PreSaga: A Summary of Unity Network’s First dApp
What is a Prediction Market?
Prediction markets allow users to trade the probability of an event’s outcome. While every blockchain-based prediction market works a little differently, each allows you to use your knowledge, research skills, and intuition to stake your cryptocurrency on the outcome of real-world events. Predict the outcome that actually happens, and you’ll earn more than you put in.
This means that you finally get to profit from being a know-it-all.
PreSaga, the first product in Unity Network’s interconnected decentralized finance (DeFi) ecosystem, is an easy-to use automated market maker (AMM)-based prediction market set to draw a global userbase of both crypto-experienced and novice users.
Reaching an Untapped Market
Blockchain-based prediction markets have enormous untapped potential. Recent innovations in decentralized finance have opened the door to the creation of globally accessible prediction markets that operate without the limitations of older, centralized systems.
DeFi prediction markets run on algorithms called smart contracts. Smart contracts are blockchain-based programs that execute when the right conditions are met. This means that there aren’t any human intermediaries-your prediction market trades are managed automatically.
People love to predict-the human brain constantly seeks to ferret out patterns in the world around us, and the satisfaction of “figuring it out” releases a euphoric hit of dopamine. Particularly when a reward is involved.
This is why activities like sports betting are so popular across the world. While prediction markets are trading on outcomes rather than betting or gambling, the draw is the same. And with the advent of decentralized finance, the potential for a highly liquid, global prediction market to emerge and cater to this global need is higher than ever.
PreSaga: How it Works
One of the biggest problems with existing prediction markets is that they simply aren’t fun. “Fun,” in this case, means fast, easy to use, and rewarding. These elements combine to form the magic “it factor” that this kind of decentralized application (dApp) needs in order to draw in a large userbase.
Most prediction markets suffer from invasive, multi-step sign-up processes, confusing user interfaces, high trading fees, and more. Each barrier between user and usage is one more opportunity for someone to simply make their exit and never return, missing out on the potential benefits of prediction markets.
Unity Network’s staff recognized these shortcomings and worked to address each during PreSaga’s development and testing. There’s as little between you and your predictions as possible, making for, we think, a vastly superior experience.
PreSaga’s functionality is based on a simple YES/NO outcome system. Let’s look at an example market: “Will the Green Bay Packers win the Super Bowl?” You believe they will win, so you trade Unity Network’s native UNT tokens for 1,000 YES shares.
While a market is active, the value of YES and NO shares will vary between 0 and 1 UNT, moving up and down according to buys and sells, the same way Uniswap determines token prices. Now, let’s imagine market conditions meant that you bought your 1,000 YES shares at 0.5 UNT each (spending 500 UNT).
The Super Bowl arrives, and the Packers win. In this situation, once this market is marked resolved, your YES shares are now worth 1 UNT each, and can be swapped for UNT on a 1:1 basis directly within PreSaga’s interface (for a profit of 500 UNT, in this case).
If the Packers were to lose, any NO shares become worth 0 UNT.
This process is fast, easy, and rewarding — we daresay even fun. After launch, Unity Network will continue to refine PreSaga, hiding the confusing elements of DeFi as much as possible in order to push for global adoption by communities that don’t typically use cryptocurrency.
PreSaga: Development Update
Unity Network’s staff is hard at work stress testing PreSaga, fixing bugs that arise, and and tweaking its UI components. Testing has uncovered around 25 bugs and our developers have, so far, fixed 21 of them.
Unity Network is fortunate enough to have excellent developers who are passionate about both decentralized finance and making Unity Network’s place within it, and we’re thankful for their work.
Marketing plans for PreSaga are divided into pre-launch, launch, and after-launch efforts. These efforts include sneak peeks, YouTube demos, affiliate marketing, influencer marketing, articles, and more. Unity will publish a more detailed marketing update once these decisions have been finalized.
We know you’re all eager to use our first dApp, and the wait won’t be long. We’re working to make sure PreSaga’s launch is smooth, fun, and seen by many, many potential users.
Unity Network and the Future of DeFi
One of the toughest pills for the community of DeFi users and developers to swallow is that crypto is still too complex for mainstream adoption, despite its revolutionary potential. For example, to use a dApp, such as a prediction market, a user would create a software wallet, connect that wallet to the dApp they wish to use, and then navigate all the transaction menus in between, managing transaction fees, wallet permissions, and dApp functionalities.
The cognitive load is too much for users who want to make a quick transaction and then shove their phone back into their pockets. DeFi won’t be ready for prime time until all of these processes are hidden behind familiar, easy-to-use menus — the type you’d see in your banking smartphone app.
This is why we at Unity Network do what we do. Until the barriers to mainstream adoption are finally torn down, no amount of functionality or innovation will bring DeFi to the masses. The financial revolution will be hindered until it is truly accessible by people of every level of technological know-how in every location across the globe.
Unity makes every effort to bring innovative, useful finance dApps to the everyday user. That journey starts with PreSaga.
Resources
UNT Token Address: 0x8d610e20481f4c4f3acb87bba9c46bef7795fdfe
