Robinos, a tokenized prediction platform, will crowdfund in Q4 2021 before launching on Polygon and the Binance Smart Chain (BSC).
Simplifying Trading, Increasing Access
As per their roadmap on August 27, the platform aims to excise the complexities of the traditional finance market by leveraging the tokenization capability of blockchains. As a result, Robinos plans to create a passage for retail traders to profit from knowledge and skills built out of their passion for sporting events.
The Robinos platform will release a simplified and relatable portal with an intuitive, easy-to-use interface, onboarding all classes of traders regardless of experience.
The portal developers observe that there have been many attempts to decentralize the multi-billion dollar predictions market without much success. In their view, prospective projects should create solutions since the predictions market and sportsbook bear similarities.
Problems Facing Current Trustless Prediction Market Platforms
The failure of prediction markets platforms to gain traction and take-off is pinned on their implementation of complex smart contracts in their futile attempts to roll out trustless systems. However, the absence of simplified user interfaces for smooth user interaction deters participation and network effects. Most players are not tech-savvy, put off by complicated interfaces. Additionally, the fallibilities of complex smart contracts lead to skepticism considering the many cases of multi-million dollar exploitations in recent years.
Moreover, the situation is exacerbated by unfamiliar prediction environments due to the project's inability to factor in the importance of human interaction beforehand.
Keeping these factors in mind and building suitable solutions for the same could help create what might be the "first mainstream predictions market platform," according to Robinos.
The Robinos Solution
Robinos plans users to make predictions on sporting events based on "news they enjoy reading" and merging them with the concept of tokenized options. Notably, tokenizing events would help the platform circumvent the time frame limitation of the sportsbook. All this will be without necessarily deterring users from placing bets on their choice events.
At the same time, Robinos also intends to encourage participation. It would have a broader rewards spectrum where winnings will be weighted and fairly distributed. At the same time, token holders are allowed to trade represented tokens.
Token trading will be open during the season of partnering sporting events, including competitive leagues of some of Europe's prestigious tournaments like the Champions League. Robinos will collect five percent of funds on each event's represented token to bolster liquidity in partner DEXes. Besides trading, as aforementioned, represented tokens—within the winning bracket- can be redeemed for rewards at the end of the season. The first represented token sale will be sold in Q4 2021.
Robinos has also indicated that it would keep user funds safe in multi-sig treasuries anchored by Gnosis Safe, a digital asset manager on Ethereum. Its solutions are used by, among other firms, ConsenSys—the lead developer of Ethereum, and top DEXes, including Kyber Network, Balancer and SushiSwap. The predictions platform plans to remain trustless, mirroring their decision to leverage Gnosis Safe and distribute private keys to various holders for security reasons.
Robinos hopes to build a strong community where token holders would have a say in voting, therefore guiding the project's destiny, while also profiting from their participation.
Their IDO scheduled for Q4 2021 would be the start as Robinos targets to generate $10 million in revenue in the first six months after launch. They also plan to integrate Gnosis Safe for all proceeds from Representative token sales.
In Q1 2022, Robinos plans to diversify into cryptocurrencies predictions, releasing short-term prediction events on price movements. Robinos has also indicated that it plans to release a prediction platform during that period. It shall have at least 10 different prediction events launched with representative token sales. This shall precede their adoption of SafeSnap in Q2 2022.