Bodhi Review – Cryptocurrency Guide
What is Bodhi?
Bodhi is a decentralized forecast market platform that focuses principally on the Chinese market. Bodhi users can make and exchange in view of the result of sports, finance, legislative issues, or other worldwide occasions. It is powered by the Bodhi token (BOT). Bodhi means to construct a self-ruling, dependable, and versatile expectation market that integrates the application of a useful forecast market on a worldwide scale to additionally improve the making of choices.
Bodhi is likewise one of the first and biggest decentralized applications running on the Qtum blockchain. This article will help fill in as a foundational introduction to Bodhi, and in addition its potential key focal points in the present cryptocurrency scene. For additionally research, I suggest checking out the Bodhi whitepaper.
How Does Bodhi Work?
Bodhi is a blockchain-based forecast market. An expectation market is where individuals or gatherings can foresee the results of future occasions, at that point get a reward for their forecasts if fruitful. Bodhi will allow users to make expectations on the platform. At that point, a prophet will reward the winning forecast after a certain occasion or time span has passed.
At an essential level, a forecast could be, “Bitcoin will be worth over $5,000 by January 2018.” Some members take the “yes” side to that expectation, while others take the “no” side. Bodhi is like Gnosis and Augur, both of which additionally allow prophet based expectations. At dispatch, Bodhi will initially be conveyed on Qtum.
The purpose behind using Qtum is straightforward: Qtum combines the upsides of bitcoin and Ethereum with the objective of making blockchain more available to mobile users. Occasion forecasting is extremely time-touchy. You can’t expect all users in an expectation marketplace to be on their work areas 100% of the time.
The marketplace, as most blockchain marketplaces, is likewise intended to minimize costs. The marketplace is allowed to access, and guarantees to give low fees. There’s no unified framework set up to determine the legitimacy of expectations. Prophets fill in as judges. Then, BOT token holders are maintainers. An incentive (service charge) is given to persuade more Oracles to give solid and stable services to Bodhi.
About Bodhi – The Basics
Bodhi tries to wind up the world’s most prominent expectation market platform. The approach and application of blockchain generously increased the range and viability of expectation market platforms, and additionally the speed of innovation.
An interesting part of Bodhi is that is one of the first and biggest dapps (decentralized apps) on the Qtum blockchain.
Why Qtum? The Bodhi team chose to go the Qtum course because it combines the Bitcoin Core infrastructure with the Ethereum Virtual Machine. This combination gives a particularity, strength, and interoperability for decentralized applications on the Qtum platform. Qtum additionally allows designers to fabricate dapps that are executable on mobile gadgets, and that is as yet good with other major blockchain ecosystems.
Bodhi turned into the principal dapp running on the Qtum testnet on December 26th, 2018, and the team plans to dispatch the item on the Qtum mainnet in February 2018.
The Bodhi calculation for expectation occasions on the platform.
A Rising Star in the Prediction Market Universe
Expectation markets are made to trade the result of occasions. The idea gets from the possibility of crowdfunding a general apparent likelihood about certain results. Expectation markets are used for everything from sports betting lines to vital assessments.
Prediction markets likewise prompt a marvel alluded to as “The Wisdom of Crowds”, where a gathering of individuals with a wide scope of encounters and opinions give a more exact expectation than a single individual. This “Shrewdness”, however, is additionally inclined to groupthink, peer weight, inclination, and frenzy, which could represent a significant risk to the precision of the expectation market.
Bodhi combines the idea of an expectation market with blockchain. Along these lines, Bodhi can make the infrastructure for possibly a huge number of users to draw in and put down expectation wagers, while additionally hedging against certain dangers.
Bodhi, however, isn’t without its opposition.
Prediction, followed by Gnosis, at present lead Bodhi as far as market top, but the Bodhi whitepaper outlines a few focal points over the two platforms. With a specific end goal to completely get a handle on the preferences, we should complete a speedy go through of Augur and Gnosis.
Betoken allows users to make an expectation occasion using Ethereum smart contracts. This is followed by users forecast and pricing the likelihood of each result using the local tokens (REP). At the point when the occasion finally happens, specific REP holders report the right forecast outcome. The whole Augur framework is worked around REP holders, where the holders are in charge of maintenance and intervention. However, this framework makes them scale issues. REP holders are not just restricted in number (while a considerably higher amount of expectation occasions can be made), and furthermore have different sorts of domain encounter. As a center part of the Augur network, REP holder restrictions prompt higher time-cists and a general lower productivity because of the time span it takes to achieve agreement when a forecast occasion closes.
Gnosis additionally uses Ethereum smart contracts, but instead of token holders, it uses a unified Oracle for judging the outcomes. This helps address the productivity of judgment. However, using an incorporated Oracle additionally has its restrictions. For instance, if there were a single point of disappointment because of a malignant outsider or server disappointment, all expectations would move toward becoming bolted and the Gnosis platform would lose a portion of its validity.
