April 23, 2019 . 3 min read
Just over a decade ago, the idea of a decentralized multi-party predictions trading platform was just a vision for CloseCross’ Founder and CEO, Vaibhav Kadikar. Now, using blockchain technology, CloseCross has turned that dream into a reality.
In October 2008, Satoshi Nakamoto published a whitepaper titled, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. At around the same time, CloseCross’ Founder and CEO Vaibhav Kadikar had been seeking a technology that would facilitate the creation of a fully decentralized, multi-party market prediction platform.
This idea was born of a deeply-rooted conviction (gained after years of trading derivatives) that there had to be a fairer and more transparent way for people to trade among themselves without any centralized institutions.
While academics and computer scientists had been theorizing about the potential of blockchain technology since the early 90s, it wasn’t until the publication of the Bitcoin whitepaper that it actually became possible to realize the vision of a market prediction platform that would enable users to trade directly among themselves, without the need for intervention from a central authority.
Vaibhav immediately set to work to make his vision a reality, using blockchain technology. Since that decisive day in 2008, blockchain has grown and offered solutions for many questions in society, and CloseCross’ vision has evolved in tandem with it.
Looking back now, it’s clear that Bitcoin arrived at the precise moment in time when it was most needed. After the financial crisis of 2008 and the subsequent bank scandals around the globe, the need for decentralized finance was evident.
Allowing transactions to occur outside of siloed, untrustworthy and centralized environments has blazed a trail for projects that prioritize transparency, transferring power from the hands of centralized banks, companies and institutions, and putting it back into the hands of consumers.
As well as making decentralized finance possible from a technical standpoint, blockchain has also dramatically reduced the barriers of entry to, what was previously, a very elite club. Up to this point, a combination of cost and complexity prevented the majority of people from participating in market prediction trading.
However, by utilizing blockchain technology and smart contracts, CloseCross is designed to increase accessibility, allowing users to simply pick where they think a financial benchmark will be in the future and commit funds to it.
This, surely, is the future of trading. By reducing unquantified risk, making trading up to 90% cheaper, and providing unprecedented transparency on market prediction evolution in real-time, CloseCross will make it dramatically easier for people to participate in trading financial markets.
If you’d like to find out more about how CloseCross will change financial markets prediction forever, check out our Testnet today.
Democratising derivatives trading with blockchain - for everyone. #democraticderivatives