It is always positive to see new platforms supporting Bitcoin come to fruition. Given all of the recent focus on Ethereum people would almost forget Bitcoin is still the top digital currency, and will probably remain in that position for quite some time. Hivemind is a new platform taking a page out of Augur’s book, as this is a peer-to-peer Oracle protocol specializing in prediction markets.
Hivemind Prediction Market for Bitcoin
Prediction markets are an interesting trend to keep an eye on in the world of digital currency, as they are available to users all over the world. Staying true to the nature of decentralization, Hivemind is using Bitcoin smart contracts to automate most of the processes, as this peer-to-peer Oracle protocol, relies on blockchain technology to let Bitcoin users speculate on their prediction markets.
Similar to what Augur is offering on the Ethereum blockchain, Hivemind wants to let users speculation just about any event taking place in the world. Whether this is related to the upcoming NFL playoffs, the European Cup in football, or the next Presidential elections in the US, anything and everything has an outcome.
Hivemind likes to position itself as a Bitcoin 2.0 project for various reasons. First and foremost, the platform is free to use, although users will; need to own Bitcoin to use the most advanced features. A simple proof of ownership is more than sufficient to get access to all of these features, without funds ever leaving one’s wallet.
Moreover, Hivemind is one of the few Bitcoin 2.0 project where everything has been developed and paid for upfront. There is no fundraising involved, despite having no guaranteed chance of success. Although this also means there is no Hivemind community to speak of yet, it is a risk the developers felt worth taking. Some of the more prominent Bitcoin members have financially endorsed this platform, though.
Platforms such as these will not last long unless they are reputable, and Hivemind seems to check the boxes in this regard too. Andrew Poelstra has audited the platform and the technology behind it and found nothing wrong with the concept. Additionally, Peter Todd is – allegedly – actively reviewing the project at the time of writing.
Some people might be wondering why they have never heard of Hivemind until now, and there is a good reason for that. The developers have not actively marketed or promoted this platform, as prediction markets are all about action, rather than talking. However, there are many advantages to Hivemind that should win over some Bitcoin community members in due time.
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