TotemFi is a Decentralised Finance (DeFi) prediction platform which offers Bitcoin and native token rewards. The Decentralised Application (dApp) will utilise blockchain technology to solve issues with traditional markets.
To learn more about this project, check out our deep dive of TotemFi.
Our vision is to create an accessible, minimal-risk platform that tokenises the ability to predict future asset prices and events.
The protocol will harmonize incentives for individuals and the collective, as both sets are rewarded for their ability to forecast the future price of a given cryptocurrency (initially bitcoin). In addition, users are not penalised for inaccurate predictions. The aim is broaden participation with our protocol as incumbent markets are typically complex with high financial risk for accuracy therefore acting as a barrier to entry. This protocol provides high yields for participation by coupling guaranteed staking returns alongside favourable bitcoin (BTC) and native token rewards.
There will be a focus on incentivising both early adoption and rewarding long-term engagement with the project. The long-standing Aristotelian ideal of the Wisdom of the Crowd proposes that group predictions have a higher propensity for accuracy. In line with the key values displayed in the crypto sphere, and aforementioned theorem, we want to celebrate and reward collaboration. We don’t penalise for inaccuracy, meaning your stake isn’t at risk when you predict and if the weighted average prediction of a staking pool is on the mark, then everyone wins. Community is at the core of TotemFi; We are run by our members and we value their insights.
This protocol will also serve a broader purpose: as a community-created indicator of crypto- market sentiment. A longer-term goal is for both novices and veterans alike to be able to use our product to assess how our community feels about market trends, and use this to their advantage.
Can the crypto community collaboratively achieve the impossible - to predict the future price of BTC? Our platform will empower our users to work together to see the future more clearly.
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