As we all know, the crypto space is growing at an exponential rate. Kyte’s protocol allows for predictions on these & other markets. While the prediction market is big, it has quite some problems. That’s where Kyte’s decentralized prediction protocol steps in. In this article, we will explain our decision to partner with Kyte and give some insight on this project.
BCAi and KyteWorldwide, the prediction market is very big. However, the centralization and presence of third parties has led to quite some problems, such as geographical limitations, restrictions on type of markets, limits on who can enter, high transaction fees and the need to trust a certain party.
Kyte aims to solve these problems, by providing traders with an open source, decentralized, financial solution for market creation, settlement, and reward distribution. We are excited about the solutions offered by Kyte, and think the protocol is important for the prediction market. BCAi looks forward to working together with Kyte.One! If you would like to know some more details about this DeFi project, read on below.
Kyte’s four market typesIn total, Kyte’s protocol focuses on four markets: the previously mentioned crypto market, in addition to gamified airdrops, grid bots battle and prediction bots battle.
- Crypto: The crypto markets are created to predict the value of digital assets at a specific point of time, as well as market cap, ranking, and more.
- Gamified airdrops: This allows for projects / organizations to get traction in an innovative way, by allowing users to predict the outcome on certain created markets and get a chance to win the newly launched token for free.
- Grid bots battle: Developers can build bots and run them on Kyte’s Bot Blockchain, after which traders can stake their Kyte tokens on the bot they feel most positive about.
- Prediction bots battle: Developers build their AI bots that predict the value of events, and deploy the bots on Kyte’s blockchain. Then, markets are created for these events, after which traders can, again, stake their tokens on their preferred bot.
Kyte token utilityThis decentralized prediction protocol has its own token, with the following utilities:
- Tokens can be used to participate in all markets.
- Traders can stake tokens to increase leverage and earn more if they win.
- Tokens can be staked on Kyte’s liquidity pools to earn more tokens.
- The token functions as a governance token.
- Certain tokens will be reserved for Bot Battles. Every few months, these will be released to the winners.
- Users can invite friends and family with a referral link.
We hope this article has given you more insight into our partnership with this promising protocol, as well as informed you about Kyte itself. BCAi looks forward to supporting Kyte and helping the project grow! Follow our website and social media to stay informed about Kyte and other blockchain projects.