A look at FutureICX
Welcome to this week’s RHIZOME Wire!
Another intriguing ICON DApp
After the launch of the ICON Grant Initiative, an interesting idea was put forward in the form of a grant proposal: FutureICX — a DApp built around the idea of predicting the price of ICX at a given point in time and receiving rewards if you’re correct.
Here’s an excerpt from the grant proposal:
FutureICX is a trading related price prediction game of skill where the players can place a wager for a custom amount on what a certain crypto pair’s price would be at pre-determined future moment of time and are aiming to be as close as possible to the actual outcome. There will be no matching of counter-bets or wagering against the house - all players’ wagers are pooled together, and the most accurate ones are rewarded according to a multi-tiered reward structure.
Here’s a screenshot from the current alpha version:
To some, this may seem like “another gambling DApp” (similar to ICONbet, the DApp that currently generates the most transactions on the ICON public chain); however, that isn’t quite the case.
While FutureICX is a way to “gamify” the price action of ICX in a manner that is different from actively trading ICX, it provides additional advantages to the ICON network beyond generating activity.
As I see it, FutureICX provides the following benefits:
In my opinion, there is nothing more annoying than looking at my Twitter timeline and seeing endless price predictions of ICX and other tokens. It’s very easy for anyone to hop on Twitter and make a price prediction. If you’re right, you can re-surface the tweet a few weeks later with an “I told you so!”. If you’re wrong, you can delete the Tweet (or do nothing, because most people would have forgotten anyway). With FutureICX, there is an incentive to “put your money where your mouth is” in a manner that is more precise than simply buying low and selling high. Those who are legitimately good at evaluating price movement will be rewarded for it — and their credibility will be known publicly.
Through collective wisdom, there’s a possibility that the community can effectively establish the “true” future worth of ICX that may be disconnected from the often irrational market dynamics. While this can be helpful in a number of ways, this could be most valuable to prospective businesses who may be considering onboarding onto the ICON public chain in the future. Utilizing the chain won’t be free — since ICX is required for transactions — so being able to more accurately assess the future value of ICX could be advantageous to the planning process.
Beyond these two benefits, the grant proposal points out a couple others that could certainly benefit the network:
The aim off the project is not only to increase the transaction amount on the Icon network, but to also promote higher community engagement and activity. Aside from a fun trading application, this app could also essentially become a tool where pricing disagreements are easily settled in a light competitive environment and accurate trading predictions are rewarded. The player statistic, result and achievement sharing options would assist the traders to confirm their track record and technical analysis skills and increase their reputation in the Icon trading channels.
The innovative approach and potentially higher returns for experienced traders could also bring additional investors into the Icon network. Long-term, the additional crypto currency payment methods and trading pairs would increase that effect even further and could attract some of the traders currently focused on specific crypto currency types.
To continue watching the development of FutureICX, be sure to follow them on Twitter!
News from ICON World
NFT’s are coming to ICON!
ICONPLUS interviews Scott Smiley of ICX_Station
ICON Hyperconnect hosts a meetup at ICON HQ
ICON Hyperhack hackathon has begun!
Min Kim has an interview with Flipside Crypto
ICON Foundation provides their monthly grant update for June
Blockchain Industry News
Microsoft, EU Universities Say Blockchain Could Help Meet Paris Accord Goals - CoinDesk
The Paris Agreement has the overall aim of bringing a global response to the threat of climate change by keeping global temperatures below a two degrees (35.6°F) rise above pre-industrial levels. Article 6.2 is designed to provide an accounting framework for international emissions-trading schemes, a type of market incentive to reduce the volume of carbon dioxide released into the atmosphere, in a less-centralized, cooperative format.
Crypto.com to Refund Clients as Wirecard’s Card Issuer Told to Cease Operations - CoinDesk
The FCA ordered Wirecard Card Solutions to cease all regulated activities on Friday. The financial watchdog said it had stepped in to protect customer funds and would prevent the company from accepting or disposing of any more revenue.
At This Rate Grayscale Will Own 3.4% of All Bitcoin by January - Cointelegraph
According to a June 25 tweet from crypto analyst Kevin Rooke, the investment firm bought 19,879 Bitcoin (BTC) — $184 million worth — in the last week for its Bitcoin Trust, bringing its total number of coins to roughly 400,000.
A hacker group stole $200 million from 5 Bitcoin exchanges - Decrypt
The gang worm their way in through spear-phishing attacks, which involve emailing an executive from an account that looks like a bona fide high-ranking employee, either from the same organization or from one that they’re partnered with.