Blockchain Makes Unlimited Resources Available to Players in Sports Betting Market

The global prediction market is growing at a very fast rate, and this is due to the increasing level of information available over the various fields of predictive outcomes that make up the industry such as the prediction markets and sportsbooks.

A largely redundant system

Despite how widely the awareness surrounding this industry has spread, the huge potential therein and the flexibility that it could offer to participants is yet to be achieved mainly because of the current structure of the industry. For instance, the centralized nature of traditional betting platforms implies that users deposit funds while earning no interests and more or less leaving such funds dormant for long periods of time. Also, on these platforms the rates at which betting odds are renewed or refreshed do not represent real-time data efficiently, therefore participants are deprived of the opportunities to have the best odds per time.

Another setback that comes with the existing system is the process of scanning various sportsbooks to find the best line, which is time-consuming. This process, combined with the liquidity issues discussed above, leads bettors to spend time doing monotonous, inefficient work, with a fraction of their working capital available.

Unleashing the resident potential

By implementing blockchain technology, BlitzPredict is focused on releasing the numerous underlying potentials of the betting industry to make for an efficient and trusted practice amidst improved beneficial opportunities for participants.

Such issues of trust and liquidity are still lingering among participants in the betting industry, sports betting “experts” aren’t held accountable for their predictions. Experts can lie about their track records and claim they bet at numbers that never existed. As it stands, being a successful sports betting tout is more an exercise in marketing than in accurately predicting the results of events. Also, the rivalry that exists between different analytics groups who compete independently toward the same goal, instead of cooperating makes for a non-progressive industry.

By providing a suite of smart contract tools for users to better interact with sportsbooks and prediction markets, a transparent and trusted ecosystem is being introduced by BlitzPredict. On this platform, users will be able to set up smart contracts to execute when specified criteria are met. The goal is to bring the power of an advanced betting syndicate’s tools to our users.

The blockchain efficiency

While also functioning as an aggregator of sportsbooks and prediction markets, by constantly refreshing the odds like a stock market ticker, it will be ensured that users will always get the best odds available for a given bet. Blockchain implementation streamlines the process to make prediction markets as simple to navigate as traditional sportsbooks.

One of the utmost desires of users of blockchain products is how efficient the platforms exchange process can function, especially in the spontaneous prediction market, where players want to cash out and take profit as often as they can. The Bancor protocol that is implemented by BlitzPredict enables users to convert their tokens without waiting for any third-party buyer or an external exchange. This same protocol further provides liquidity and low rates for users of the platform.

Achieving independence

The ability to function from an independent angle is a key character in the prediction market. This can only be possible for participants when they are equipped with sufficient analytical tools that will help them understand the market direction in real time. This is one of the rare benefits that the platform offers by incentivizing sports analytics experts who contribute to the platform and work to create powerful predictive models.

The secure and streamlined implementations of blockchain protocols will onboard casual users to partner operations, bringing users with no previous blockchain experience to the low-vig, high-volume options in the space, and deliver a beautiful, easy-to-use experience.


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Nowadays, Bitcoin is dominating cryptocurrency and financial headlines. Everyone wants a piece of the blockchain action, including large multinational banks like Goldman Sachs, who may have a cryptocurrency trading desk in place by June 2018. However, Bitcoin isn’t the only cryptocurrency worthy of investor attention. A quick perusal of the entire market shows that many coins are having an excellent 2017. One coin in particular, Qtum, has seen an 850% plus price increase since its launch in May earlier this year.

Now, these rapid gains may lead some to cry “bubble”, but it is much more than a shell coin with no real potential. Rather, Qtum is an open source blockchain project started by a Singapore-based company. Its goal is to combine a fork of the Bitcoin Core with the Ethereum Virtual Machine and a Proof-of-Stake protocol.

This unique hybrid system allows the network to run smart contracts and decentralized applications (dapps) on a similar infrastructure, giving businesses and developers an environment that is easy to work with. In essence, the platform will bridge the gap between blockchain technology and business by becoming the public blockchain for businesses. The goal is to penetrate various industries like telecommunications, finance, logistics, and manufacturing with the objective of increasing operational efficiency and output.

The New and Better Ethereum?

Currently, the Ethereum network is the leading smart contract system that many companies and dapps use as their basic infrastructure. Unfortunately, the Ethereum network is riddled with deficiencies.

First, the network’s Proof-of-Work protocol hurts scalability and results in high energy costs. Though the team has announced they will be switching to the PoS consensus, no firm date has been given for the hard fork. Second, Ethereum code and smart contracts are not as secure as originally thought. Although The DAO fiasco has been put to rest, the network still isn’t as secure as it should be. Third, and perhaps most importantly, the Ethereum network struggles to scale as blockchain bloat becomes an increasingly large problem. With more data and transactions being logged every day, many fear the Ethereum blockchain is just too cumbersome.

Business and developers who want to make use of smart contracts can instead consider the Qtum blockchain. It de facto has a leg up on the Ethereum blockchain because it already uses Proof-of-Stake for consensus. This alone will help the blockchain scale and reduce bloating. Its x86 virtual machine (VM) allows it to effectively execute smart contracts, even those that are too complex for Ethereum’s VM. The existence of a fast, more streamlined blockchain coupled with a powerful VM is a major win for developers.

