BlitzPredict Exchange CEO Brett Richey recently announced the release of its Alpha Testnet version. Richey said that the mainnet is expected to go live in a few months’ time, adding about how proud he is of the team of developers who made the release possible.
As they move forward, they will be targeting and focusing on preparing the exchange that will be utilized for the launch of the mainnet while making sure that the infrastructure and testing systems are strengthened and robust.
Crypto Globe reports that the latest release of the BlitzPredict software is an Ethereum-based peer-to-peer (P2P) betting exchange that uses the 0x protocol, a widely used specification for building decentralized exchanges on Ethereum and Augur. Augur permits anyone to make a market on any event as it is a decentralized protocol for prediction. On the other hand, 0x is a protocol that allows the peer-to-peer exchange of assets on the Ethereum blockchain. This uses solutions that are off-chain and enables speeds that are much faster compared to trading that are on-chain.
It works in a similar manner to how a stock market order books using buy and sell orders. This exchange will enable the users to either post a bet or take the other opposing bet that has been posted already.
In cases where in two different individuals take opposing sides of a bet, there will be a match. Each person’s ETH goes into the Augur contract, and the bettors will receive shares that are “tokenized” which represent their selected outcome in the event. Moreover, the liquidity and transferability of these tokens are instantaneous, allowing pre and in-game trading.
XBP, BlitzPredict P2P exchange’s token is said to be used for “staking and burning mechanisms.” This will aid in providing additional functionality to the platform’s user in a manner that is comparable to utility tokens on other exchanges.
In tournaments mode, the XBP token can be used including the survivor tournaments. In order to participate in these tournaments, users are required to stake XBP to enter the game and then escrow a certain amount of XBP for a certain period of time to enter. Users may also earn ETH and other prizes and will be receiving back the XBP they used when staking periods are done.
The BlitzPredict Exchange Team has created a “holdings page” which shows one’s open orders, which refers to orders that haven’t been matched yet. Possible winnings and orders that are matched can be viewed here as well. The team has clarified that in the TestNet, it is impossible for the developers to access customer funds.
Developers also focus in infrastructure and testing. The infrastructure, which is also a preparation for mass adoption, will make large-scaling easier. The testing environment promised to be helpful especially when coupled will their infrastructure so the developers can add new features without compromising or breaking the platform.