirai ICO
Moirai aims to raise approximately $5 million USD in ETH in the token sale for MOI tokens. There’s a minimum target of $500,000 USD. If that amount is not reached, then all contributions will be automatically returned to token holders.
The crowdsale began with a pre-ICO from October 28, 2017 to November 10.
The main ICO begins on November 30 and ends on December 30, 2017.
There’s a total of 500,000,000 MOI tokens available during the token sale. Tokens are priced at $0.005 USD during the pre-ICO, rising to $0.009 USD by the general crowdsale.
As a token holder, you’re entitled to 15% of yearly profits from the platform.
Moirai tokens are ERC20 compatible tokens built on the Ethereum blockchain. There will be a total supply of 666,000,000 MOI tokens.
Moirai wants to build an efficient forecasting tool by bridging real world events to the blockchain via prediction markets and oracles. It’s a decentralized app built on the Ethereum blockchain.
To find out how Moirai works, visit the platform online today.