Bodhi Network ICO: Company Review and BOD Token News Updates

Bodhi Network BOD ICO: China’s Decentralized Prediction Market?

The transparent, publicly verifiable nature of blockchain technology makes it ideal for applications that depend heavily on trust, and as such is particularly popular in the growing decentralized prediction market. A new decentralized prediction market platform- Bodhi- has recently targeted the Chinese prediction market.

Bodhi makes it possible for users to create predictions and trade upon the outcome of virtually anything- sports games, finance markets, politics, or other international events. The entire Bodhi Network platform is powered by a native cryptocurrency token- the Bodhi Token, or BOD.

The creators of the Bodhi platform are aiming to create a completely autonomous, highly scalable, and credible prediction market that focuses on the establishment of a functional platform that operates on a global scale in order to optimize decision making.

Interestingly, Bodhi is one of the first large-scale decentralized applications built upon the Qtum blockchain. In this article, we’ll take a look at the Bodhi platform and deliver an introduction into the strategic advantages it delivers over other prediction market based platforms in the cryptocurrency market.

What is the Bodhi Network BOD?

The Bodhi Network is focused on becoming the world’s most popular prediction market based blockchain platform. The inception of blockchain technology has disrupted the traditional prediction market, which has been plagued by a number of problems such as a lack of transparency, fraud, and slow innovation. Blockchain technology has substantially extended the reach of the prediction market, and greatly accelerated the rate of innovation.

The Bodhi platform has been constructed on the Qtum blockchain for a number of reasons. Qtum integrates features of the Bitcoin Core, but also contains elements of the Ethereum virtual machine. This fusion provides a number of advantages, delivering interoperability, stability, and modularity. Qtum allows developers to create dapps that are both executable on mobile devices and compatible with other blockchains, which is highly attractive in the prediction market.

The Bodhi platform became the first decentralized app running on the Qtum blockchain testnet on the 26th of December, 2017. The current development roadmap of the Bodhi platform has set February 2018 as the launch timeframe of Bodhi on the Qtum mainnet.

Bodhi and the Prediction Market

Essentially, prediction markets are created specifically for the purpose of trading upon the outcome of events. The core concept behind prediction markets can be likened to the crowdfunding of the perceived probability of the outcome of a specific event. Prediction markets can be used in a wide range of applications, from the prediction of sports games to strategic evaluations.

Prediction markets also create an interesting phenomenon that is referred to as the “wisdom of the crowd”. In many cases, a large group of individuals that possess a broad range of experiences and knowledge is able to create a far more accurate prediction of the outcome of an event as opposed to a single individual.

While the “wisdom of the crowd” can indeed be accurate at times, it can also be easily manipulated, is prone to groupthink, peer pressure, confirmation bias, pareidolia, and panic, which can negatively impact the prediction market as a whole.

Bodhi is aiming to bring the prediction market onto the blockchain, which will result in the establishment of a platform upon which hundreds of thousands of potential users could engage in betting and prediction, while at the same time hedging against a wide range of risks.

There are a number of platforms, however, that are in direct competition with Bodhi. Augur and Gnosis are two platforms that are similar in their architecture to Bodhi, but the Bodhi platform does outline a number of advantages over these platforms.

Augur, for example, allows users to create prediction events through the use of Ethereum based smart contracts. The platform also prices the probability of each outcome using a native token, called REP tokens. REP holders report the correct outcome of a prediction. The entire Augur platform places a heavy emphasis on REP holders, who are responsible for both arbitration and maintenance.

Unlike Bodhi, however, Augur has a number of scaling issues due to this reliance on REP holders. REP holders are limited in number, which can place a limit on the number of prediction events that can be created, but also possess different types of domain experience. REP holder limitations, in the Augur framework, lead to lower general efficiency due to the longer amount of time it takes to reach consensus at the conclusion of a prediction event.

Gnosis, like Augur, also uses Ethereum contracts. Instead of using an equivalent to REP holders, however, the Gnosis platform uses a centralized oracle to confirm the outcome of predictions and judge results.

While this does speed up decisions and consensus, centralized oracles have their own issues. If a server failure or a malicious third party attack were to compromise the integrity of the centralized nature of the Gnosis platform, it would lose a significant amount of credibility.

The biggest difference between Bodhi and these two competitors, though, is that Bodhi is able to revoke a wrong result should it occur. Bodhi integrates a “replaceable oracle” system that allows the user base of the Bodhi platform to challenge- or even revoke- bet results set by single individuals. This system allows Bodhi to offer a far more stable, efficient, autonomous, and effective prediction market.

Bodhi’s third party oracle judges prediction results in order to hedge against the consensus issues that are presented by the architecture of platforms like Augur. This system also allows Bodhi BOT token holders to challenge outcomes via a democratic process should the oracle system fail.

Bodhi BOT Token ICO Details

Parameters of the ICO

• Token: BOT
• Type: Utility
• Price in ICO: 0.3700 USD
• ICO start: 25th Sep 2017
• ICO end: 10th Oct 2017

The Bodhi Network BOD ICO Verdict

Bodhi is an interesting and balanced approach to the practice of bringing prediction markets on to the blockchain, and is perhaps the most promising prediction based platform set to launch in the next year. As the first large scale dapp to launch on Qtum, Bodhi is particularly interesting to observe as it progresses through the development process.

If you’re interested in obtaining an in-depth insight into the Bodhi platform, founder Xiahong Lin will be speaking at the Blockchain Connect event in San Francisco on the 16th of January 2018 along with speakers such as Ripple’s Brad Garlinghouse and Litecoin’s Charlie Lee.