Blockchain startup offers peer-to-peer contracts for market deals

A startup in a blockchain ecosystem says it eliminates the conflicts of interest that are often seen on fiat platforms.

Value Network enables users to create binary options markets based on their very own parameters, including asset pair, price level and time of expiration. This peer-to-peer approach means they don’t have to bet against centralized brokers, some of whom have been linked to scams and fraud in a largely unregulated space.

Binary options expire at a set date in the future — with a yes or no outcome. A successful bet means users win the funds of those who had been betting against them.

Illustrating this blockchain project in action, someone who firmly believes that Bitcoin will be worth $100,000 in three months’ time would be able to create their own market, and trade bets against other users. Price feeds from Chainlink and other trusted oracles ensure that each market is governed by up-to-the-minute information at all times.

Value Network recently announced plans to migrate away from Ethereum owing to network congestion, and the high costs this attracts. It is now moving to the Qtum smart contract and DApp platform — and has received a development grant to accelerate the transition.

Artem Levin, Value Network’s founder, said: “Users shouldn’t have to pay $50 per transaction. That’s not what DeFi is about. By receiving a grant from Qtum, an established project helping to grow the DeFi ecosystem, we’re able to offer low-fee, decentralized derivatives trading to the wider market.”

Qtum growth director Antonio Saaranen added that both projects have the opportunity to benefit from the collaboration — and the investment will play a crucial role in “building the DeFi space and fostering a community where everyone can participate.”

Standing out from the crowd

A cursory glance of Twitter, Reddit or any crypto-focused Discord chat powerfully illustrates the ferocious debate about the performance of Bitcoin and altcoins — with a dizzying array of predictions relating to where these assets will be in 12 months’ time.

Value Network now allows users to compete against each other through a clear and engaging user interface, something that isn’t seen on many other blockchain prediction markets. This infrastructure also allows users to see how their bet changes in price, depending on the probability of a certain outcome, and replace their wagers at any time for an additional fee.

At the core of this platform is the VNTW token, which delivers access to exclusive markets, lowers commission paid on trades, and enables brand-new markets to be created.

More insights from Value Network here

Value Network initially launched in 2018 with a view to providing crypto-backed loans, and began exploring binary options as a new product in September 2020. The MVP was released on the Ethereum mainnet in February, and the migration over to Qtum is expected to be complete in the second quarter of this year. A top priority concerns expanding the number of markets available through its platform.

The power of decentralization

According to Levin, the binary options market has grown substantially over the past decade — and now, Value Network is carving out a distinct niche that aims to deliver higher customer attention rates. In the fullness of time, the platform wants to launch “a marketplace of markets” where options can be filtered based on parameters including the pair type, expiration date, and number of participants.

With Value Network is planning to launch an app for smartphones in the not-too-distant future.

Learn more about Value Network

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