OpenPredict.io AMA Recap

OpenPredict.io AMA Recap

CryptoDiffer team

We are glad to meet here 

CMO & COO at DAOMaker (@HatuSSS)

COO at OpenPredict (@oliverngg)

CMO & COO at DAOMaker, Hatu Sheikh

Hey guys, happy to be here

COO at OpenPredict, Oliver Ng

Hey guys, glad to be here 🙏

CryptoDiffer team

Q1: Guys, Can you introduce yourself to our community ?

COO at OpenPredict, Oliver Ng

Hi I started my career in investments with real estate, but quickly established myself as an angel investor in the crypto I’m a long-established member of various cryptocurrency communities .

CMO & COO at DAOMaker, Hatu Sheikh

Hey guys, I am a part of DAO Maker. We provide technology and consulting to some of the biggest coins in the space, like NEM, Avalanche, and Elrond. We also accelerate and invest in early stage developments.

CryptoDiffer team

Q2: Can you briefly tell us what is OpenPredict in 3-5 sentences?

COO at OpenPredict, Oliver Ng

OpenPredict is the first DeFi protocol to turn live predictions into liquid assets. 

This is the first solution to provide deep hedging and insurance on any asset, smart contract, or event.

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved and about your upcoming plans?

COO at OpenPredict, Oliver Ng

The development is heavily product-focused. The 100-day mark would cover Q4, which is when the first product launches: TrustPredict. 

It’s designed for pre-release of the main product (open-market options). TrustPredict allows 1-on-1 predictions on anything, without the need of an escrow or coding skills. It’s main purpose is to serve as the retractor of early user base in preparation for the launch of open options.

CryptoDiffer team

Ok, thanks for interesting answers!

Let’s move to the Telegram community questions part.

Cryptodiffer Community

Liquidity factor is a problem for DeFi projects with their tokens, so does OpenPredict have any liquidity program to encourage natural token demand and liquidity?

COO at OpenPredict, Oliver Ng

To incentivize users to provide early liquidity for OPT, we are creating strong early rewards for liquidity providers. Our Liquidity Program will be launched on Uniswap to ensure our community can enjoy trading yields on top of a 1% interest, DAILY!. Furthermore, we also have a secondary product called oSwap which is a swap network exclusively dedicated to the trade of event-specific tokens with a low 0.15% fee when paid in OPT tokens. OPT tokens will be airdropped to minters who create liquidity on oSwap as well.

 

Cryptodiffer Community

In your roadmap I have seen that you mention 2 tokens, “o” and “io”! What role do these tokens play in OpenPredict?

COO at OpenPredict, Oliver Ng

Well, basically, the protocol works by generating a tri-smart contract system for every event. The first contract acts as an escrow for the ‘predictors’ and the other two mint tokens that represent the correct predictors (‘o’ tokens) and the incorrect ones (‘io’ tokens). Both tokens are event specific and have an initial price of $100, but it can change as the event goes on. These minted tokens, are event specific.

Cryptodiffer Community

yesterday, you can see that the number of people who signed up for WhiteList to buy OPT is extremely large. There are even people who are willing to spend 5 times their initial purchase to get OPT if the registration was successful yesterday. So what is the reason why OpenPredict is the hottest keyword today? Is the way of possessing OPT in a new way fair to everyone?

COO at OpenPredict, Oliver Ng

3 words to describe us: DEFI + UNISWAP + LOW VALUATION .And The team is backed by DAO Maker (https://daomaker.com/about) which is one of the most respected incubator in the space. They were heavily involved with the likes of Orion Protocol, Elrond, LTO Network and 2key. We expect products to be delivered, transparent means of operation, etc.

Cryptodiffer Community

where can I buy OpenPredict tokens? and is it ready to be traded?

COO at OpenPredict, Oliver Ng

Will be listed on uniswap after the sale finishes. The whitelist public sale details will be announced today

Cryptodiffer Community

Is your team the best?Do you have any blockchain engineers on the team or have plans to add additional?

COO at OpenPredict, Oliver Ng

Our CTO has 4 years of blockchain experience in solidity and BitcoinScript, he is one of the original contributors to Zcoin protocol. Its rare to find people with 1 year of experience in blockchain so we are very happy to have him on board.

