ICO Alert does not endorse or recommend participating in any initial coin offerings. ICO Alert receives a promotional fee for the production of this ICO Alert Report. Please click here for additional important information.
ICO Alert Quick Facts
- BlitzPredict is a applying fintech solutions to provide function and liquidity to users of blockchain prediction markets and sportsbooks.
- 1 ETH = 25,000 BPZ tokens
- 02.05.2018–03.08.2018
- 300,000,000 total available / 1,000,000,000 total supply
- 4,000 ETH already raised
What is BlitzPredict?
BlitzPredict is an aggregator of blockchain prediction markets and sportsbooks, ensuring our users will always get the best odds available in the marketplace. In addition to the aggregator, BlitzPredict will offer a suite of smart contract tools providing function and liquidity to our users.
BlitzPredict’s decentralized liquidity reserve will guarantee that our users can always get paid immediately upon conclusion of an event, no more waiting days or weeks for a site to cash you out.
BlitzPredict’s users can set up smart contracts to automatically wager when certain criteria are met. For example, the current best line on the Patriots is -7 -110. A user can set up a smart contract with the function of “bet 1 ETH on Patriots -6.5 -110 or better.” If the line reaches -6.5 anywhere in the marketplace, the contract will automatically execute.
BlitzPredict will incentivize sports analytics experts to contribute to our platform and work with them to create powerful predictive models. Models will be tested publicly and predictions must be made using actual odds available in the marketplace at that time.
BlitzPredict will use a portion of its holdings to sponsor tournaments for its users to enter free-of-charge. BlitzPredict will provide tools for syndicates to use throughout the marketplace and allow users to back syndicates for a share of the profits.
We aim to build products accessible to the 99% of consumers who aren’t currently using blockchain-powered products.
— Brett Richey, CEO
Q&A with Brett Richey, CEO
ICO Alert: How does the BlitzPredict token (BPZ) function within the platform and why is it needed?
Richey: Tokens will be used to implement various functions of the platform. In addition, tokens can be staked to support various functions of the platform.
When a user or expert makes a bet at a partner site in BPZ, BlitzPay will be automatically activated and the user will receive his winnings immediately upon conclusion of the event. If the user or expert bets in fiat currency (or BTC, ETH, etc.), they will have the option to activate BlitzPay after an event by spending BPZ.
Smart contracts can be activated using BPZ. Users can use BPZ to activate smart contracts to: automatically execute a wager when certain criteria are met, enter a smart contract with sportsbooks for immediate payouts upon completion of an event, or automatically bet an expert’s recommended wagers.
Users can use BPZ to purchase information from experts and to automatically execute contracts alongside an expert’s predictions. Experts must stake BPZ in order to submit their picks or models. Experts can earn BPZ from users who are interested in accessing their information.
BlitzPredict will develop its own models and offer a consensus of the best-performing models on its platform. Users can access these models with BPZ and BlitzPredict will share the proceeds with contributing experts.
Users must stake BPZ to enter certain tournaments. Users can support the BlitzPay Reserve by staking BPZ to enhance liquidity. Experts must stake BPZ to track and share the records of their models or picks.
Revenues will be allocated to the operation of BlitzPredict’s business, strategic partnerships, community projects and tournaments, and the liquidity reserve.
ICO Alert: Is there an alpha version of this tool anywhere for potential investors to explore or demo?
Richey: The beta will be released in February, 2018. Interested buyers can head to blitzpick.co to see the quality of work we produced on our previous product, BlitzPick, a mobile app for FanDuel and DraftKings users.
ICO Alert: Given that BlitzPredict is a sports betting platform, can BlitzPredict operate legally in the United States, the United Kingdom, and other high-income countries with significant sports followings?
Richey: Given that blockchain and sports betting laws can vary wildly between countries, it is imperative to follow the laws in each jurisdiction BlitzPredict operates in. Certain functions of the platform, like interacting with sportsbooks and betting with smart contracts, may not be available in all jurisdictions, such as the United States.
