Today we’re very excited to announce that the PredIQt testnet MVP is officially live! You can access it by signing in at this link.
In order to use the PredIQt testnet MVP, you’ll need a Kylin testnet account. If you don’t yet have a Kylin account, you can create a free account and get testnet tokens from the Kylin faucet using Scatter.
Once you’ve installed Scatter, follow the instructions on the Crypto Kylin website to set up a new account. You’ll go to kylin.eosx.io, login with Scatter, and then click the “create account” link (replace “valid_account_name” with your preferred 12-character account name). This will create the account, as well as a key pair that you can import into Scatter. If you have any questions, feel free to ping us in Telegram!
We’ll start with a small number of select markets for predictions on crypto price movements and other relevant events, and we’ll continue to add more markets throughout the coming weeks. The first three test markets will be:
- Will the price of EOS be above $4.50 on July 28th at 11:59pm UTC?
- Will the price of BTC be above $10,000 on July 28th at 11:59pm UTC?
- Will Block.one make a public announcement before the end of July re: the Voice release date?
These markets will be binary, meaning that each market will have two given outcomes in which users can purchase shares. Markets will be resolved by the res.prediqt account, a three-of-five multi-sig account run by prominent members of the EOS community (for more info on PredIQt oracles, see this article).
How Does it Work?
In order to use PredIQt, you’ll need to login with your Kylin testnet account using Scatter. Under the markets page, you’ll find a list of the current markets available for trading.
In order to purchase shares in a market, you’ll need to specify your risk limit. This represents that maximum amount a user is willing to pay for a share and corresponds to the user’s confidence in the given outcome. For example, if you are 70% sure that a given outcome will happen, you will specify 70% as your risk limit. That means that you’ll pay a maximum of 0.70 EOS per share, for a payout of 1 EOS if the outcome is correct. It means that you’ll buy any shares priced 0.70 EOS or below.
PredIQt will try to get you shares at the cheapest possible price but will fill orders in best pricing order until your risk limit is reached. You’ll never pay more for a share than your risk limit specifies.
Once you’ve purchased shares, those shares will be held in your account. Shares are transferable. When the market is resolved, the shares corresponding to the winning outcome can be redeemed. At the point of redemption, winning users will pay a small fee that compensates the market creator and the market resolver.
We’re looking forward to giving the IQ Network community the opportunity to test out the functionality of the PredIQt protocol and interface. Please note that this is a testnet MVP release, and we’ll be actively searching for bugs, diagnosing issues, and improving the product. We appreciate your support as we bring the PredIQt app closer to mainnet launch!
We are so excited to share with the community what we’ve been working on for so long, and to finally bring prediction markets to the EOSIO ecosystem! Please help us to improve PredIQt by sharing any feedback you have with us through our Telegram channel, Twitter, or by reporting an issue on Github. None of this would be possible without the incredible EOS community — thanks again for your help and support!