FutureICX gamified trading platform
Cryptocurrencies,  Technology

Crypto startup FutureICX allows inexperienced traders to bet on price movement with low risk

The users of the new Icon-based decentralized exchange can earn regardless of the price going up or down—as long as their predictions are a little better than the next guy’s.

The South Korean-based Icon Foundation has announced the launch of a new trading and price prediction platform that runs on the Icon (ICX) blockchain.

According to an announcement shared with Modern Consensus on Sept. 10, FutureICX is a low-risk, gamified trading and price prediction platform. The decentralized finance (DeFi) platform’s founder Dilyan Georgiev explained the advantage of the approach:

“Because FutureICX doesn’t require actual buying and selling of cryptocurrencies, it doesn’t matter if the pair’s price goes up or down, as long as players can accurately predict what will happen.”

The platform’s users compete with each other directly in a decentralized environment with pricing information pulled directly from a multi-source oracle solution, avoiding exchanges fees. 

Betting on retail traders

FutureICX claims in its release that growing interest in cryptocurrency trading and investing is causing financial professionals to dominate the space, “often leaving the average trader on the losing end.” 

To gain the necessary experience, new traders are forced to shorten their trading periods, the Foundation said in its release. That in turn means that every small move the market makes has great influence and consequently trading becomes “more like gambling than real market analysis.”

The platform aims to counteract those effects by creating a place where inexperienced traders do not have to compete with institutional investors.

Instead, FutureICX aims to allow traders of different skill levels to compete directly against each other in a decentralized trading environment focused on speed, accuracy, and transparency. 

“FutureICX turns crypto trading into a fun, safe, and fair environment, lowering the pressures and frustrations that are often encountered on exchanges,” according to the Icon Foundation. 

“As long as a user’s market reading skills are slightly better than average, they can profit from their predictions and avoid unnecessary risk,” the Georgiev’s release added. “FutureICX rewards skilled players with higher returns.”

A network of blockchains

More broadly, the Icon Foundation’s goal is to create a network of blockchains, allowing two or more individual blockchains—public and private alike—to interact directly with each other via smart contracts, even if they have different consensus models. 

The Foundation’s aim is to have its ICX token act somewhat like a national fiat currency, allowing vastly different organizations like private corporations, public institutions such as universities and hospitals, and non-profit organizations to work together. Its motto is “hyperconnect the world.”

FutureICX development was funded with an Icon Foundation grant, in order to add more features, including games, and support for more tokens and interoperability options.

DeFi currently looks like the most active area of development in the cryptocurrency space. As Modern Consensus reported yesterday, two financial technology firms are collaborating to launch a DeFi platform that facilitates artificial intelligence-assisted trading of derivatives based on both traditional and crypto assets.

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Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.