Free Idea

Leveraging BTS prediction markets

BitShares

BitShares (BTS) has been a focus of my research lately. It’s an older blockchain that’s fast and operates as a suite of financial market tools. It’s quite impressive. As I was doing my research I came across their prediction markets and had an idea after digging into them.

This post describes the ideas, gives you some info and it’s free.

I don’t have the time or desire to act on this currenly but if you want to… feel free.

The Gist

The general thought is: ‘why not create a betting site built upon the BTS prediction markets?’. They lay all of the ground work for an open and easy to use gambling site built upon predicting the future. This style of betting is all over the place and why not build upon a solid base?

On top of that the way the BTS prediction markets work allows you to let your users dial in their risk levels easily.

The Detail

The devil is in the details though: you’ll need at least the following to get something like this off the ground.

  • Solid OpSec
    • Quebes
    • Ledger Nano S / Trezor
    • CryptoSteel
  • A multi-user/consensus account for creating new predictions and settling them when the event happens
    • Multi-user to ensure that no one person can control everything end to end
  • A front end for the prediction markets that doesn’t stinkl
    • Way to create BTS wallets
    • Assets for each prediction
    • Assets representing user buy in
    • What are they buying into the site with and how much
    • Front end for buys/sells/swaps for each prediction asset
    • Good visibility on who has what per the BTS assets/ledger
  • On and Off ramps via XMR/ZEC/PIVX/HSR
    • only allow privacy tokens for on/off ramps
  • Sane fee structure
    • 5% for each prediction buy?
  • Tor hosting
  • NameCoin for simplifying Tor address resolutions
  • More?

Please run with this

It’s a pretty simple idea but there is some up-front work that I won’t be able to accomplish. On top of that, prediction markets are something I could launch but I really don’t want the hassles. I throw this out there as an idea for someone else.

Take it, adapt it and go forth.