Introducing Predix Network- A Prediction-based Cryptocurrency Project

By CryptoOwen | crypto owen | 7 Sep 2020


A fortune teller predicts your future. A fortune cookie predicts a meaningful phrase that you could apply to your life. A sports better predicts the outcome of a given game. Predictions can have a huge impact on one's life & the world in general. A prediction could save your life one day, or at least make you some money. But how does this fit in with Cryptocurrency? Well you see a lot of people speculate on certain cryptocurrency prices, buying & selling at different levels to book a profit. You may see a crypto coin or token that you think has short term or long term potential to rise in price, so you buy in hoping to sell for higher; to lock in gains. You see how predictions can make you some money? That's essentially where Predix Network steps in.

 

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The world of cryptocurrency consists heavily of making predictions- about the future of the coin/token, how it will be implemented into society and/or finance, and maybe even if it'll be a lucrative investment. Predix Network is a ground-breaking new project which will allow you to profit off these predictions. The prediction market is being developed as I write this & should be live within the next few weeks so let's explore how that system will work. Basically at the beginning of each week's cycle, which starts fresh Monday 00:00 UTC, you'll be able to place a bet on where you predict the price of the token pair $PRDX / $ETH to be at the end of the cycle. At the end of each week, the price is updated & the users/bettors are then able to claim their rewards based on the accuracy of their prediction. But that's not the only way you could earn money from this system! Throughout the phase, a weighted moving average of the total bets is calculated & represents a collective consensus for that cycle as to what the final price will be when it closes at the end of the week. It is then that users who are actively staking $PRDX tokens will be able to claim extra rewards based on the accuracy of the collective consensus. Sounds interesting right? You already are predicting the future price when you buy into any given cryptocurrency so you might as well be compensated for it, right? But what is the total supply & what is the allocation breakdown? Let's dive into that next.

 

As to keep this token on the more scarce side meanwhile to have enough in circulation for future scaling purposes, the total supply is capped off at 1,600,000 PRDX. 300,000 tokens are allocated towards the Prediction Market while 550,000 tokens are allocated towards the Staking Contract. The initial distribution was 300,000 tokens, which were quickly bought up. 255,000 tokens are locked liquidity tokens, meaning they are locked in the contract & in 2 months time, it will be reassessed whether they should be burned or simply remain locked. The founder's tokens are locked up & will be released at a rate of 10% per month, coming in at 150,000 & lastly 45,000 tokens have been allocated towards the community fund. The team ran into a problem with the locked liquidity tokens- when attempting to add all 255,000 tokens to the liquidity pool, 84,000 of those tokens weren't able to be added at the proper price, therefore a vote is being held to decide their future. It's possible that those tokens will be burned, therefore reducing the supply even further. Deflation is even built right into the contract with many of the tokens being locked up long term, giving more value to what is left of the circulating supply. Who doesn't love a good scarce crypto project?

 

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This is all sounding intriguing right? The first crypto token where you can essentially guess the price week to week for an automated reward in that token. I believe there is HUGE potential in this project, as the betting industry is a massive one- imagine if this steals just a tiny fraction of a percentage point. Also staking is a MAJOR concept in the cryptocurrency space & this levels the playing field since you only need 50 tokens to begin staking / automatically receiving a percent of rewards each weekly cycle. The community has already been eating this project up, buying out all 300,000 $PRDX tokens in approximately 34 minutes, swiftly raising around 600 ETH for future development. Predix Network only just went live recently on Uniswap but is making HUGE strides with $1 Million in transaction volume being done in the first 24 hours. As I write this the price of the token is hovering around $1.50 per $PRDX, with over $400,000 in liquidity, over 600 pooled ETH, & almost 150,000 pooled PRDX. Talk about a solid start for a brand new project- imagine the potential once the Prediction Network & the Staking Contract go live! (on the roadmap slated for release in the next few weeks)

 

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So what crypto projects were the first to dream up delving into a prediction-based market? The first cryptocurrency that comes to mind is Augur (REP) which aims to harness the wisdom of the crowd via predictions markets- anywhere from betting on outcomes of events like elections results or company performances, through a marketplace that promises to be fair for everyone. Open & decentralized. Off the top of my head that is the main project that could be compared to Predix Network, although the two tokens differ slightly. Included on the roadmap for the future is prediction pairs such Bitcoin, Ethereum, or Litecoin, so you would be able to place a bet on where Bitcoin, Ethereum, or Litecoin would be next week price-wise, all done in the native token PRDX. So overall a few differences separate Augur from Predix Network, but Predix Network isn't limited itself to only price-based predictions (different prediction markets may be developed in the future). PRDX was inspired to fill a void that currently exists- a price-based cryptocurrency prediction market, which is coming soon so stay tuned!

 

This all sounds really unique & exciting but where do you go to learn more about PRDX token? Where can you purchase some tokens? Want to peruse the Whitepaper? I have you covered!

*Uniswap is currently the only exchange where you can trade PRDX although more exchange listings aren't out of the realm of possibilities in the future.*

Uniswap link to purchase- https://app.uniswap.org/#/swap?inputCurrency=0x556148562d5ddeb72545d7ec4b3ec8edc8f55ba7

Dextools info (price, liquidity, etc)- https://www.dextools.io/app/uniswap/pair-explorer/0xd6a46098b6cfcdd920e0c950407d12470833c786

Official website- https://predix.network

Official twitter- https://twitter.com/PredixNetwork

Official whitepaper- https://predix.network/Predix_Network_-_Whitepaper.pdf

 

Feel free to follow those links, read more about Predix Network, & invest some money into the project if it piques your interest! Hopefully you enjoyed this article, found it informative, & have grown as excited about the future of Predix Network as I am!

 

BONUS- *Comment below on where you see the price of PRDX in one week for a chance to win 5 $PRDX!!*

 

 

 

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CryptoOwen
CryptoOwen

Bitcoin is the future. Fiat is the past. Pretty chill dude who is super into cryptocurrency, good music, basketball, football, and life in general. Enjoy every moment, they don't last forever. Tip & comment on my posts! I always try to comment back :)


crypto owen
crypto owen

This is @CryptoOwenW from twitter checking in. This blog will be mainly about Cryptocurrency, price movements, Bitcoin, Ethereum, ERC20 tokens, Publish0x content, & crypto news in general. I strive to keep readers up to date on what I'm seeing happen in the crypto space!

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