Categories: EducationFAQ

What Is Delphy?

While they’re not talked about all that much, prediction markets have always been an important part of financial domains globally. However, with the introduction of the blockchain, conventional trading setups are witnessing an overhaul, with future trends and predictions now subject to new decentralized mechanics.

Delphy is an all-new blockchain-based prediction market that allows users to bet on real-world events. With its blockchain design, the platform is able to completely eliminate elements of uncertainty, thereby allowing users to:

  • Forecast real-world events
  • Trade predictions

In terms of its usability, Delphy brings together two highly complex domains — crypto and prediction betting — and presents them in a palatable fashion that allows for more efficiency and less financial risk.

Also, while there might be other prediction markets available for use across the globe today, Delphy is one of the only such services available in China.

Additionally, Delphy serves as an excellent social platform where investors can come together and create their own betting markets. Owing to its highly intuitive and simple UI, this service has made it easy for digital asset owners to make accurate decisions regarding their alt-currency holdings using a novel setup.

Overview of Delphy

  • Core governance module is completely decentralized.
  • Promotes information sharing among participants, thereby reducing the risk of scams and fraud.
  • Has been built with an added focus on smartphone usability.
  • Allows predictions to be placed on real-world events.
  • Comes with an easy-to-use interface.

Key Features

Delphy is based entirely on the Ethereum blockchain and makes use of a localized service client called LES which allows for better remote accessibility. Additionally, the platform also utilizes a P2P protocol that facilitates direct interaction between various nodes on the blockchain. As a result, Delphy is able to scale up or down as needed.

Overview of the architecture employed by Delphy (courtesy of the official whitepaper)

It should also be mentioned that this platform allows users to create markets using the same event but with different preferences. For example, each betting market can have niche trading aspects such as:

  • Varying loss limits
  • Different deposit amounts
  • Malleable delivery rates
  • Unique dispute arbitration mechanisms

Additionally, Delphy utilizes an event filter designed to weed out illegal or unethical events, such as predictions pertaining to someone’s assassination or the overthrowing of a national government. All of the predictions that are published on the marketplace go through regulatory and legal checks before they are made open to potential investors.

                         

Visual representation of how prediction markets and events work on the platform

Lastly, this platform also acts as a social interface where network participants can come together and chat with one another. Not only that, there is also a P2P payment module built into the system that allows for instant money transfers.

How Delphy works

To start off with, Delphy uses an open-source framework that is not only decentralized but also makes use of smart contracts to facilitate internal transactions. These pre-defined contracts are also used for other purposes such as:

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  • Issuance of native DPY tokens
  • Creation of specialized prediction markets and events
  • Implementation of oracles and event filters
  • Execution of pricing, trading and matching events

A simplified illustration of DPY token mechanics

Another major aspect of this platform is its use of a decentralized file management system called Swarm. This protocol helps streamline the storage of static data sets as well as metadata pertaining to specific events and prediction markets. As a result, mobile devices are able to access Delphy in a highly efficient manner.

As mentioned earlier, Delphy makes use of a technology called Light Ethereum Subprotocol. LES is a mechanism which allows the head of a block to be downloaded instead of the entire block during the synchronization process. This helps in increasing users’ access to information as well as enabling better remote operability.

About the project

Since its inception, Delphy has garnered a lot of attention from crypto enthusiasts across the globe.

The founder of this project is Bo Wang. Bo holds a master’s degree in information economics from the University of Michigan and is also the person behind Factom, a digital blockchain engineering firm based in Austin, Texas.

Bill Shiwu is the backend dev for this platform. According to his LinkedIn profile, Bill is an expert in the field of 3D game engine design and has previously worked with some of China’s largest video game publishers. Lastly, Jerry Qinggang is the lead tech for Delphy. He has previously served as a staff engineer for various IoT and cloud computing ventures within China and East Asia. His other areas of expertise include:

  • JVM/EVM
  • Hyperledger & Fabric
  • JavaCard and N3 cryptographic algorithms

Token Performance History

Since Delphy tokens have only been on the market for a little over four months, it can be hard to assess their full future potential.

DPY token lifetime performance chart (courtesy of Coinmarketcap)

Upon its release, the value of a single DPY token was around US$0.81. The currency hit its all-time high on the 5th of January when the price of a single coin rose to an impressive US$4.58. However, as of March 9, the price of DPY currently stands at US$1.19 per token.

Final Thoughts

While the technology used by Delphy may not be novel, the fact that the developers of this platform are targeting an Asian audience could be what really sets this product apart from the rest. Since betting is a big part of many Asian cultures, it will be interesting to see how that market responds to such a blockchain service.

Even though the performance of DPY has been quite strong up to now, potential investors should still do a bit of research on their own before they go big on this currency.

If you would like to start investing in Delphy, DPY trading pairs are currently being offered on OKEx and Gate.io.

Shiraz Jagati

Shiraz is a cryptocurrency journalist and analyst living in Melbourne, Australia. When not exploring the emerging blockchain ecosystem, he loves to play the blues and dabble in the world of meditation.

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Shiraz Jagati
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