“A centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society.”
- F.A. Hayek, Economist, and Philosopher
Imagine the power to predict the future. To know, for example, within a reasonable certainty, if a president will be reelect, or if the price of gold or oil is going to increase significantly in the next twelve months. Or to know, just for fun, if the USA will win the 2018 FIFA world cup. All these glimpses into the future, and many others, will become a reality with the decentralized prediction market platform created by BCG.
But how can someone predict the future? Is it really possible? With BCG it is. It will allow anyone to start a bet on any topic at anytime, anywhere. Users will bet on a specific event (also known as share) actually happening. If the price of a share represents the probability of an event actually occurring, then the price of each share should add to, let’s say, one dollar. If the user is betting on a share that has even odds of occurring, then the share will costs 50 cents. If the user is right, he/she will win 1 dollar, if he/she is wrong, he/she will lose his 50 cents. This system will incentivize users to bet only on those events or shares on which they are more certain to be right. And therefore, creating more accurate predictions.
Does it work? Yes it works! It has been demonstrated that if enough people are asked about a specific topic, their aggregate answer, that is, their average answer, is in most cases more accurate than the opinions of experts. In a sense, BCG, with the aid of decentralized blockchain and smart contract technology will make that old adage a reality: Vox populi, vox Dei. That in essence means that there is an immense source of wisdom in the collective consciousness of the crowd.
Why does BCG make use of decentralized blockchain technology? Is it really needed? Yes it is. The problem with predictive markets is actually their centralization. Centralization allows malicious agents to manipulate or tamper data for their own personal gain. Imagine how important this issue is when it comes to election polls, or sports betting where transparence and fairness is absolutely necessary.
And what does BCG will offer its users to make these glimpses into the future a reality?
A front-end interface for users to participate in event prediction. Anyone can release its prediction event to the whole network by using the prediction software and set a reward to inspire those persons who can share special information.
An independently developed wallet application where a user can publish predictive smart contract trading participation forecasts directly in the wallet application center. The prediction reward will be automatically transferred to the user’s wallet address after a prediction has been made.
An instant chat software called Fastgrat which supports Android, iPhone and pc, which integrates rich functions such as wallet payment, OTC, and digital money cashing. In the future, Fastgram will develop into a social network to link users with the blockchain world and eventually become the “WeChat” of the blockchain field.
BCG is developing a digital cryptocurrency exchange, which supports users to trade different coins and cash both legal and digital money. The exchange is a financial instrument based on the prediction market. This exchange can show the predictability and versatility of the market in the financial sector and provided crypto currency traders with more accurate risk hedging instruments.
In conclusion, The BCG prediction market platform will bring huge reforms to the finance, information, agriculture, sports, insurance, security and lottery industries in the future. But what is more important, is that it will have everyday people using it, giving everyone an opportunity to glimpse into the future and therefore it will give a much more accurate reflection about what is actually happening in our society in all human endeavors.
Company name: BC GAME FUNDATION PTE.LTD
Company site: https://bcgchain.com
Company contacts: Jeffrey Chen, CTO
Company email: firstname.lastname@example.org
Tel: +1 337-806-3925