Bodhi, a decentralised prediction market platform targeting the Chinese market, has announced that its BOT token is now tradable on Korean cryptocurrency exchange Coinrail. Using the Qtum blockchain, Bodhi aims to build a credible, autonomous and global prediction market. This platform will allow users to create and trade on the outcome of finance, sports, politics and other events. Bodhi’s ‘replaceable oracle’ mechanism, powered by Bodhi’s digital token (BOT), is designed to enhance the reliability of the prediction market’s decision-making process.
Launched in October 2017, Coinrail is a South Korean-based cryptocurrency exchange that lists major cryptocurrencies such as Dash, EOS, IOTA, and NEO. As an exchange that emphasizes usability, Coinrail offers Bodhi exposure to investors in a fast-growing cryptocurrency market. Coinrail will allow BOT tokens to be traded with BTC.
Founder of Bodhi, Xiahong Lin said: “Bodhi is proud to partner with Coinrail, one of the preeminent cryptocurrency exchanges, bringing our platform and token to a broader community. With the BOT token live and easily tradable on the Coinrail exchange, we can get a wider distribution of users on the platform, and more investors will have access to the vast predictions market through a decentralized and efficient platform.”
Kyungsic Nam, Coinrail CEO, commented: “Coinrail is excited to add Bodhi tokens to our growing array of cryptocurrency offerings. Bodhi’s innovative solution meets a demand in crypto markets for efficient and scalable means of trading on the prediction markets. Coinrail is proud to bring this token to our exchange and make it available to a broad sector of users and investors.”
Bodhi offers users the benefits of a decentralized prediction market through its ‘replaceable oracle’ mechanism, which allows users to create a new prediction event and ensures trust in the result. The use of third-party oracles allows Bodhi to ensure fairness, increase participation and significantly lower fees compared to traditional prediction market systems. In contrast to centralized oracles, the ‘replaceable oracle’ mechanism facilitates reliable outcomes regardless of which party is set as the initial oracle. In addition, the Bodhi platform incentivizes BOT token holders to participate in the voting process to correct a false oracle and simultaneously penalize the false oracle.
In order to use the Bodhi platform, users can stake the outcome of any prediction event about which they have an opinion. Other users can join the prediction event in favour of or against the initial users, establishing the odds of the outcome of the event. When the specified future time arrives, or the specified event occurs, the third-party oracle will be able to automatically poll the event results and determine the result instantly. If the ‘replaceable oracle’ mechanism phase is successfully completed, users who predicted the outcome correctly receive both the original event tokens, as well as additional incentive payments.
The company has also announced that it will airdrop four million BOT tokens to all holders of QTUM tokens on the 16th of February. The airdrop of BOT tokens is designed to encourage users to test the Bodhi prediction markets platform ahead of its mainnet launch on the 28h of February. Bodhi concluded its Initial Exchange Offering (IEO) in November 2017, raising the equivalent of $24 million USD. In December 2017, the Bodhi decentralized application began running on the Qtum testnet. Bodhi also plans to grow its team with the onboarding of more software engineers and business development managers.