Bodhi Foundation, a San Francisco-based startup that is advacing a decentralized prediction market platform focusing on the Chinese market, has sold $10m in a token pre-sale.
The pre-sale was ahead of an initial coin offering launch in September.
Founded in May 2017 by Xiahong Lin, a veteran blockchain developer, Bodhi allows users to create and trade on the outcome of finance, sports, politics, and any other global events. It is powered by the Bodhi digital token (BOT), which will be used to pay for fees and collaterals, and will be the currency used to invest in event outcomes.
Prediction Markets allow users to tap into the crowd to ask any question or predict the result of any event and be rewarded from the results. The conventional prediction markets depend on a centralized Oracle, or data provider, to set the result and charge a large amount of fees.
Inspired by ancestor frameworks Augur and Gnosis, Bodhi developed a new protocol that introduced a replaceable Oracle framework – combining third party Oracle and voting-based Oracle – which makes the prediction markets more effective and autonomous.
Bodhi will be firstly deployed on Qtum, which combines Bitcoin and Ethereum to provide better user experience on mobile devices.
Before the pre-sale, Bodhi raised $1.5m in seed funding led by DHVC (Danhua Capital), with participation from FBG Capital, INBlockchain founder Xiaolai Li, Qtum founder Patrick Dai, and Chandler Guo.