BitShares

Were you aware that the Bitshares blockchain has supported the creation of <a href="https://bts.exchange/#/prediction" rel="noopener noreferrer nofollow">decentralized predictions</a> in the form of <a href="https://how.bitshares.works/en/master/bts_holders/tokens/pm.html" rel="noopener noreferrer nofollow">prediction market assets</a> since <a href="https://github.com/bitshares/bitshares-ui/commits/76b8d95184f831db7c80ad0b0dd77fd9b790e8e9/app/components/PredictionMarkets" rel="noopener noreferrer nofollow">2019</a>?These enable anyone to create a bet on the Bitshares DEX, for example the price of BTS will be worth more than $0.01 today, allowing all Bitshares blockchain participants to bet on this outcome in a decentralized manner.The topics of predictions is fully open, there&#39;s no limited type of bet, political/financial/cultural/etc they&#39;re all on the table.At the time of evaluation, the creator of the prediction market will apply the outcome, and either the prediction market asset will have value if true, or it&#39;ll be reduced to 0 if false, enabling two sides to bet on an outcome in a decentralized manner.The prediction market creation screen is featured on the <a href="https://bts.exchange/#/spotlight" rel="noopener noreferrer nofollow">Bitshares spotlight page</a>, where all new features go, check it out!<h2 id="header-0">The technical explanation of prediction market technology</h2>A prediction market asset allows you to agree or disagree with the prediction (condition) of the asset and put collateral behind your opinion.A prediction market is resolved by its issuer after the resolution date to reflect the real world outcome of the prediction on-chain.On the blockchain, a prediction market asset is special kind of SmartCoin that anyone can borrow. The total debt and total collateral are always equal amounts (borrowing 1:1), margin calls or force settlements are deactivated.A prediction market asset has the active market of itself with its collateral.Agreeing with the prediction means to buy the prediction market asset, whereas disagreeing with the prediction means to borrow it and sell it.Resolving a prediction market asset is done by forcing global settlement, with a global settlement price given by the issuer.After resolution (global settlement), and if the prediction proves true (global settlement price is 1), holders of the prediction market asset can instantly force settle it to obtain the same amount of the underlying collateral.If the prediction is incorrect (global settlement price 0), owners of margin positions will automatically get back all the collateral that was locked up in the position.For further info, check out the <a href="https://how.bitshares.works/en/master/bts_holders/tokens/pm.html" rel="noopener noreferrer nofollow">prediction market documentation</a>.<h2 id="header-1">How do you create one?</h2>Navigate to the <a href="https://bts.exchange/#/prediction" rel="noopener noreferrer nofollow">prediction market</a> page within the Bitshares reference wallet, you&#39;ll see the following page:<a href="https://images.hive.blog/1536x0/https://academy-public.coinmarketcap.com/optimized-uploads/cd394dc622424260a2358667ee864317.png" rel="noopener noreferrer nofollow"> </a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/cd394dc622424260a2358667ee864317.png" />To see past prediction markets, untick the Hide unknown houses toggle, to see user created predictions. Other users will also need to untoggle this to see your prediction market in this page, unless they locate your prediction market asset via the prediction market section of the <a href="https://bts.exchange/#/explorer/assets" rel="noopener noreferrer nofollow">built-in asset explorer</a>.To continue creating your new prediction market, click on the Create prediction market button, launching the creation modal:<a href="https://images.hive.blog/1536x0/https://academy-public.coinmarketcap.com/optimized-uploads/b437f6efc23b444789a9884388c72aa1.png" rel="noopener noreferrer nofollow"> </a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/b437f6efc23b444789a9884388c72aa1.png" />So for example we could enter the following data:Symbol: Mycustomprediction Condition: The value of BTS is worth more than $1.00 Description: The value of BTS, as fetched from the coinmarketcap overview page, if worth more than $1.00 by the expiry date, will win this prediction. Resolution date: 25/12/2022 Backing asset: BTS Commission: 1%We would then click submit, creating the prediction market asset in return for asset creation fees; to reduce the cost of creating prediction market assets on the Bitshares blockchain you should purchase a <a href="https://how.bitshares.works/en/master/user_guide/accounts/bts_membership.html" rel="noopener noreferrer nofollow">life-time membership</a> on the Bitshares blockchain.It&#39;d then be in my best interest to promote my newly created prediction market to the Bitshares community, earning me 1% commission on all bets.By the resolution date, it&#39;d be my responsibility to correctly resolve the outcome, delivering the bet winnings to the rightful side of the prediction.<h2 id="header-2">For More Information</h2>Official GitHub Website: <a href="https://bitshares.github.io/" rel="noopener noreferrer nofollow">https://bitshares.github.io</a>Official GitHub Repositories: <a href="https://github.com/bitshares" rel="noopener noreferrer nofollow">https://github.com/bitshares</a>Official Telegram Group: <a href="https://t.me/BitSharesGroup" rel="noopener noreferrer nofollow">https://t.me/BitSharesGroup</a>Official Development Telegram Group: <a href="https://t.me/BitSharesDEV" rel="noopener noreferrer nofollow">https://t.me/BitSharesDEV</a>BitShares Reference Wallet: <a href="https://bts.exchange/" rel="noopener noreferrer nofollow">https://bts.exchange</a>

BitShares Blockchain Decentralized (Built-In) Prediction & Bet Markets

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