A look at FutureICX
|RHIZOME WIRE||Jun 26|
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!
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ICONPLUS interviews Scott Smiley of ICX_Station
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