What’s more, unlike Ethereum, the network is constantly backwards compatible. Thus blockchain technology can be implemented by a wide variety of users, further decentralizing transaction verification and theoretically allowing applications to run forever.

Because Qtum is based on both the Bitcoin and Ethereum blockchains, Bitcoin-based and Ethereum based applications are able to port quite easily. For developers, this provides a tremendous layer of flexibility that neither the Bitcoin or Ethereum blockchains can provide. It also opens up a whole array of opportunities for businesses who would be otherwise limited by blockchain incompatibility.

In an additional effort to make the platform more appealing to businesses without prior blockchain experience, the platform permits smart contracts to be coded with well-known programming languages like C, C++, and Java. What’s more, because of the platform’s structure, it is easy for businesses to create their own tokens and smart contracts customizable for their business applications.

qtum

The establishment of a simple payment verification (SVP) protocol is built into the codebase, so smart contracts can be executed from lite wallets which can be installed on mobile devices through dapps. This gives businesses the ability to conduct operations on the fly without having to always run expensive network setups.

In light of these features, it’s no wonder Qtum’s price has been on a tear. The platform is a revolutionary public blockchain that provides businesses with true utilitarian value.

Key Points

  • Bitcoin cash price traded sharply lower and moved below the $2000 support against the US Dollar.
  • There is a major bearish trend line forming with current resistance at $3000 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair might continue to struggle to move above the $3000 level in the near term.

Bitcoin cash price is under pressure and is below $3000 against the US Dollar. BCH/USD may continue to face sellers on upside near $3000 and $3200.

Bitcoin Cash Price Resistance

After a solid upside move above the $3500 level, bitcoin cash price found sellers against the US Dollar. The price traded sharply lower and moved below the $3000 and $2000 support levels. The decline was crucial and the price traded as low as $1772. Later, an upside move was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $4000 high to $1772 low. However, the price is facing a lot of sellers around the $3000 level.

There is also a major bearish trend line forming with current resistance at $3000 on the 4-hours chart of BCH/USD. The pair is struggling to move above the $3000 level and it might continue to struggle. Moreover, the 61.8% Fib retracement level of the last decline from the $4000 high to $1772 low also acted as a hurdle. Once there is a break above the trend line resistance and the trend line at $3000, the price might recover further in the near term.

Bitcoin Cash Price Weekly Analysis BCH USD

However, any major gains would be tough above $3000 and $3200. On the downside, the $2400 level is also a good support followed by the $2000 level.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is about to move back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now moving lower from the 50 level.

Major Support Level – $2000

Major Resistance Level – $3000

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin price made a sharp downside move and traded below the $12,000 support against the US Dollar.
  • There was a break below two important bullish trend lines with support near $17,800 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is currently recovering, but it is facing a major resistance near the $15,500 level.

Bitcoin price declined sharply toward $10,000 against the US Dollar. BTC/USD is currently recovering, but it is facing a lot of selling pressure.

Bitcoin Price Resistance

After a great upside run toward the $20,000 level, bitcoin price faced selling pressure against the US Dollar. There was a sharp decline below the $18,000 and $15,000 support levels. More importantly, there was a break below two important bullish trend lines with support near $17,800 on the 4-hours chart of BTC/USD. These trend lines break opened the doors for more losses and the pair tumbled below the $12,000 level. A low was formed at $10,688 from a minor recovery wave was initiated.

The price has moved above the 23.6% Fib retracement level of the last decline from the $19,628 high to $10,688 low. However, there is a bearish trend line forming with current resistance at $15,150 on the same chart. Moreover, the 50% Fib retracement level of the last decline from the $19,628 high to $10,688 low is also acting as a major hurdle for buyers. As long as the trend line resistance is intact, the pair might continue to struggle. Only a close above the $15,500 would negate the bearish pressure and may call for more gains.

Bitcoin Price Weekly Analysis BTC USD

On the flip side, if the price continues to move down, then there can be more slides toward $12,500 in the near term.

Looking at the technical indicators:           

4-hours MACD – The MACD is reducing its bearish slope.

4-hours RSI (Relative Strength Index) – The RSI is struggling to move higher and is below the 50 level.

Major Support Level – $12,500

Major Resistance Level – $15,500

 

Charts courtesy – SimpleFX

When markets correct there are winners and losers, this week’s slump was led by Bitcoin as it fell almost $8,000 from a high of $20k down to a bottom of $12k. The reversal has since reversed and now things are slowly picking themselves back up again, so much for the bubble bursting.

One altcoin that has weathered the storm this week has been Ripple. It corrected a little with all of the other altcoins but generally remained on a high and is still trading over that psychological one dollar level. Trading action across Asia kept XRP pumped when other coins were losing as much as 35% in a day. While there is a buzz in trading the volatile charts of relatively unknown crypto coins, most traders seek some form of stability and Ripple has become the provider.

