Prediction markets will be an integral evolution of the Ethereum platform. For now, many different projects are in development, but there is nothing that will take this project mainstream just yet. OutcomeCoin is a new initiative built on top of the Ethereum This is yet another prediction market with its own token, albeit it remains to be seen how useful it will be in the long run.
OutcomeCoin Can Be An Official Augur Competitor
There is always room for more than one prediction market in this world. While Augur has been getting a lot of media attention as of late, they will not be the only project with this business model moving forward. In fact, the team will be under a bit of pressure to perform, since their crowdfunding campaign ended a while ago.
Whether or not OutcomeCoin can become that challenger remains to be seen. But it’s nice to see some competitors emerge in the prediction market industry. Cryptocurrency is all about distribution and decentralization, which means users should not rely on one project for a particular purpose in the future.
At the same time, OutcomeCoin will act as a prediction market token, which may put off some potential investors right away. Every token will be defined by an Ethereum smart contract, allowing for trading of this asset as long as the exchange supports ERC-20 tokens. One exchange has already been confirmed, as EtherDelta will be the official exchange for this project.
For now, this project still seems in the early stages and feels a bit rough around the edges. At the same time, the value proposition is rather easy to spot, and OutcomeCoin may turn into a success after all. Then again, that success may heavily depend on which blockchain the project decides to follow moving forward.
The primary objective for a prediction market is to ensure the blockchain they use is immutable. With Ethereum hard forking recently to perform a roll-back of its history, that immutability has been stripped away. Moreover, there seem to be more hard forks on the horizon, which will alter the history course of ETH even further. As a prediction market project, situations like those could spell imminent doom.
Image credit 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