There is a lot of momentum for legalized sports betting and there are several reasons why the United States federal ban (PASPA) might be overturned soon: NFL ratings are down, subscribers are fleeing ESPN, advertisers want engaged viewers during live events (no fast-forwarding), Government may see it as a ‘win’ of additional revenue, the majority of citizens already support legalized sports betting, the past and present NBA commissioners, and owners such as Mark Cuban publicly support it, and several states (CA, DE, MD, MI, NJ, NY, PA, WV) are pushing bills to legalize sports betting and/or repeal PASPA. Most importantly, the Supreme Court has agreed to hear NJ’s challenge to PASPA.
Operating in the light will be an advantage for the network effect of our platform. Experts can contribute without fear of the U.S. government shutting down the project. BlitzPredict will be positioned to access a large pool of sports bettors and analytics enthusiasts when sports betting is legalized in the U.S. BlitzPredict will obey all U.S. laws and SEC guidelines, along with all laws in each jurisdiction we operate in.
ICO Alert: Since BPZ tokens are not refunded if the project is not completed, what is the primary motivating factor of the BlitzPredict team to complete the project?
Richey: The team and company are all holding tokens as well. The proceeds from the sale will be used to fund further development of the platform and we are incentivized to deliver results.
ICO Alert: Judging from the whitepaper, BlitzPredict seems to favor the Kelly Criterion for building prediction models. Can you explain what that is?
Richey: The Kelly Criterion is a mathematically proven formula for calculating optimal bankroll growth when presented with a series of wagers. We want to help our users make smart long-term decisions for optimal bankroll growth.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for the rest of 2018 and 2019?
Richey: Our beta will be released in February, before the tokens are released. The beta platform will feature token functionality surrounding the flow of information from experts to users. The rest of our roadmap is as follows:
Q1 2018 — Launch live production platform operating on the public blockchain. Will include the aggregator and smart contracts surrounding the flow of information from experts to users. Execute on our strategic hiring plan.
Q2 2018 — Release a beta platform featuring the liquidity pool and smart contracts surrounding automated betting behavior.
Q3&4 2018 — Activate liquidity pool and implement smart contracts surrounding automated betting behavior in legal jurisdictions where we have regulatory guidance.
Q1 2019 — Implement machine learning database to analyze the data that passes through our platform. Begin community modeling projects with our network of contributors.
Q2 2019 and beyond — Continue to scale our tech and operations teams and expand partnerships with prediction markets and sportsbooks.
ICO Alert: As a non-BlitzPredict question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Richey: I think ICOs and cryptocurrency are here to stay — it’s the most exciting phenomenon I’ve ever been a part of and the consumer demand will only increase. I think ICOs will mirror traditional equity raises, and teams will no longer be able to raise decades of runway on a white paper. The markets will become more efficient and capital will be released in stages, once certain milestones are met.
ICO Information
The main ICO will begin on February 5, 2018 and will end on March 8, 2018. There are a total of 300,000,000 BlitzPredict tokens (BPZ) available during the main ICO, representing 30% of the total BPZ supply. A hard cap of 10,000 ETH is set for this period.
1 ETH = 25,000 BPZ tokens
The only accepted currency for BlitzPredict is Ethereum.
BlitzPredict is an ERC-20 token, so it’s important that contributors use ERC-20 compatible wallets to send funds to the ICO smart contract, and to receive the BlitzPredict tokens.
Token Distribution Information
There are a total 1,000,000,000 BPZ tokens being created, with 300,000,000 available during main ICO.
Contributors will have their tokens distributed shortly after the end of the ICO. Visit the BlitzPredict website for more information and the contribution address.
Allocation
Use of Crowsale Proceeds
Roadmap
Team
Social Media
Medium
Twitter
Telegram
Github
BitcoinTalk [ANN]
View the BlitzPredict website here.
View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.
References
- BlitzPredict Website, BlitzPredict (2018)
https://www.blitzpredict.io/ - BlitzPredict Whitepaper, BlitzPredict (2018)
https://www.blitzpredict.io/static/media/BlitzPredictWhitepaper-en.24ece336.pdf
Source: ICO Alert