PredictEV is a project from @natedogg | @steve27 | @justbc and @adsbc here on Steemit. The thing they aim to do from what I understand is to replicate something similar to the Steem model but fully focussed on Sports, Stock and Cryptocurrency Predictions which should lower the entry barrier for people to make profit from sharing their ideas.
One of the first things many people judge a project on, is the name and logo. In the case of PredictEV this is really solid in every way. Not too long or complicated even though it can be pronounced in different ways (I prefer Predict EV instead of Predictive) and the name itself makes very clear what it's about. Based on the website, it's still early in the project with basically only a logo, whitepaper and team which is fine. Something I'm not a fan of, is that you need to enter your email before you can download the whitepaper. A random email address works just fine if you are not willing to give out your real email though...
PredictEV aims to replicate a similar model to Steem but developed specifically for people who do Sports, Stock or Cryptocurrency predictions. One of the reasons I joined Steemit and invested in some Steem Power is because I really believe this kind of model can work and provide a real source of income over time (along with the fact that it was an enjoyable experience from the start). It is really hard to make a stable living purely from betting, stocks or crypto because they are by nature probabilistic and having big losing streaks is not only possible but very likely despite being a long term winner.
The only real way to make a guaranteed profit from your betting predictions right now is to start a service and sell your bets. The amount of paid betting services that can be found on the internet is massive, but few of them actually end up making profit and even a lower amount end up making their customers any profit. Often times records are also fake and a lot of scamming is going on in this business. Putting everything on a blockchain should provide a solution for these issues.
The beauty about Steemit when it comes down to Sports Betting is that providing profitable bets is not required in order to make money. The social interactions themselves have value and sharing just info, reviews, articles, tutorials, personal results,... can all get rewarded. From what I'm reading, PredictEV will mainly be built around the predictions themselves and offer much better functionality around that compared to steemit currently.
The Whitepaper is well written and often makes references to how Steem works, while explaining what they will do different. I might make a post going in greater detail in the near future or once the platform can be tested when it goes live. There are no real technical details or a real roadmap in the whitepaper which can be found on their website or here.
I have been thinking a lot about Steem and where the money comes from. The reason it all works is basically because of supply and demand. As long as new people keep signing up, become active on this platform and believe Steem is worth something, the newly created steem will get bought up. Real life use for Steem or Steem Dollars will probably be needed to get out of this cycle.
A token often needs users to be valuable, while at the same time needs to have value in order to attract users
Getting this off the ground will probably be the hardest challenge for PredictEV or any platform that does not have any kind of user base yet. The smaller the target audience the more difficult it gets to actually give tokens value. Also accommodating stocks and cryptocurrency tipsters should make a big difference in this regard. There are also some competitors in the crypto space who will also offer users ways to monetise their predictions (Blitzpredict & Fansunite)
List of Available Blockchain Sports Betting Projects
- Invested in Wagerr at ~0.100$ Price (*)
- Invested in Betterbetting at ~0.060$ price (*)
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This post will likely get some paid upvotes 24 hours after it was published which should give everyone who showed support some extra Curation Rewards...
Thanks !
I read the whitepaper some time ago (and may be incorrect) and from what I've understood, predictev will use the accuracy of the predictions as one of the factors in rewarding the tipsters.
Since @natedogg has been engaged with our community here (before we were as organized), I think that we should support his project. Sure, it will take much more than the small steemit's sports bettors community to succeed at large, but it can't hurt it either.
Cool to see someone from the Steemit community create something thats in the niche of us sports bettors! Hope it works out for them and eventually we as well will be able to enjoy the platform.
Thanks for the thoughtful post about PredictEV, @costanza! Our blockchain is currently running in a private testnet, and we’ll be opening that up to the public soon. Our big tasks for the upcoming week involve completing our user interface. We’re in the home stretch though in terms of getting a test version of PredictEV shipped!
I'm looking forward to testing it out !
By the way, here’s a direct link to the whitepaper: http://bit.do/bPredictEV-whitepaper-pdf
Thanks, I added it in the article along with a mention to @justbc, @adsbc, and @steve27
Nice post on this exciting new endeavor from a fellow Steemian, @natedogg.
I find the concept intriguing and I look forward to launch and testing it out, myself. While I have been busy outside of Steemit and my sports betting endeavors have been curtailed, this just might be the catalyst to get me back into the groove.
Thanks for giving us you take on this!
@justbc, @adsbc, and @steve27 are part of the PredictEV team too. Don't want everybody thinking I'm building this alone!
Keep up the great work. These posts are terrific for the sports investor! 👍
They should use Steem Media tokens :)
It would be nice to see something like this on the Steem Blockchain since it already has the userbase. I asked
@natedogg and it won't be using SMT's or build on EOS.
It would be nice but I can understand why they aren't, since it would likely delay the project. Plus I have a feeling that doing the project from the ground up with a new blockchain will allow them to do things that the steem blockchain just isn't ideal for. The userbase issue could definitely be a problem though as sports and the predictions arena is very niche. I wish them the best of luck though.
We considered building on Steem, but ultimately concluded it didn’t make sense based on a variety of factors. We may port the network over to an EOS chain eventually though.
@costanza its a good idea that will be very helpful for us.
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