We are currently also onboarding 2 more solidity developers that will join the team.

Cryptodiffer Community

What’s o and io tokens and how does Oswap better than Uniswap

You have plans for a Multi-Chain TrustPredict for Q4 2021 which will support Polkadot and multi blockchains. Why did you then launch initially on ETH blockchain

COO at OpenPredict, Oliver Ng

‘o’ and ‘io’ tokens is a simple denomination that we gave to correct predictors and incorrect ones. Every event launched on OpenPredict will have both tokens that are event-specific. They can be exchanged inside oSwap, our own swap network dedicated exclusively to these tokens. The main benefit of oSwap compared to Uniswap is the 0.15% fee (using OPT) tokens or 0.2% fee normally, which is still far lower than the 0.3% Uniswap offers.

Cryptodiffer Community

Can you summarize what are the main and greatest advantages that OpenPredict has over the rest of the competitors? what are the 1-3 year development plans?

COO at OpenPredict, Oliver Ng

one of the core advantages Open Predict has compared to other defi protocols is that we actually introduced a new idea to the market. The technical implementation of our roadmap is luckily not as extensive as many other projects.

We expect to have finalized our detailed technical paper in about 2 weeks. We hope to finalize Trust predict the first main millestone on our roadmap in 3 months.

Cryptodiffer Community

What strategies has PlutusDeFi put in place to ensure it platform is safe and secured against black swan event such as smart contract vulnerabilities? Unfortunately if such happens, Is the platform insured or how can users get their funds back?

COO at OpenPredict, Oliver Ng

Firstly, we’re working with a number of auditors. Secondly, one of the functions of our fees is to create a re-audit pool of funds, go that the fees users pay, will reinforce the security of our smart contracts and the platform itself continuously – https://about.plutusdefi.com/token/utility

Users can also purchase insurance through the insurance providers we are integrating, like nexus mutual and OPYN.

Cryptodiffer Community

Could you give us an overview of OPT tokenomics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?

COO at OpenPredict, Oliver Ng

For sure, there are only 9.9 million tokens available and our sale was only $250,000 worth of tokens, which represents 25.25% of the total supply. The token is designed to be a deflationary token thanks to regular buybacks and burns. OPT holders can greatly benefit from the token thanks to a few incentives. For instance, minting fees and escrow fees will go directly to OPT holders. Furthermore, using OPT can have numerous other advantages like discounts on many of our products.

Cryptodiffer Community

What future developments would you expect would be most appealing to larger institutions?

COO at OpenPredict, Oliver Ng

OPT has a clear revenue model for the token from which based on our traction larger institutions can easily calculate OPTs P/E ratio.  This makes it possible to manage risks better which is usually important to larger institutions.

Cryptodiffer Community

Thanks to the planned availability and simplicity of the OpenPredict betting mechanism, one can create countless predictions. As a result, we can get the same countless number of tokens. Are there plans to somehow censor or regulate the prediction market to avoid abuse and fill the market with token with artificially inflated value?

COO at OpenPredict, Oliver Ng

Well, OpenPredict is not necessarily a ‘betting’ mechanism per se. Our main focus with the protocol is to enable big investors, hedge funds, etc to hedge risk. We are trying to build a protocol focused on providing insurance to liquidity pools in lending. The protocol is open and the possibilities are certainly limitless but every event-specific token does eventually cease to exist.

Cryptodiffer Community

Q: How Openpredict maintains and controls flexibility, cost and security which three important things on blockchain?

Q: I want to learn more about Openpredict, but the information is very small, most of Openpredict social networks are less active, the community is relatively empty and less, what strategy does Openpredict team have to develop the community and maintain long-term user?

COO at OpenPredict, Oliver Ng

OPT will kick off with social mining in soon after our Token will be live. We have allocated a large portion of tokens to community rewards and are currently planning and setting up our community ambassador program. 

There will be a lot of interesting things to do for the community with OPT. Also we have the support of DAO Maker who are one of the best community builders in the space

Cryptodiffer Community

It is known that blockchain ecosystems thrive on two basic elements: underlying infrastructure and users. So how does your project leverage these two pillars to become a top DeFi project?

