What is OpenPredict (OPT)? Complete set of OPT cryptocurrency

By Vinh Vo | Coins & Tokens

OpenPredict (OPT)

Serial series of articles about Coin and Token of Coin98. Today, let's learn about the OpenPredict (OPT) coin, a coin that will conduct Pre-Sale in the near future.

In this article, we will learn about 3 main parts:

  • What is OpenPredict, what are the project's ideas and products?
  • Relevant information about the main token of the project that we invest in?
  • Finally, we will combine the above factors to review an overview of OPT Token is worth investing or not?

OpenPredict (OPT) is a Protocol.

As defined by Team Dev:

OpenPredict is the first Protocol DeFi to turn direct predictions into liquid assets.

OpenPredict Protocol creates a system of 3 smart contracts for every event:

  • The first contract acts as collateral for the event predictor.
  • The second contract represents the correct predator.
  • The third contract represents an incorrect prediction.

Tokens representing these contracts can be added to secondary markets, directly predicted or exited before the event ends by trading them on DEX platforms.

According to the definition of Coin98:

OpenPredict (OPT) is a Protocol that allows you to create Decentralized prediction markets.

OpenPredict Protocol creates a system of 3 smart contracts for every event. Each contract is represented by a separate token. You can trade them on the secondary market.

OpenPredict's vision is to turn predictions directly into liquid assets through options tokenized into tokens. It is not only limited to the Crypto market but also opens up to other markets such as forex and commodities.

Highlights of OpenPredict (OPT)

One of the OpenPredict highlights that the project emphasizes is the ability to consolidate three prominent product markets in the Crypto market: predictions, DeFi and trading.

So how do they do this?

Here I will take a simple example so you can more easily imagine the Openpredict ecosystem.

In fact there will be more binding rules, you can refer to more details in the project's Litepaper. here.

For example: can Trump win the next US president?

Predictions

According to OpenPredict there will be 2 Tokens generated TRUMP_WIN and TRUMP_LOSE.

Those who believe that Trump can be elected for the next term, they can Minted TRUMP_WIN on the contrary, they are Minted TRUMP_LOSE.

Total Pool bet on both sides is $ 100,000. Of which: $ 60,000 on Trump Win and $ 40,000 on Trump Lose.

Suppose, when Trump is elected for the next term, the position of the Trump Win bettor will win and the Trump Lose's Pool ($ 40,000) will be proportionally divided among the TRUMP_WIN Token holders.

Defi

The OpenPredict platform can allow the brothers to mortgage their Crypto coins Base to a stable Stable like USDC, DAI for example.

This allows to limit risks from large volatility of Crypto assets.

Trading

TRUMP_WIN's Total Pool is $ 60,000 and issues 100,000 tokens like that each TRUMP_WIN Token will cost $ 0.6. TRUMP_LOSE equivalent per token will cost $ 0.4.

Their prices will fluctuate depending on relevant news and you can trade them on DEX exchanges like Uniswap.

What is OPT Token?

OPT is the Utility Token in the OpenPredict ecosystem and is used for the following purposes:

  • Minting Fee: For every Token issuance event, all participants pay a 1% Minted fee. Minting Fee is used to redeem OPT from the market, then Burn.
  • Escrow Maintenance Fee: At the time of group distribution for the winning Token Holder, 1% is deducted prior to distribution. This margin maintenance fee is distributed to OPT stakers.
  • OSwap Discounts: The swap transaction fee is 0.15%, but this only applies if the trader holds OPT Token. If paying the fee without using OPT, the fee is 0.2%.
  • TrustPredict Maintenance Fee: TrustPredict will charge a margin of 0,5% for predictions shorter than 3 months and 1% for predictions longer than 3 months. If the prediction fee is paid out by OPT, the fee will be discounted by 25%. If fees are paid with OPT, they will be Burned. If they are paid for with any other digital assets, these tokens will be distributed to OPT Stakers.

Oswap, TrustPredict are the products of OpenPredict. I will mention details at the end of the article.

Some basic information about OPT Token

  • Token Name: OPT
  • Ticker: OPT
  • Blockchain: Ethereum
  • Contract: Team has not Released
  • Token type: Utility
  • Token Standard: ERC20
  • Total Supply: 9,900,000 OPT
  • Circulating Supply: No circulation yet

Token Allocation OPT Token

  • Sale: Account for 25% of the total supply.
  • Foundation: 20% of total supply.
  • Community Incentives: Accounting for 15% of the total supply.
  • Team: Account for 12% of the total supply.
  • Marketing: Account for 10% of total supply.
  • Pre-staking Rewards: Account for 10% of total stock.
  • Advisors: Account for 8% of the total supply.

Token sale OPT

The project does not sell Public Token on exchanges. Only conduct Pre-Sale 25%, the details of the distribution are as follows:

  1. Strategic Round: $ 50,000 (500,000 OPT; 5%).
  2. Strong Holder Offering: $ 100,000 (1,000,000 OPT; 10%).
  3. Social Miners: $ 20,000 (200,000 OPT; 2%).
  4. Meme / GIF Competition: $ 5,000 (50,000 OPT; 0.5%).
  5. Whitelist War: $ 75,000 (750,000 OPT; 7.5%).

