A team of engineers are building a 100% anonymous peer-to-peer prediction exchange that wants to put the power back in the hands of the punters rather than the bookies.
The objective is to enable users to safely place their bets, with their money safe and secured with the beauty of the smart contracts – whether it’s on Brazil winning the World Cup, who the real Satoshi Nakamoto is, or will The Simpsons finally be cancelled.
This exchange, Ninja, is similar to a New York Stock Exchange or a coin exchange (like Coinbase). But instead of trading Apple, Google shares and Bitcoin, you will trade on the outcome of any events in sports, politics, science, stock markets, climate, and everything else under the sun.
The idea behind this blockchain enabled anonymous prediction exchange is to fix the broken betting industry, according to the founders, Roc, Bakunawa, Hakawai and Grootslang, who are a team of nomads from all corners of the globe.
“We are a big fan of CryptIDs, thus we got our nicknames,” they told TechFinancials. “We would prefer to remain anonymous.”
“We are currently at the bookie’s mercy, being forced to pay high fees, use their ridiculous margins, being limited to what we can bet on and handing over all of that highly valuable personal data. Then of course there are scams, millions of dollars lost every year,” the nomads explain.
“People are creating fake betting slips, scamming people out of their hard-earned cash and getting away with it. Then of course everyone has that friend that refuses to pay out.
“We decided that was unnecessary, and that we would much rather create our own odds, play against our peers, enjoy guaranteed pay-outs, not fall victims to scams and stop handing over our data.”
Enter Anonymous Peer-to-Peer Prediction Exchange on Ethereum
Ninja is an anonymous peer-to-peer electronic prediction exchange (PEX) where parties can directly bet against each other without going through a central authority or bookmaker.
The exchange runs on top of the Ethereum blockchain using the blockchain for verified bets.
The Ninja network is only accessible via mobile phone.
The management of bets and the settlement of winnings are carried out collectively by the blockchain network, protecting users from any single point of failure.
You can also create your own prediction markets.
You, as the market creator, can set the market fee, the market closing time, the reporter of the outcome, and the reporting deadline. Each market is part of an on-chain smart contract. It has its own order book, makers and takers.
PEX has unique properties that allow exciting use cases, previously impossible under any traditional betting mechanism.
“We really value privacy and we wanted to create a platform where people could come and not have to worry about login details, remembering a password, downloading an app, giving their first born and handing over their data, just to have all that juicy information sold to the highest bidder. All of our users have 100% ninja anonymity,” says the nomads.
It’s easy to access Ninja as there are no downloads, no sign-ups, you log in with your secured private key and the start-up promises not to hold any of your data.
“Our ninjas are also able to create their own odds, without limits – if you side with John Mcafee and you want to predict that Bitcoin is going to the moon and will be worth $5 million in 2020, then you can place that bet on Ninja; we are pretty sure there is someone out there who will want to take that bet,” they explain.
In simply terms, Ninja is getting rid of the middlemen, and then put it on the blockchain.
PEX directly challenges the shadowy gambling industry with an open, transparent prediction market exchange.
“This exchange will be where people get together and predict like they have always done, on future events in sports, politics, science, markets, climate, and everything under the sun — as individuals who are invested in the world we are building naturally do,” says the ninjas.
“It is our hope that PEX will change today’s perception of betting — often needlessly portrayed as a shady gambling game, due mostly to reliance on centralized parties looking for unethical, cutthroat ways of making a profit.”