Ana Sullivan

Bodhi (BOT Token) - Does It Overcome the Disadvantage of Gnosis and Augur?

by Ana Sullivan May 28, 2018

Bodhi (BOT token) is a crypto project that is focused on the prediction market. Bodhi provides details of economic events with a thorough assessment at the macro- and micro-economic level, the official website explains. With Bodhi, the result of a prediction event will be calculated by the entire network for better accuracy, meanwhile lowering the cost.

From the whitepaper:

Bodhi leverages the advantages of the state-of-the-art decentralized prediction

markets by integrating third-party Oracles and voting based decentralized Oracles via its Oracle abstraction layer. We intend to develop a novel replaceable Oracle framework where the prediction market is more effective and autonomous. Bodhi will be deployed on Qtum at the initial launch.

More about the BOT Token

 

Currently, BOT is available for purchase on several exchanges such as Gate.io, Bibox, Coinrail, and Cobinhood. The Bodhi team’s recommendation is that token holders store BOT in Qbao or the official Qtum Core Wallet.

As for the market performance, BOT’s value has increased slightly over the past couple of weeks, in comparison with the price’s drop seen in mid-March. Currently, a single BOT token can be purchased for $1.24 USD on the above-mentioned exchanges.  The token has been trading 1.04% lower than the USD.

BOT’s market capitalization is $49,660,400 USD, with a circulating supply of 40,000,000 BOT and a total supply of 100,000,000 BOT.

Bodhi vs Augur vs Gnosis. What Are the Differences?

The similarity with Augur is that both platforms are blockchain-based decentralized prediction markets that use Ethereum’s smart contract for even creation and prediction. The main difference between Augur and Gnosis is that the latter utilizes a default centralized Oracle for the judging of prediction results. The positive side of using this type of Oracle solution is that the prediction judgement can be carried out autonomously, according to Bodhi's team. This way the judgement efficiency is increased essentially. The downside is that a centralized Oracle solution may lead to a single point of failure if server failure occurs. If this happens, data may be tampered.

What about Bodhi? According to its creators, Bodhi is “the next generation blockchain based platform that decentralizes the prediction market by overcoming the disadvantage of both Augur and Gnosis”, the whitepaper claims. In contrast to Augur, Bodhi usesthird-party Oracle to automatically judge the prediction results to guarantee the efficiency ofthe decision making process. As for the difference with Gnosis, Bodhi is designed to enable BOT holders to take over the voting process and make the final decision of a prediction event in the event of Oracle fail.

 

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