Ethereum Mainnet Welcomes ConsenSys-Funded Prediction Markets Platform Helena
What Is Helena?
Helena is a platform designed to provide real-time insights and forecasts related to blockchain and cryptocurrencies. The platform utilizes prediction markets to provide quality prognoses covering blockchain businesses, technology, and legal topic s. The platform takes insight providers who use the Helena token in different markets, and ranks them according to their performance.
The Helena app is built using the Gnosis prediction markets protocol, and it spent a one-year period in incubation at ConsenSys Labs, after the company completed an initial investment in the platform.
What differentiates Helena from other market prediction platforms is the fact that insight providers will have more flexibility in stating their predictions. The platform allows users to predict the total capacity of a given cryptocurrency on a given date. Insight providers will also have the ability to speculate with the outcome of trial proceedings, as well as mergers and acquisitions.
How Does It Work?
With its official release on the Ethereum Mainnet, Helena will try to attract prominent insight providers from all areas of the cryptocurrency world. The company is looking for active crypto Twitter users, research analysts, and industry enthusiasts to sign up on the platform and start contributing their insights.
Once signed up, insight providers will receive an account and a starting balance of 2,000 Proton (P+) tokens, which will be used for participating in predictions. The Proton tokens have no monetary value and are just a means for marking the participation of an insight provider into a prediction.
Each month, predictions will be ranked, and insight providers will be rewarded according to the performance of their input. The best performing predictions will bring the providers rewards in DAI or ether. These reward funds will initially be provided by Helena, however, after the platform kicks off, the company will begin charging subscription fees that will serve as a funding source for the rewards pool. The quality of predictions given by insight providers will not only have an effect on their earnings, but also on their reputation on the platform.
Over time insight providers will build up a personal score, which will represent their success, and the accuracy of their predictions. The more providers develop their scores, the more credible their predictions will be.
The Helena platform will bring innovation to the market prediction services, as it offers remuneration and reputation in return for justified, accurate predictions.