In 2024, both prediction markets and AI have seen significant development and popularity growth. PredX, a prediction market founded by a former Visa research scientist, is combining the two technologies by using an AI recommendation engine to provide relevant recommendations and improve the user experience.
We sat down with Bowen Jiang, Business Development Lead at PredX, to discuss PredX’s innovative platform and the growing prediction market industry.
How do you think prediction markets have evolved, and what sets PredX apart?
Prediction markets have existed for centuries, with political betting at their core. They are simply a great way to crowd-source forecasts. Instead of just a handful of experts weighing on a topic, here, hundreds and thousands of traders cast their votes by placing bets on the outcomes they believe are most likely. In recent years, prediction markets have not accurately forecasted the outcome of political contests but have also gone beyond the political sphere.
As their adoption by individuals and organizations explodes, we have built a platform that isn’t under the control of one central operator but rather leverages blockchain, smart contracts, and AI.
At PredX, users can buy shares based on the likelihood of an event occurring and exchange their views on current trends. Meanwhile, our AI-powered recommendation system tailors event suggestions specifically for each user. Moreover, experienced users also have the opportunity to generate events for communities and earn rewards.
What recent developments and technological integrations have PredX added to enhance its ecosystem?
To provide our users with the best trading experience, we continue to expand our ecosystem by supporting a growing number of networks. We are based on multiple blockchain networks, Base, SEI, Linea, BNB, which enables swift transactions on Predx.AI.
Earlier this month, we announced support for SEI v2 mainnet, the first parallelized EVM, for a more diversified trading experience. Late last month, we also added Base, the popular low-cost and developer-friendly network by Coinbase, to our growing list of supported blockchains.
We have also joined hands with Bitcoin L2 AILayer, Chrome extension DApp Petoshi, PromptPort for generating and sharing prompts, Space and Time for verifying data, and Weave6, which facilitates omnichain asset trading. This way, we stay committed to providing users with new possibilities and the best possible experience while constantly pursuing innovation and excellence.
With AI being the leading tech trend, how do you see it influencing prediction markets?
Over the past couple of years, AI has permeated different spheres of our life. It started with ChatGPT, and since then, the industry has seen significant advancement as billions of dollars have poured into this technology. This rise of AI hasn’t left prediction markets untouched, either. The global predictive AI market is the size of about $15 bln and is projected to be worth more than $100 billion over the next ten years, highlighting the great demand and potential for growth.
Capitalizing on this trend early, PredX offers an efficient platform that is resistant to manipulation and fosters innovation. The idea with PredX.ai is to have a fun and trendy platform for people to bet on all kinds of topics.
How does PredX differ from traditional prediction markets?
The main distinction between our platform and traditional prediction markets lies in pricing. For the pricing of any event contract, our focus is on strengthening the first mover advantage. So, we use what we call a “ticket selling system,” similar to french.tech, where shares of Yes and No are always available from the market with an increase in price along with the cumulative supply. By ensuring that shares only appreciate, we provide crypto degens with a more attractive return projection on event trading.
Also, we remove the upper limit price of the prediction market by letting the shares of Yes and No reach unlimited highs. This design mitigates the liquidity problem to a large extent in situations where the event is close to the end or the users have reached a consensus before the event ends. In doing so, we are redefining the trading experience and providing crypto enthusiasts with an amazing opportunity to achieve the next level of financial income.
How is PredX working on dividing the platform growth?
At PredX, we empower creators and we do that by providing them with the tools and incentives to build engaging and interactive events. Just last week, we launched a ‘PredX De Event Creation Contest’ that allows the community to showcase their creativity and earn rewards based on the trading volume of the events created.
The idea is to make it a beneficial and fun experience for everyone. So, top creators are rewarded with USD as well as points. We introduced points to incentivize our community, which a user earns for every interaction on the PredX. These points, in the future, can be exchanged for airdrop tokens.
To provide a deeper look into our PRDX points system, 50% of the token allocation is dedicated to the community. After all, it is the community that plays a critical role in the ecosystem and a project’s success. So, by allocating half of the total token supply, we have given our community members the importance and support that they deserve.
The rest, 20%, is for private investors and the team each, while 10% will go to treasury reserves for the future development and growth of PredX, which will provide our community with an efficient, advanced, and thriving platform.
