investor subscribes a researcher
In the past, in the wealth management market, the trust issues between trading strategy researchers and individual investors are resolved by banks and portfolio managers. Banks ensure that the track record of hedge funds are trustworthy, and portfolio managers gather strategies and invest for investors, making sure that researchers get their cut. As a result, part of the profit of strategy goes to banks and portfolio manager. With blockchain, we can remove banks and portfolio managers from this ecosystem, while maintaining the trust.
What it does
A decentralized app where market researchers can sell their predictions. The app will encrypt predictions, and the smart contract will ensure that only those who pay can get approach to decrypt the prediction. The revenue that researchers get will be monetized by the performance of their trading strategy, and we will use public API to verify the prediction.
How we built it
Using react for the frontend developing, solidity for smart contract. Packages such as web3 and truffle are used to link user interface to the smart contract ABI.The app is currently deployed to Ropsten test network.
Challenges we ran into
Unfamiliar with react, wasting a lot of time implementing the page redirecting function.
Accomplishments that we're proud of
We design the program successfully in so short time. Every one in our team is hard-working.
What we learned
The concept of blockchain and how to implement a decentralized system.
What's next for Psycoin
Find some investors and tell them our ideas. Extend to an end to end solution where there are not only researchers who provide prediction, but also traders who execute the strategies. Smart contract will take care of extra trust issues added to the system. Build smarter and more dynamic monetary system to help researchers get more reasonable income from providing predictions Extend to more investable categories like futures, options, and stocks.