hackquest logo

decentralized-prediction-market

AI-powered decentralized prediction market using real-time crypto prices and Chainlink oracles.

Videos

Description

This project is a decentralized AI-powered prediction market that leverages blockchain technology, artificial intelligence, and real-time cryptocurrency data. Here's a breakdown of its key features and components:

1. Decentralized Architecture: The project is built on blockchain technology, likely Ethereum, ensuring transparency, immutability, and trustlessness in market operations.

2. Smart Contract: The core functionality is implemented in a Solidity smart contract (PredictionMarket.sol), which handles market creation, bet placement, market resolution, and reward distribution.

3. AI Integration: The platform integrates with an AI model (likely GPT-based) to provide analysis and insights for each prediction market question, helping users make more informed decisions.

4. Real-time Crypto Prices: The system incorporates real-time cryptocurrency price data, adding a dynamic element to the prediction markets.

5. Chainlink Oracles: To ensure reliable and tamper-proof external data, the project utilizes Chainlink oracles for fetching real-world information and price feeds.

6. Web3 Integration: The frontend interacts with Ethereum wallets (like MetaMask) for user authentication and transaction signing.

7. React Frontend: The user interface is built with React, providing a modern and responsive design for users to interact with the prediction markets.

8. Tailwind CSS : The project uses Tailwind CSS for styling, ensuring a clean and consistent look across the application.

9. Market Creation and Participation: Users can create new prediction markets and participate in existing ones by placing bets on outcomes.

10. AI-Assisted Analysis: For each market, users can request an AI-generated analysis to help them understand potential outcomes and make better predictions.

This project combines cutting-edge technologies to create a novel platform for decentralized prediction markets, potentially offering more accurate forecasting through the combination of crowd wisdom and AI insights, all built on a transparent and secure [blockchain] foundation.

Live link:  https://decentralized-prediction-market.vercel.app/        

Progress During Hackathon

The main challenge was developing the decentralized AI-powered prediction market. The core smart contract was implemented, enabling market creation and bet placement. A React-based frontend was built, integrating Web3 functionality for blockchain interactions. AI analysis capabilities were added using an external API. Key components like CreateMarket, MarketList, and PredictionForm were developed. The project structure was organized, and essential dependencies were integrated. While challenges arose with package compatibilities, workarounds were implemented to ensure a functional prototype.
Team Leader
Uuser user
Project Link
Sector
AIDeFiDAOSocialFiInfra