COO at OpenPredict, Oliver Ng

That is very true. One of the reasons why we decided to go with such a small hardcap is to also create more interest in our token and have users win if they join us and our network. During the sale yesterday 15.000 users attempted to join the OPT whitelist. We hope a large part of them will become active users.

Cryptodiffer Community

What future developments would you expect would be most appealing to larger institutions?

COO at OpenPredict, Oliver Ng

We have a large array of products coming up. We will have a marketplace where anyone can ‘buy’ insurance against protocol failures. Orderbook, price-based events which should be extremely useful to funds or any large trader looking to hedge risk.

Cryptodiffer Community

Now the market is flooded with many projects, extreme competition. How will you ensure your project always get users and stay above your competitors?

COO at OpenPredict, Oliver Ng

Luckily for us most defi protocols are not competiting with us but amongst themselves most are forks that all tend towards yield mining. OPT will be more fun for users as it will offer them a simple UI/UX on which to place binary option bets.

Our competition will rather be with a lot of the TRON and EOS ecosystem that focuses very much on betting dapps.

Cryptodiffer Community

Why are there two types of fees in OpenPredict? Minting fee and Maintenance fee? Can I get discounts on fees in someway?

COO at OpenPredict, Oliver Ng

There are three fees actually, the minting fee, which is 1% that all participants pay, the escrow maintenance fee, and the TrustPredict maintenance fee when the product is ready. You can get a 25% discount on oSwap fees while using OPT tokens!

Cryptodiffer Community

Can you explain more about TrustPredict 2.0 and why it was created?

COO at OpenPredict, Oliver Ng

As of now most the defi user base is on the ethereum blockchain however we see a lot of potential in other chains as well such as polkadot that also have an already grown and impressive ecosystem and userbase. 

With ethereum gas costs being this high we hope that Ethereum will be able to successfully launch ETH 2.0. We want to prepare for alternative solutions in case ethereum fails to do so.

Cryptodiffer Community

What are your strategies to get a mass adoption for OpenPredict?

COO at OpenPredict, Oliver Ng

We have already received a great response from the community and we are heavily oversubscribed. Of course, this is only the beginning but we believe the OpenPredict protocol will be the key to mass adoption as it can be used by large traders, hedge funds and really, any investor looking to hedge idiosyncratic risk.

Cryptodiffer Community

Q: How did Openpredict survive in during long bear market? Can you share us on recent achievement your team are most of ?

Q: Now, in the world have many impressive crypto project so what is your advantages over them to attract new investors and customers?

CEO at PlutusDeFi, Arnie Hill

Luckily for us most defi protocols are not competiting with us but amongst themselves most are forks that all tend towards yield mining. OPT will be more fun for users as it will offer them a simple UI/UX on which to place binary option bets.

Our competition will rather be with a lot of the TRON and EOS ecosystem that focuses very much on betting dapps.

Cryptodiffer Community

Q1: I see the main idea of OpenPredict is to “merge the three prominent product markets in the Crypto market: predictions, DeFi and trading” into one Decentralized prediction markets. This is a huge ambition, how your Team can turn this idea into a real product. Can you elaborate on this?

COO at OpenPredict, Oliver Ng

Great question, our team consists of many blockchain experts with dozens of years of experience. More importantly, Tadhg Riordan, the developer, is known for being a top contributor to Zcoin, one of the biggest cryptocurrency projects ever. Riordan successfully implemented the Zerocoin protocol in the Ethereum Virtual Machine, we are more than confident in his ability to make the OpenPredict a robust and secure protocol.

Cryptodiffer Community

What is the essence of Strong Holder Offering (SHO)? Why did you choose such model?

COO at OpenPredict, Oliver Ng

The SHO is a model from DAO Maker and we choose DAO Maker as the platform to do our raise and help us with our incubation. THe value of a coin is directly related to its holders and we want strong holders that will be with us for years and not flippers.

Cryptodiffer Community

Q: How did Openpredict survive in during long bear market? Can you share us on recent achievement your team are most of ?

Q: Now, in the world have many impressive crypto project so what is your advantages over them to attract new investors and customers?

COO at OpenPredict, Oliver Ng

Our team has been in the industry for many years, lorenzo since 2016 and tadhg since 2016. In order to be successful in crypto we will need to move fast and deliver in the next few months. Most companies that take years to develop their technology never really take off.

