Proposal Title
Prediction Markets (i.e., platforms to bet on stuff) on xDAI
Proposal Information
With these US elections TRUMP-BIDEN there were some big expectations, in the “prediction market” community, for large liquidity. Project such as Augur have improved a lot (vs 2016) and were ready for this event.
Fact: This has been a disappointment. Total open interest on decentralized prediction markets is still below $5 million.
The question is… why?
The answer is… certainly it has to do with Ethereum fees. Nobody wants to pay 10usd in fees on a 100usd bet!
PROPOSAL: The proposal is to invest some HNY and resources to bring (or fork if necessary) Augur, the largest decentralised prediction market, to xDAI.
Proposal Rationale
With Fiat–>xDAI onramps coming to xDAI-Network, a prendiction market with very low fees would be a very large opportunity for xDAI-Network in general and for 1Hive in particular:
- xDAI network would get more usage/users, which is good.
- 1Hive would get the betting fees, potentially a huge market if successful.
GOAL of THIS POST: With this post I am just trying to start a discussion on this topic. Do you fellow bees think that:
- this is potentially interesting? Worth thinking about?
- how difficult is this, from a technical point of view (question for the devs)
- how long would it take to see this done? How long for measurable profits?
- etc