Bodhi’s rivals, for example, Augur and Gnosis additionally differ from Bodhi because they can’t deny a wrong outcome when it happens, though Bodhi makes it conceivable to do as such through a “replaceable prophet” plot. This plan allows the general population to challenge and even renounce wager comes about set by single individuals. This basically empowers Bodhi to make a more independent and compelling expectation market.
Bodhi uses an outsider Oracle to judge forecast results to hedge against a similar accord impediments on the Augur platform. Bodhi likewise empowers BOT token holders to assume control over the voting procedure and make the final judgment in case the Oracle falls flat.
Bodhi Trading History
Bodhi has had a few interesting points in its trading history.
Bodhi trading history
After China issued a prohibition on ICOs in September, Bodhi refunded $12M in pre-sale tokens to its investors. In spite of the fact that this represented a significant risk to Bodhi’s presence, Bodhi can consider itself one of only a handful couple of projects surviving the boycott.
Bodhi could go around the boycott by doing an initial exchange offering (IEO), which is viewed as the first of its kind. The team could raise $24M by listing on five different exchanges on November twentieth, 2017.
Bodhi Team and Community
Bodhi’s team comprises of Xiahong Lin, Frank Hu, Li, Deric Walintukan, and Chris Li. The present team aggregates ten individuals: four engineers, two architects, three marketing authority, and one task supervisor.
Organizer Xiahong Lin has already worked for Edmodo, Twitter, Tencent, with internship involvement with Microsoft and IBM.
Focusing on the Chinese market, Bodhi is sponsored by a genuinely dynamic Chinese community of more than 15,000 individuals, the dominant part of which is in their wechat gathering (Bodhi official wechat account:bodhinetwork; Bodhi wechat aggregate access code：imbodhi). You can likewise find their community on Twitter and Telegram.
Bodhi is as of now upheld by Danhua Capital, InBlockchain, FBG, and Aware Capital.
How To Buy Bodhi?
Bodhi is generally difficult to get your hands on as it’s not recorded on numerous prominent exchanges, for example, Binance.
The whitepaper commences with a lawful segment stating that by accessing the whitepaper, you “acknowledge, comprehend and concur that you are not qualified to buy any BOT if you are a subject, inhabitant or green card holder of the United States of America or a national or occupant of the People’s Republic of China.”
Isn’t that beautiful – two regularly clashing nations are both not allowed into the gathering.
Bodhi is as of now recorded on Gate.io, Allcoin, Exx, Lbank, and BigOne.
The Bodhi Token
The Bodhi ecosystem rotates around the use of Bodhi Tokens (BOT). BOT will be issued during the crowdsale, with an aggregate of 100 million units available.
Bodhi won’t issue tokens – like Gnosis did with its WIZ tokens. At the point when the company initially takes Bodhi online, they’ll just help BOT and QTUM. Users can hedge to link together their wagers and the individual fiats. Later on, however, Bodhi will allow the use of any cryptocurrency to take an interest in the wager.
BOT tokens have two main features:
Discretion And Compensation:
BOT holders are qualified for initiate discretion for questioned consequences of forecast occasions and get remuneration accordingly. Before initiating the assertion, a BOT holder must bolt up a certain measure of BOT as a store. The assertion comes about chooses who gets the BOT tokens.
Voting And Rewards:
BOT holders vote in favor of intervention aftereffects of the questioned expectation occasions and get rewards accordingly. This framework likewise expects users to bolt their BOT tokens.
Uses For Bodhi
Bodhi has an extensive variety of conceivable applications over the forecasts market, including:
Bodhi’s expectation market gives a point by point portrayal of financial occasions. You can dispatch an expectation like, “What will be the price of Apple stock on January 15, 2018?” Using Bodhi, the forecast result is computed by the whole network for better exactness and effectiveness while likewise lowering the cost.
Use information forecasts to choose things like will’s identity the following US president.
The customary insurance industry has a long and complex claim process because of its concentrated administration. Bodhi’s decentralized arrangement can tackle this issue by offering a market for flight insurance. Travelers can wager on a flight delay before boarding. If a flight delay happens, the Oracle will compose the flight number of the postponed trip to the smart contract. Bodhi will consequently process the claim for any traveler who obtained flight insurance.
Sports gambling is clearly a tremendous industry, and Bodhi can encourage sports betting.
At last, Bodhi can be used for everything from customary market forecasts to sports betting and more innovative applications.
Bodhi at last displays a suitable contender in the race to a highly viable and utilitarian blockchain-based expectation market platforms. While we won’t see a Bodhi expectation market MVP until June 2018, we’ll likely begin seeing Bodhi begin making more waves in the cryptocurrency community.