BlitzPredict is a platform that gives sports bettors around the world a new way to make their prediction. Thanks to blockchain technology and smart contract tools, they can access the best available line. BlitzPredict also offers numerous other benefits, including customizable tools run by smart contracts, instant payouts, and access to advanced analytics.
What Is Wrong with Traditional Sportsbooks?
The team behind BlitzPredict felt that a change was needed due to the numerous issues with traditional sportsbooks. Those traditional methods are centralized authorities, and users need to deposit money that remains there for a long time without earning any interest. While traditional sportsbooks do complete wagers nearly instantly to let users continue betting, withdrawing can take weeks. Because the systems are centralized, users lose all their money if the sportsbook in question collapses or defaults.
How Does BlitzPredict Improve on Other Blockchain-Based Prediction Markets?
BlitzPredict acknowledges that blockchain technology resolves the problem of trust but points out that, even then, liquidity remains an issue. Common prediction markets still take as long as a week to resolve a contract or grade wager, meaning the user cannot deploy it.
What Other Problems Does BlitzPredict Tackle?
BlitzPredict additionally takes away the challenge associated with a bettor wanting to find the best possible line via multiple sportsbooks. Having to manually check and compare the books is time consuming and very inefficient. The platform also tackles the fragmented nature of sports analytics. Various sports teams, books, and betting syndicates never share their analytics with others, and it is simply inefficient for these groups with a common goal to compete against each other. BlitzPredict will change this by creating a community where contributions are encouraged, as well as incentivized.
The platform also takes care of the issues related to the fact that “experts” in sports betting do not have any accountability and there are various security issues, both with sportsbooks in general and the blockchain.
How BlitzPredict Makes Prediction Simpler
To understand BlitzPredict better, consider it as an aggregator for prediction markets and sportsbooks. It always refreshes the odds, similar to the ticker on the stock market, making sure that users always get the best possible odds. The aggregator will be completely customizable, as well, so users can see what they want.
The platform also provides smart contract tools to improve interactions with prediction markets as well as sportsbooks. Users will have the ability to set up a smart contract, so it will execute only if specific criteria get met. In this way, BlitzPredict gives users the same tools as advanced betting syndicates. Other uses of smart contracts on the platform include the ability to bet alongside exports, escrow with a sportsbook for an instant payout, or store info to complete an immediate transaction using the marketplace.
How Does BlitzPredict Improve Liquidity?
One of the main methods of liquidity in BlitzPredict is the Bancor Protocol. Users can instantly exchange their tokens, without any need to find a buyer or use an exchange. Thanks to the liquidity reserve, BlitzPredict always has the funds on hand so payouts are instant instead of requiring weeks. For transparency and security, the reserves will always be verifiable by third parties and be publicly audited.
Even better, in areas where it is legal, people can use BlitzPredict tokens (BPZ) to wager on the partner platforms and sportsbooks. This way, they automatically get BlitzPay, including the instant payouts with no wait. Following an event, those who bet with other currencies can use their BPZ to activate the same BlitzPay.
How Will BlitzPredict Encourage Sports Analytic Experts to Participate?
As mentioned earlier, BlitzPredict will include a community that encourages analytics experts to participate and work together. This will be done during incentives, such as earning BPZ for letting users access their information. In return, users will pay BPZ to access that information. The experts can work together or alone to develop powerful predictive models. The models will always be tested, in public, with predictions done using real odds based on the market. To support models and picks, experts will stake BPZ, and the most successful models will get the most community support.
What Are the Tournaments?
BlitzPredict will use some of their BPZ holdings for tournament sponsorships. These tournaments will give users the opportunity to earn free BPZ, sometimes requiring them to lock up an amount of their own BPZ for a given time. There will also be tournaments for experts who share their analytic models during a given period time (like a season of football) and get rewards for accuracy. Community members can also sponsor tournaments with a BPZ escrow.
What Is the BlitzPredict Roadmap?
During Q1 of 2018, BlitzPredict will launch the live production platform that runs on the public blockchain. This will include the smart contracts (for information flow from the experts to the users) and the aggregator. In Q2, it will release a beta version of the platform that includes smart contracts (about automated betting behavior) and the liquidity pool. Q3 and Q4 will include activating the liquidity pool and starting the smart contracts related to automated betting in areas with regulatory guidance.
Moving on to 2019, Q1 will involve the implementation of machine learning databases, which will analyze the data going through the platform. This is also when it will start using the network of contributors to create the community modeling projects. In Q2 and beyond, BlitzPredict will keep scaling operations and tech teams and expand partnerships with both sportsbooks and prediction markets.
Conclusion
Although there are numerous prediction platforms available, both on and off the blockchain, BlitzPredict does seem to offer a unique take. It combines all the useful features of other platforms and adds some, creating a complete package that can appeal to those interested in betting or simple prediction models. The use of smart contracts for executing wagers that meet certain criteria is a standout feature, as are the various ways that BlitzPredict will encourage experts in the community to contribute their analytic models and knowledge.
