PredictCoin AMA Transcript

"A crypto assets price prediction DAO on #BinanceSmartChain"

By
BSCNews
on
September 11, 2021
Category:
AMA

Andrew (BSC.News):

Hello everyone, today we have Joey the CEO and Founder of Predictcoin joining us to answer questions about your exciting new project! Welcome Joey, pleasure to have you here 🙂

Joey (Predictcoin):

Thank you, Andrew.

Hello everyone. Nice to be here.

Andrew (BSC.News):

Yeah, great to have you here!

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway. Sound good?

Joey (Predictcoin):

Yes, sounds good.

Andrew (BSC.News):

Okay fantastic


1. Can you give us an introduction to yourself and your background?


Joey (Predictcoin):

I'm Joey, founder of Predictcoin. I've been in the crypto space for 3 years and a huge fan of Blockchain and DeFi in general, before even thinking of building on Binance Smart Chain.

I love to buidl and help projects add value to users wherever possible. I and my team have been on BSC since the beginning, observing and taking notes of what users want and what will bring value to this ever growing and fun community.

Andrew (BSC.News):

Okay thanks for that introduction. And as a huge fan of the DeFi space and loving to build


2. What is Predictcoin and what is the overall mission that you bring to BSC?


Joey (Predictcoin):

Predictcoin is an all-in-one crypto-assets price prediction DAO, our users would be able to stake, farm & predict the prices of various crypto & non-crypto assets, including NFTs.

The goal of Predictcoin is to decentralize and redefine the traditional crypto assets prediction, by revealing the price predictions of experienced predictors for the world to see.

On BSC, the most asked questions is "Is this coin going to pump?", Even with the NFT craze, we see frequent questions like "Is this NFT going to be worth more soon?"

These are some of the reasons why we are building the Predictcoin platform. Where experienced predictors of crypto and non-crypto assets would be ranked and their predictions revealed for our users to see.

Andrew (BSC.News):

Okay I see, so it's not only to implement the the prediction aspect

But also to allow users to see what the most experience predictors are guessing. And being able to take their opinion into account when making trades

Almost like using Vegas odds as a reference for sports bettors

Joey (Predictcoin):

Yes, exactly. For our users to have a clue and decide to themselves what they want to do and if to take action or not to.

Andrew (BSC.News):

That's really neat


So before we talk more about this


3. What is $PRED and its use cases for your platform?


Joey (Predictcoin):

$PRED is the governance token of the Predictcoin platform. With only 100,000 max supply, it serves as the native asset to stake, farm, vote and predict the prices of various crypto and non-crypto assets on our platform.

It would also be exclusively required to bid for PRED NFTs in the upcoming NFT marketplace later this year. With more usecase to come.

Andrew (BSC.News):

I see, so essentially an all-in-one token for your ecosystem

But for those who may be unfamiliar with predictions


4. How does predicting Crypto Assets work? Why should DeFi users use it?


Joey (Predictcoin):

That is a good question. The Price Prediction V1 comes in two variants, we have the main Price Prediction and Price Forecast. They are both similar but with different features.

In the Price Prediction, users would have up to 5 days to predict on various crypto assets by inputting the price it would be on a specific day/time (for example if it's on Saturday 11am UTC, then they have from Monday - Friday 7pm UTC to input their price prediction.

Each coin would accept only 100 predictions and each prediction costs the same amount of PRED. The PREDers with predictions closer to the actual price of the token would be ranked automatically & rewarded. 80% of the PRED used on each coin would be distributed to the winners according to how they're ranked and 20% burnt immediately.

While the Price Forecast utilizes the traditional prediction by allowing users to forecast the price of their favorite cryptocurrencies on a 24 hour period.

This can be done by choosing "Bear" or "Bull" of the coin's current price and if you're right after the 24 hours period you earn 50% of the PRED you deposited, but if you're wrong your PRED would be burnt immediately.

The Price Forecast would also be used in our sports & NFT prediction, where you can predict the scores of football and sports games, as well as unique NFT's prices using PRED. However, we will charge a fee in BNB from users who will participate in this version.

DeFi users would benefit from using our platform because they will learn a thing or two about crypto prices and would earn if they are good at predicting or just by staking. On Predictcoin, PREDers will be naturally divided into predictors or spectators. They are all welcome to join us.

Predictors are those who predict the prices of their favorite cryptocurrencies for everyone to see, while spectators are those who observe, learn and decide if they want to take action or not.

Andrew (BSC.News):

So for your Price Forecast winners, where do the winnings come from?