Token Release Schedule

How to earn OPT token?

Currently, the OPT trading is not circulating in the market, you can wait for the OPT List to be on the floor and buy on the OPT trading floor that supports OPT trading.

You can also participate in the Strong Holder Offering - a new form of token issuance, which requires you to hold a certain coin in order to get a ticket to buy the OPT Token.

Or you can join the Contest to receive the OPT Token Airdrop as a mem Competition, more information you can see here.

OPT Token storage wallet

In the beginning, OPT will have a Standard of ERC20 on Ethereum so you can store it on wallets that support this standard like:

  • Saw Coin98 Wallet: This is the multi-chain wallet product of the team of Coin98 Finance. Allows storing most of the tokens of popular blockchains today such as Bitcoin, Ethereum (ERC-20 ...).
  • Saw Myetherwallet, Mycrypto, Metamask.

Alternatively, brothers can store on PRESTIGE exchanges that support OPT trading.

The exchange supports OPT Token trading

Currently, OPT Token has not list any exchanges.

The future of OPT Token

The potential of Prediction Market is undisputed, it can extend to other markets like Forex and commodities. Although there are no specific statistics, you can imagine how huge it is.

Example: Can Trump be elected for the next term? Will gold price exceed $ 2,500 in the near future? Can the BTC / USDT price reach $ 20,000 in Q3, 2021? Why did MU win the premiere season? ...

Looking back at OPT Token, this is the Native Token of the project. OpenPredict Models are beneficial for Token Holders.

Therefore, the stronger the OpenPredict ecosystem, the higher the value and price of OPT Tokens due to the need to buy and store OPT in order to receive more Incentives from the ecosystem.

Should invest in OPT Token

To assist you in answering this question, I will list some prominent keywords of the OpenPredict (OPT) project to give you a more overview from which to make your own investment decisions.

Ideas and sản phẩm

The main idea of ​​OpenPredict is to "merge three prominent product markets in the Crypto market: predictions, DeFi and trading" into one Decentralized prediction markets.

Personally, I find the idea of ​​the project very possible and can be completed in the current context for the following 3 reasons:

  • There are similar projects that have been and are doing with little success (Augurmarket cap at $ 72m, starting in 2014 and still running).
  • People began to realize the need for Defi in Crypto Space and the Defi projects were also examined more closely and objectively than before.
  • DEX exchanges also started to use more users. A good example of this is Uniswap with a trading volume of 1.5B in July.

But again and again, I have not seen the Public project any product.

Maybe Team has completed the OpenPredict Protocol but not public, so I temporarily assess the project is still at Concept level.

Team

Looking at the OpenPredict Team published on their Website, I see an evenness but no one is too prominent in the Crypto community.

However, the members are in Crypto Space for a long time, spread evenly in the positions necessary to develop a business such as Operations, Marketing, Business Strategy, Development.

Tokenonics

I think to choose the most outstanding feature of the project, it is impossible not to mention the Tokenomics design of the project. This is a very friendly Tokenomics design project for Token Holder.

Model Minting Fee is a Buy Demand for the project because it reduces the supply circulating in the market.

Escrow Maintenance Fee, OSwap Discounts, TrustPredict Maintenance Fee are also the Buy Needs of the project as it more or less shares the ecosystem's Incentives for the OPT Holder.

On the other hand, OpenPredict's token payment schedule is a Sell Demand for the project as it increases the circulating supply in the market. But I think the schedule to pay Token is also quite reasonable because each token payment is not too much.

Roadmap

Because the project is in the Concept phase, Roadmap can be seen as one of the parts you need to follow closely.

Below is the Roadmap of OpenPredict's core products:

  • Q4 2020 - Launch of TrustPredict: TrustPredict is a simple dApp that allows 1 or more parties to make predictions about anything. This allows everyday users who lack knowledge of smart contract coding to easily make predictions without having to trust a middleman.
  • Q2 2021 - launch of oSwap: oSwap will be a swap network dedicated to Tokens like I have mentioned in the "Highlights of OpenPredict (OPT)" section and can be traded on Uniswap.
  • Q3 2021 - Launch of OpenPredict Protocol DAO: The group waives the right to decide regarding events, a DAO member owned by Token Holders determines which events are eligible to initiate.
  • Q4 2021 - launch of Multi-Chain TrustPredict: One year after TrustPredict predicted launch on Ethereum. This high-demand product will be extended to additional blockchains. With Polkadot is the first open horizon.

You can see the detailed Roadmap project at here.

Compare with competitors

Here are two projects I see belonging to the same Sector as OpenPredict (OPT):

In terms of capitalization, Augur has a market cap of $ 72M, Gnosis (GNO) has a market cap of $ 34M, OpenPredict (OPT), a Full Cap of $ 1M (when compared to their Pre-Sale price).

Summary

Hopefully, my recent article has helped you to have a better overview of the OpenPredict project as well as the OPT coin.

And you guys, what do you think about the token after reading this article? Please share your opinion in the comment section or inside Group telegram.

I'm Vinh, and see you guys in the following articles!

Vinh Vo

The crypto market is still very young, risky, but opportunities are not lacking, spending time focusing on research will help us to reduce risks significantly and increase the probability of finding investment deals with high ROI. .