Venue One, a new blockchain-based prediction exchange will soon launch live trading on Algorand. The deployment on the Algorand chain will allow Venue One to offer exceptional speed, flexibility and security.
In May 2022, Venue One said beta testing would begin. The platform had full functionality in the beta phase, and beta testers were able to make predictions and offer feedback to the Venue One team.
Once the final audit is complete, the launch date will be imminent. However, the Venue One team noted that the official launch date will depend on current market conditions.
Decentralized, non-custodial prediction protocol built on the Algorand blockchain…
On Venue One, users can fill positions in sports, esports, finance, events, and more, with a focus on markets and short-lived events.
Along with support for USDC and USDT stablecoins, Venue One has its native token anointed $VENO, which powers players and liquidity by offering rewards.
Players can interact with the platform in three ways:
- Classic bets – whose demand and supply between buyers and sellers define the price or odds. Basically, people will bet on a yes or no outcome for particular events.
- Mutual Betting Liquidity Pools – where the liquidity of the pool determines the outcome.
- finance – Venue One is working on an upcoming exchange of financial assets and indices.
One of the main features of the Venue One prediction protocol is that it allows users to post collateral and access payments in stablecoins (USDC and USDT). Those not operating with stablecoins can use fiat and $ALGO on-ramps.
Essentially, players can post collateral against their predictions and receive payouts in stablecoins.
Liquidity Providers (LPs) can deposit funds while betting against certain outcomes to ensure that the market built around an event has enough liquidity. This creates high-volume markets in sports, esports, and other categories while helping LPs earn generous rewards at low risk.
Final betting results will be a hybrid approach, using decentralized third-party data to verify results. Eventually, the Venue One team plans to decentralize the results using on-chain oracles to verify the results.
Founder
The protocol was created by George Cotsikis, who trained as an engineer and has over two decades of experience in traditional finance, primarily in quantitative portfolio trading. He held senior positions at Salomon Brothers and Citigroup, which eventually acquired the former.
Leveraging Algorand, Venue One offers the following benefits:
- Low fees — Algorand uses a consensus mechanism called Pure Proof of Stake (PPoS), which enables fast transactions at low cost. If he had gone for other major blockchains, users might have ended up spending more than $50 to complete a $100 transaction, which is neither reasonable nor feasible.
- Instant finality — on Algorand, each transaction reaches its finality in less than five seconds. Elsewhere, full confirmation of a transaction on Proof of Work (PoW) blockchains can take several minutes to over an hour. A trading platform must resolve prices within seconds at worst. When a player places a bet or a trade, he should know what level he traded at immediately, not within half an hour.
- Security — Algorand is intrinsically a secure ecosystem since it relies on randomness as the main principle for selecting the node validation committee. Also, it provides a developer-friendly ecosystem that helps smart contract developers avoid potential flaws and bugs.