The critics have complained that the decentralized web is hard to use and they have a point to consider up until lately. Interacting with these technologies has become very easy with the improved user interface and a new layer two solutions that is built on top of Web3 protocols, nevertheless, interacting with these technologies. This occurring is particularly evident in the case of the Decentralized Prediction Market where the latest features from Guesser and Veil have opened up ways for these services up to a wider and less technically accomplished audience. Technically, the markets like Cosmos and Brexit originate on Augur but the people are increasingly now placing their bets through the secondary services that bolts a user-friendly interface onto the protocol of Augur and even simplifies the betting options.
Veil’s interface removes maximum of the complexity where the users can potentially earn revenue when the people participate in their market by placing a bet. The process works in the following way:
- The user needs to choose whether to create a binary or scalar marker (one with a range of values).
- The user is required to create a draft market for free.
- The users need to be sure to include the clear rules regarding the scenarios that will determine the outcome.
- While still in the draft form, the user can publicly share the decentralized prediction market to generate interest in it before the activation of the market.
- After the activation of the prediction market, the user must deposit some amount in ETH and in REP while Veil can auto-exchange the former for the later utilizing the Uniswap for convenience.
- Once the event has concluded, the users need to report the outcome of the prediction market.
By doing the following steps you can create your very own decentralized prediction market and place bets and start trading.