As in, are the winners paid in the tokens that the losers deposited? Or if you lose are 100% of the tokens you deposited burned?

Joey (Predictcoin):

The winners are paid in PRED. For the Price Forecast, users will pay a fee in BNB to participate and a percentage of those BNB would be used to buy back PRED to distribute to users. Why the Price Prediction V1 comes with the Price Forecast is because we already reserved some PRED tokens for it.

Once the PRED tokens finishes. The Price Prediction V2 won't come with the Price Forecast, just the normal prediction.

Andrew (BSC.News):

I see, thank you for that clarification!

So a question I had was for those wishing to maybe use a bit of leverage or for someone who is really confidant in their prediction


5. Would you ever partner or incorporate a lending and borrowing protocol to use when predicting?


Joey (Predictcoin):

Good question, Andrew. I have to admit, we have thought about that, but we haven't decided if and when that would happen. Because it might confuse our users and we want our platform to be as user-friendly as possible.

Moreover, our price prediction is different from the traditional prediction seen on other platforms. Our goal is to make predictions easy and simple for our users with just a few clicks.

However, we would keep the community updated if we decide to incorporate this.

Don't get me wrong, we will be open to partner with a lot of projects that would offer value to our users and platform as a whole.

Andrew (BSC.News):

Completely understandable

So you talked a bit about this in the beginning but let's unpack little more


6. What other features do you offer on Predictcoin?


Joey (Predictcoin):

We are constantly building and thinking of new ideas to make the Predictcoin platform enticing to new and existing users.

We have the staking feature, which would allow users to deposit PRED and earn more PRED. This is an easy way for our users to earn safely while holding our governance token.

We also have farming, users who add liquidity in BNB-PRED/BUSB-PRED pairs would be able to deposit them on our platform and earn PRED as well.

NFTs are also coming later this year, users can earn NFTs after bidding with PRED. Holders of such NFTs would be able to predict on some coins without PRED for a limited period.

Andrew (BSC.News):

Great, so the reason why I am actually familiar with crypto prediction is because of Pancake Swap's prediction feature

But as I see all these amazing projects come on board with BSC.News, I see more and more adding this prediction feature

So my next question is


7. Why should users use Predictcoin, rather than other Dapps that have this feature for predicting the price of assets?


Joey (Predictcoin):

Users should use Predictcoin because we would always make users' predictions visible for the whole world to see, unlike on other DApps where only the person predicting the crypto asset would know what exactly they predict.

Also, you can choose to be a spectator and not predict any crypto asset. Users can opt to just monitoring experienced predictors and know when majority call "bear" or "bull" and decide to themselves what they want to do if they're holding that particular asset.

Andrew (BSC.News):

Right, and as you just said. This is not an aspect to the prediction feature that I have seen yet

So you did mention incorporating sports

And as we know the world of sports betting is huge with some massive companies in the space already

But even though they may not be on blockchain, I feel as though the move to blockchain for these companies in the future is inevitable

So my next question is


8. Once you incorporate sports, how will you drive traffic away from giants such as Fan Duel, Draft Kings, etc. to your platform?


Joey (Predictcoin):

Very good question, Andrew. That's the ultimate goal, but to achieve this we have to continue building and innovating by taking into consideration what the users truly want and what the giants aren't giving them. At the end of the day, user's satisfactory is our priority.

We believe the future of cryptocurrency will heavily be dependent on users not only wanting to predict crypto prices but also looking for near price predictions that is visible to all from experienced predictors. To get to our goal, we will continue to buidl and innovate to attract more users. And the longer the time these giants take before making a move into Blockchain, the better chances we have into making a difference and establishing a name for ourself.

Andrew (BSC.News):

That's awesome Joey, yes that is very true especially for you and your team to be early to market in the DeFi space against these giants

However, last but not least


9. Any exciting news you would like to announce here today?


Joey (Predictcoin):

Yes, we are having our IPO (PRED public sale) on the 13th of September 15:00 UTC on our platform for users to buy our governance token at a cheaper rate before getting listed on Pancakeswap exchange.

Andrew (BSC.News):

Exciting!

And could you please provide us with links to your social media that you would like our community to follow?

Joey (Predictcoin):

Of course!

Telegram Group:

Predictcoin website:

Announcement Channel:

Twitter:

Github:

Instagram:

Medium:

Reddit:

Andrew (BSC.News):

Thanks Joey! Make sure to go and give Predictcoin a follow. They got a great team working to bring a crypto prediction platform with tons of DeFi features and a decentralized style of transparency to help those interested in predicting to make their own educated decisions !


Tags:
BSCNews

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.