“We're excited to have Bodhi lead the way by launching the first DApp on Qtum. Bodhi is serverless and runs on blockchain, it’s a real working decentralized application and that’s what this is all about,” said Patrick Dai, founder of Qtum.
“It's a major milestone for us. While other prediction markets are still not live, we already have a fully-decentralized blockchain application for the public to use,” said Xiahong Lin, founder of Bodhi.
Using the Bodhi platform is straightforward; any user can create prediction events they are interested in. Other users can join prediction events with or against the initial creator. When the event ends, oracles set the result. If the public agrees on the initial result, winners collect their rewards and the event is complete. This naturally sets the odds of the event outcome: $1 on the ‘yes’ option and $2 on ‘no’ inherently sets 2:1 odds for ‘yes’ voters. Upon successful completion of the dispute phase, correct guessers receive both the original event-tokens, as well as additional incentive payments.
If a dispute arises, the “replaceable oracle” mechanism phase is invoked. Bodhi’s innovative decentralized “replaceable oracle” mechanism is powered by Bodhi’s digital token (BOT). The replaceable oracle mechanism solves the most challenging part of building a decentralized prediction market, allowing for fair and accurate result-setting to be done in a trustless and decentralized manner. It also has the benefit of increasing participation and significantly lowering fees compared to traditional prediction market systems.
In contrast to centralized oracles, the “replaceable oracle” mechanism facilitates reliable outcomes regardless of who the initial oracle is; users do not rely on a centralized authority to set results. The Bodhi platform incentivizes BOT holders to participate in the voting process, and to rectify false outcomes, which rewards participants and simultaneously penalizes the false oracle.
Although Bodhi’s smart contracts are available publicly on the Qtum blockchain, the initial user interface has built-in restrictions preventing users from certain countries from accessing the platform until further clarity on local regulations is provided from the respective governments.
For more information on Bodhi, please visit:
About Bodhi
Founded in May 2017, Bodhi is a decentralized prediction market platform. Built on the Qtum blockchain, Bodhi allows users to create and trade on the outcome of finance, sports, politics, and any other global events. Bodhi’s mission is to build a credible, autonomous, and scalable platform that promotes the application of prediction markets at a global scale to enhance the decision-making process. It is powered by the Bodhi digital token (BOT).
