Gambling at the Casino or predicting the price of your favorite asset is fun but with Solana , it gets better as you get a decentralized (distributed control) system for gambling and predictions. Here in lies the Monaco protocol, a decentralized platform which allows you to use and to build systems where people can predict the market movement or future events for a price.

The current prediction market (including the gambling space ) which is controlled by large corporations, over the years have suffered a lot of limitations which includes the following:

Centralized control: Traditional prediction systems (including gambling systems ) are controlled and backed by centralized physical entities such as Casinos, wrestling cages, etc and there have always been the questions about their honesty and transparency over the years in their dealing with players and potential winners. There have been cases of players winning the lotteries but being manipulated to leave the casino without getting paid and there are cases of rules being propagated to help these gambling platforms avoid paying what is due.

Limited Accessbility: Given the centralized (one person / organization control) nature of this system, it becomes more of a hassle to be a part of this system as you have to visit a particular location within a particular time to be a part of the gambling community and this dissuades a lot of persons from participating.

User Data Privacy : with the nature of these platforms, everyone knows everyone and no ones data is private as an active member of the gambling and predictions society. Given that the world is a small place, even when one wants to maintain anonymity, he still can’t because of user data breaches.

The Monaco Protocol is out to address the above issues in the prediction market by seeking to combine the best of two worlds as shown by its counterparts. Its strong points lie in the fact that while there are web2 platforms out there with the same vision, Monaco offers decentralization and a broader market for users while maintaining lower fees with a higher range of payment methods.

The Monaco protocol also trumps its brothers in the web3 space by making their platforms more accessible and readable to users , provision of bigger liquidity pools for higher earning and a wide range of possible assets to be predicted or speculated. The Monaco protocol at this point appears to have become the king of all prediction systems as its features give it an edge over the rest.

The following are features of the Monaco protocol that helps it stand out among its web3 peers.

Wide Range of Speculative Assets: The monaco protocol has shown us the hope of particiating in a variety of asset speculation markets and as we await its launch to mainnet, we see the hope of diversity in operations.

Monaco Protocol points: Ths us a point based system of rewarding users for trading, providing liquiduty and building on the monaco protocol. This highlights Monco protocol’s interest in its community and the interactions with the Blockchain. These points can be redeemed for discounts in transaction fees or to unlock exclusive access to features and new platform functionalities.

Given that the protocol is still on Testnet, soemof these features have not yet been integrated but has been clearly stated in the whitepaper.

PEER TO PEER EXPERIENCES IN THE PREDICTIVE MARKET AND HOW MONACO SOLVES THE PROBLEM

In the normal predictive market, the user most often interacts with the platform and not fellow market speculators and this dulls down on the platform experience as there is no shared speculative experience among the community.

Also given the high processing fees and Minimum stake, these systems create a limited liquidity (volume) market for just like the top 10% , creating entry barriers for all other particiants who might not fall in this category.

The Monaco protocol more or less solves these problems by removing this hefty processing fees (courtesy of the solana blockchain and its light weight transaction requirements) and also reducing the minimum stake to a more general amount thereby making for increased liquidity pools and increased particpation with a chance to earn more… The Monaco protocol is clearly set on making for a collaborative market creation and prediction which would increase user participation and foster community belonging.

While the Monaco protocol hasn’t fully been launched, there are some amazing usecases already building on the monaco testnet and they are helping verify the idea that a decentralized market prediction system is possible.

For Sports betting, we have BetDEX, a sports betting platform which uses the monaco protocol to ensure a fast, relaible and transparent user experience. It allows users to place fast and secure bets on major sports matches even now during Testnet and as we await mainnet, we can see that it is going to be easier to place sports bets from across the world without any extra thoughts on transparency and reliability.

https://www.betdex.com

We also have DisBet, a discord bot which uses the Monaco protocol to calculate better gaming odds and settlements to improve winning chances. You can check them out using the below links.

https://github.com/GitBolt/disbet

The above are the current usecases being built on the Monaco protocol and while we wait for their launch to the Mainnet, lets anticipate the talks of an exchange native to the Monaco protocol.

Meanwhile it is time for my own private opinion on what i feel can be built on the Monaco Protocol. Don’t get me wrong as these are just my own personal opinions on what usecases can be added to the Monaco protocol.

Entertainment and Reality TV: Given the rise in emerging Reality TV Shows like The Bachelor, Survivor etc, the Monaco protocol an be used to build prdiction systems that help viewers pick out their favorite stars to win the show. This woild be a very nice way of improving on the entertainment community.

Decentralized Finance (DeFi): for the purpose of predicting market movements of stocks and cryptocurrencies, the Monaco protocol can be utilized to create better options at forecasting the future prices of these assets.

Gaming: Even in the gaming space, i believe that the Monaco protocol can be utilized especially for prediction based games in giving a more streamlined user experience so that players can have the best of fun.

The above Usecases for me contain the bulk of the prediction comunity and it would be a lovely experience in that the Monaco protocol is not only used in finances but can also be integrated into entertainment and gaming.

Gone are the days when to predict the performance of an asset, you’d have to start calling your lawyer and trying to find the physical location of your asset provider. The idea of a decentralized (distributed control) speculations system as proposed by Monaco protocol is the turning point and has allowed us see hope into the future of predictive markets, gambling and speculative assets amongst others. This is just a preliminary piece to help you understand the Monaco protocol and you can use the below links to read more on the Protocol.

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