The alpha testnet version of the BlitzPredict exchange has been launched and its mainnet is expected to go live in the “coming months.”
The latest release of the BlitzPredict software is an Ethereum-based peer-to-peer (P2P) “betting exchange“ that utilizes the 0x protocol (a widely adopted specification for building decentralized exchanges on Ethereum) and Augur (REP).
Exchange Operates Like Traditional Stock Market
As detailed in an official blog post published by BlitzPredict’s management, the decentralized exchange (DEX) works in a manner that is “similar to how a stock market order book features buy and sell orders.”
For example, the BlitzPredict exchange “allows ... users to either post a bet they would like to make [on various sporting events including NBA and MLB games], or take the other side of an already posted bet.” BlitzPredict’s blog post further notes: “Whenever two people want opposite sides of a bet, a match gets made, each person’s ETH goes into the Augur smart contract, and the bettors receive tokenized ERC-20 shares representing their selected outcome in the event.”
Built-In Support For MetaMask
Tokens held by users are “immediately liquid and transferrable, allowing for pre and in-game trading.” BlitzPredict blog further notes that they have added a “holdings page where [users] can view [their] open orders (orders not yet matched), matched orders, and potential winnings.”
“[They] can use [the platform’s built-in] retraction tool to remove any unmatched orders from the order book if [they] want,” the blog explains. Notably, there’s also a built-in user interface (UI) for MetaMask, a browser that lets users access a new type of “distributed web” and run Ethereum-based dApps directly from their browser, without operating a full-node.
As mentioned in BlitzPredict’s blog, an important design consideration for the development team has been “infrastructure” and rigorous testing. According to the developers, “the infrastructure [they] have built and are continuing to build will allow [them] to scale rapidly and prepare for mass adoption.”
Native XBP Token To "Provide Additional Functionality"
BlitzPredict’s P2P exchange also has a native token, called XBP, which will reportedly be used for “staking and burning mechanisms.” This will help “provide additional functionality” to the platform’s users in a manner that’s similar to utility tokens on other exchanges.
The XBP token can also be used in tournaments mode (to be launched later this year), which will include survivor tournaments. In order to participate in these, users will be required to “stake XBP” - in order to “gain entry — escrow a certain amount of XBP for a certain period of time to enter.” Users may also earn ETH and “other prizes and [they] will receive their XBP back once the staking period expires,” the blog explains.