Cryptodiffer Community

•  The commissions in oswap will be much lower than in Uniswap, but which pairs will it be possible to swap? Only ERC-20 tokens? Do you think that with the high cost of gas, people use this method?

•  Why are there two types of fees in OpenPredict? Minting fee and Maintenance fee? Can I get discounts on fees in someway?

COO at OpenPredict, Oliver Ng

Oswap is mainly dedicated for the Bets of OPT protocol, we would assume that with lower fees some of the userbase will move.

Cryptodiffer Community

What is the history of building OpenPredict and what prompted OpenPredict to take up the challenge of providing open source access to transparent pricing oracles for DeFi? 

can you sharing to us about OpenPredict product updates?

COO at OpenPredict, Oliver Ng

Decentralized Finance is still a fairly new concept, however, the need for a protocol like OpenPredict is certainly not new. We certainly know that creating such a product is not an easy task but we are confident in the expertise of our team and we have plenty of product releases in the next few months.  One of our main products will be a marketplace for insurance against protocol failures. This can be used by anyone that wants to protect his investment. The platform will allow anyone to hedge the risk of protocol of any liquidity pool.

Cryptodiffer Community

The commissions in oswap will be much lower than in Uniswap, but which pairs will it be possible to swap? Only ERC-20 tokens? Do you think that with the high cost of gas, people use this method?

CMO & COO at DAOMaker, Hatu Sheikh

oSwap is dedicated to “o” and “io” tokens to facilitate growth of the OpenPredict products. Not meant to be a competitor against Uniswap. 

It has a different purpose: reduce fees to bolster volume for the options being issued.

Cryptodiffer Community

Could you give me 3 key points to convince me and other angel investors invest in OpenPredict Protocol in long-term?

COO at OpenPredict, Oliver Ng

We will publish our technological paper that will describe this whole process in around 3 weeks.

Cryptodiffer Community

How will OpenPredict plan to dominate DeFi market?

COO at OpenPredict, Oliver Ng

Our mission is to become a fundamental pillar in the DeFi market by providing customers with the ability to hedge risk against many things, they can launch almost any event which can be used to create decentralized hedging or risk insurance opportunities. The main focus of OpenPredict is risk hedging for traders, insurance against protocol failures through default swaps, and highly leveraged trading for assets with limited order book depth (or even those with no order book, such as unlisted assets).

Cryptodiffer Community

Could you briefly describe the products that OpenPredict will have to offer us? and, why should we invest on them?

CMO & COO at DAOMaker, Hatu Sheikh

The OpenPredict protocol is open and many products can be launched on top of it. We have plenty of products coming up, oSwap and TrustPredict will be ready soon but we also plan to add a marketplace for insurance against protocol failures, the ability to launch open predictions without fixed odds and order book price-based events.

Cryptodiffer Community

With the slogan “Turn your live predictions into Liquid Assets”. Can you tell us what is your strategy and what are your team doing in helping the mass adoption of OpenPredict?

COO at OpenPredict, Oliver Ng

Before OPT can tackle mass adoption blockchain first needs to and defi as a whole. The DEFI market is growing very rapidly and our initial plan is to target a lof the blockchain based gambling users on Tron and EOS dapps to move over to Open Predict. Of course we also target the existing Ethereum DEFI user base and will approach them with far simpler UI and better UX than many of the existing yield farming protocols.

Success is in simplicity and that is how we aim to continue growing our userbase.

Cryptodiffer Community

Could you give me 3 key points to convince me and other angel investors invest in OpenPredict Protocol in long-term?

COO at OpenPredict, Oliver Ng

– OPT is an innovative distributive idea yet a very simple one. The technical implications of building out OPT is not too complex and our CTO is one of the few people in the space with over 4 years experience. 

– Unlike many other protocols, OPT has a rather modest valuation. We want to start low and be able to grow with our community. 

– Support of DAO Maker. We are very happy to be supported by DAO Maker they are a huge help and so far most of their projects had a lot of success over the long run.

COO at OpenPredict, Oliver Ng

Alright, I think we are out of good questions now!

Unfortunately, we are out of time!

Cryptodiffer TEAM

Thank you for you answers, it was an insighfull session

Thank you everyone who participated, great questions as always!

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