BlitzPredict (XBP) has today released the alpha testnet version of their BlitzPredict Exchange, a peer-to-peer, non-custodial betting exchange built on Ethereum and utilizing each of the Augur (REP) and 0x (ZRX) protocols.
Announcing the news through a blog post on Thursday, the Las Vegas-based BlitzPredict – which completed an initial coin offering (ICO) in March 2018 for its ERC-20-compliant XBP token – told its readers that integrating with Augur and 0x bolsters their ability “to offer betting at the speed of traditional systems along with the security blockchain technology provides.”
For those unaware, Augur represents an open, global protocol that allows users to create their own prediction markets based on real-world events. As for 0x, it exists as a permissionless protocol that provides the underlying infrastructure necessary for the creation of decentralized exchanges.
In explaining the functionality of the BlitzPredict Exchange, Thursday’s blog post explained it is very much “similar to how a stock market order book features buy and sell orders,” that is, that the BlitzPredict Exchange “allows for users to either post a bet they would like to make…or take the other side of an already posted bet.”
“Whenever two people want opposite sides of a bit,” the announcement went on to explain, “each person’s ETH (the native token of Ethereum) goes into the Augur smart contract, and the bettors receive tokenized ERC-20 shares representing their selected outcome in the event.” This tokenization mechanism ensures the bettor’s share is immediately liquid, as it allows for trading prior to, during, and after the event.
Our focus is on building global liquidity pools in sports, esports, and politics while helping blockchain technology reach the mainstream.” – Brett Richey (CEO, BlitzPredict)
There is certainly no shortage of functionality coming down the pipeline for BlitzPredict’s new self-titled exchange. Upon its mainnet launch – which the team aims to have ready prior to the release of Augur v2.0 – a number of features will be made available, including a “portal for Augur reporters, the ability to trade purchased shares, the ability to claim winnings, and the ability for users to create markets,” Thursday’s blog post stated.
BlitzPredict have a number of plans with regards to XBP’s use case moving forward, too. These pertain mostly to the introduction of various burning- and staking-based mechanisms, one of which will come via a so-called ‘tournaments’ feature. Anticipated to launch later this year, tournaments “will require users to stake XBP in order to gain entry.”