Infighting in the Bitcoin camp and the obvious divisions between the BTC and BCH chains have caused both to lose out this week. Rumours of insider trading on Coinbase have also created cause for concern for many. Meanwhile Charlie Lee reportedly selling his stash of Litecoin dropped 47% off the price of LTC as it plummeted from a high of $373 down to just below $200.

Ripple has remained solid throughout, it is a well-established platform founded in 2012. It has the stability that others lack and according to their website has offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, with more than 100 customers around the world. Ripple’s flash transaction facility has generated interest from a number of financial institutions in the Asia Pacific region that are willing to run trials on the new technology.

Ripple is actually in use at the moment, parsing transactions and providing a faster, cheaper and more efficient way to carry out inter-bank transfers. It is hoped one day that Ripple will replace the archaically slow current system, Swift. Next year will be the make or break for XRP but if 2017 is anything to go by investor confidence in this cryptocurrency remains strong.

Ripple currently has a market capacity of $43 billion, at the time of writing it is the fourth largest crypto by market cap. In the past month alone XRP has surged 400% in value from around $0.23, where it sat idle for several months, to over $1.15. It is traded heavily on Bithumb in South Korea which carries almost 28% of the total volume. The Asian appetite for Ripple is likely to continue into 2018 as the crypto pulls in more partners.

The popularity and resultant price increase of Bitcoin and its ilk has become a magnet for cybercrime and hackers vying to get an illicit profit from crypto mining. By utilizing the path of least resistance and preying on the vulnerabilities of the uninitiated they have taken to the easiest platform to exploit – social media.

Facebook is already an out of control web of digital detritus, clickbait, spam, and fake news. Now it’s instant Messenger service has fallen victim to an exploit which allows attackers to secretly mine cryptocurrency by harnessing the computing power of those infected. Researcher and cyber security firm Trend Micro discovered the malware which consists of a mining bot called Digmine.

It is spread via a fake video that appears to have been sent from someone in the victim’s friends list. Once opened the ‘video’ installs malicious code which will compromise the desktop version of Facebook Messenger when used with Google Chrome. Hackers then have a backdoor into the users Facebook account where they can access the contacts list to further spread the malware.

Researchers at Trend Micro stated:

“If the user’s Facebook account is set to log in automatically, Digmine will manipulate Facebook Messenger in order to send a link to the file to the account’s friends. The abuse of Facebook is limited to propagation for now, but it wouldn’t be implausible for attackers to hijack the Facebook account itself down the line.”

It currently does not affect mobile versions of Messenger as its primary target is desktops with CPU power that can be used to mine Monero, an anonymous crypto cousin of Bitcoin. The profits from this illicit computer-jacking are sent to the attacker’s encrypted Monero wallet. The software is a modified version of open source mining program XMRig which the bot sets to start automatically. This will fire up Google Chrome with an infected extension that allows the hackers to access Facebook profiles.

According to the Trend Micro team:

“The extension will read its own configuration from the Command and Control server. It can instruct the extension to either proceed with logging in to Facebook or open a fake page that will play a video. The decoy website that plays the video also serves as part of their C&C structure. This site pretends to be a video streaming site but also holds a lot of the configurations for the malware’s components.”

Officially Chrome extensions can only be downloaded from their web store but in this case the malignant code is added via the command line. This is not the first or last time mining malware has been used to exploit systems, back in October a malicious program called Coinhive was embedded into a number of compromised apps on Google Play. A new trend in crypto malware is emerging so extra caution is needed for heavy users of social media.

Key Highlights

  • ETH price recovered after a nasty downside move toward the $475 level against the US Dollar.
  • A major bullish trend line with support at $600 is acting as a key buy zone on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might fail to move above $715 in the near term, but also remains supported at $560.

Ethereum price is slightly under pressure against the US Dollar and Bitcoin. ETH/USD is currently below $715 and is struggling to gain traction.

Ethereum Price Support

The past couple of days were very choppy for ETH price as it tumbled below the $550 pivot against the US Dollar. The price made a sharp downside move and traded below the $700 and $620 support levels. Moreover, the price also broke the $550 pivot and even traded below the $500 level. During the downside move, there was a break below a bullish trend line with support at $760 on the 4-hours chart.

The downside move was stalled near the $475 level and another bullish trend line on the same chart. The current trend line support is at $600 is a major buy zone. The pair has moved above the 50% Fib retracement level of the last decline from the $864.53 high to $475.28 low. However, it seems like the pair is struggling to break the $715 level. Moreover, the 61.8% Fib retracement level of the last decline from the $864.53 high to $475.28 low is also acting as a major resistance.

Ethereum Price Weekly Analysis ETH USD

On the positive side, the price is above the 100 simple moving average and the $600 support. As long as the price is above $600, it might attempt an upside move. If buyers fail to hold the $600 level, there can be more downsides.

4-hours MACD – The MACD is currently in the bearish zone with negative signs.

4-hours RSI – The RSI is currently moving down and is below the 50 level.

Major Support Level – $600

Major Resistance Level – $715

 

Charts courtesy – SimpleFX