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Decentralized Incentivized Tournaments Will Revolutionize the Sports Prediction Market

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Prediction experts and analysts are in for some good times as sportsbetting platform, BlitzPredict is offering reward opportunities for accurate predictions on the platform.

The company will use a portion of its BPZ holdings to sponsor tournaments where users can earn free BPZ. Some tournaments will only be available to users who agree to lock up a certain amount of BPZ over a specified timeframe.

Changing the system

This is a far cry from the usually obtainable pattern where perceived experts are not held responsible for their predictions. In some cases, because such predictions are hosted on centralized platforms, there is the possibility of alteration.

With BlitzPredict blockchain implementation, games analyses and forecasts are presented on an open decentralized ledger that is immutable. This system does not permit the unethical behavior of altering predictions, therefore the performance of experts can be tracked. As a matter of fact, this is the technicality that makes it possible for BlitzPredict to host a season-long tournament. Beyond that, knowing that they will inevitably be held accountable for their forecasts, game analysts are motivated to work harder in delivering well researched and analyzed information.

From competition to collaboration

Before now, the unhealthy competition that exists between independent platforms seeking to impress the betting community as a marketing practice is blamed for most of the malpractices encountered. This is because the platforms rarely share information among themselves. But by having everyone resident on a decentralized platform, BlitzPredict offers an opportunity for collaboration and mutual benefits between participants in the industry.

Also on this platform, users can set up smart contracts to automatically execute a wager when certain criteria are met, bet alongside the expert of their choice, escrow with sportsbooks for immediate payouts, and store information for immediate transactions in the marketplace. BPZ will be used to activate smart contracts. Wagers made in BPZ will automatically have smart contract functionality enabled.

Enhanced liquidity

The platform is powered by the Bancor protocol which further provides liquidity and low rates for the users. These users will be able to instantly exchange tokens without needing to use an exchange or find a buyer. BlitzPredict aggregator and liquidity reserve will ensure that users always get the best odds and receive guaranteed instant payouts.

Again, on the part of experts and analytics, the platform will incentivize sports experts to contribute to the platform and work with them to create powerful predictive models. These models will be tested publicly and predictions must be made using actual odds available in the market at that time. This is the basis for the aforementioned tournament.

Tournaments

To this end, BlitzPredict will also sponsor tournaments, where experts can share their models over a certain duration (e.g. an NFL season) and be rewarded for accurate results. Community members wishing to encourage the development of models in certain disciplines can also choose to sponsor tournaments by escrowing BPZ to be awarded to the most accurate predictions over that timeframe.

The sportsbetting industry is indeed set for interesting times ahead which comes with enormous mutual benefits with all parties involved, thanks to BlitzPredict and blockchain technology.

Disclaimer: 
Live Bitcoin News does not endorse this publication, not any of its members are associated with it. Readers are recommended to research on their own before making any investments in any company.

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