Short description
IGNITE is a decentralization prediction platform, hoping to establish a consensus forecasting system with the same weight as the same, and use large data intelligent computing and analysis to realize enterprise application forecast.
Abstract
In IGNITE prediction markets, IGT tokens are used (i) by IGNITE users to pay for a certain prediction through IGNITE and (ii) to incentivize IGNITE users (through the payment of a fixed number of IGT tokens) to virtually “buy and sell” “outcome shares” in the Market. Users virtually “buy and sell” such “outcome shares” based on what they see as the probability at any given moment and agree on a virtual “price” that such transactions will occur. As long as a prediction is active, the virtual price continues to fluctuate and indicates the probability of an outcome according to the crowd's wisdom. When a Market matures, meaning the market Event transpires in the real world, IGNITE determines the winning outcome based on the Oracle of the Event. There is no payment of any form (whether in Fiat or IGT tokens) between the buyers and sellers with respect to the purchase and sale of the “outcome shares”. There are no “winners” and losers” once the Market matures and there will be no payment of winnings (whether in the form of IGT tokens or otherwise) to “winners” or a deduction of assets (whether in the form of IGT tokens or otherwise) from the “losers”