TotemFi offers a decentralized application (dApp) that allows its users to stake, predict, and grow. The application combines both staking returns and high yield Bitcoin rewards for individual and collective participants in prediction markets. TotemFi’s simple and low-risk prediction model aims to improve accessibility. Moreover, the platform wanted to ensure a sustainable prediction model and promote interaction by not penalizing inaccurate predictions. Which also helps the platform make itself unique.
Recently, Saurav Bhattacharjee of The Coin Republic interviewed Harry Horsfall, the CMO of TotemFi and Jolyan Horsfall, CEO of the prediction market. The interview covered a range of exciting topics regarding the prediction market and TotemFi’s native cryptocurrency.
TotemFi is offering the best prediction market
In the crypto industry, trust in sort of integrity is a huge pillar. And having someone like your brother to stand by you as you’re going through those difficult patches is super important. So I think the second thing is, we’re happy to cut through that communication barrier, where it’s very honest, almost too honest at points, but I think that definitely helps in a fast-moving industry to be able to relay information in real-time and get decisions done in the fast-moving paced industry.
We are both parts of the United States. So yeah, it’s just the natural step to take it to a sort of more serious place, and you know, nothing better than building the army and building the team. And yes, just so it’s tough, you know, it’s a startup. You know, like a decentralized startup. So, startups are emotionally draining, and I always say to people, like, I’ve worked for quite big companies. And if you’re going, your job starts here, and your job ends there. And, you know, you’ve been set up for success, you know, every day we’re fighting too, you know, get the code, get the order, get everything done, to try and get, you know, the best prediction markets out there.
Is the prediction market safe for freshers?
Predictions are super hard, right in anything like stocks, any weather, football, whatever, whatever you want to talk about, predictions are tough. And then if you’ve been in and around the crypto scene for longer than a year to 10 years, you know, sort of how volatile they can actually be.
So, thinking about what we’re trying to do and driving accessibility within prediction markets makes sure people can predict in a safe way. So that’s why our protocol is built for beginners all the way up to the sort of experts where you can build your prediction skill without trying to risk too much. So I think that’s potentially a good spot for people. And also, you know, when you’re starting to predict, you can kind of see where you were landing compared to where you thought it might be.
TotemFi’s users can receive rewards in BTC and TOTM
There are two sets of rewards within our prediction protocol. The first is the staking rewards. And that’s when you enter any of the prediction pools, and you get a card, sort of a guaranteed API for the duration of that period that you actually staked and your tokens are locked in the smart contract.
The second set of rewards is for your actual prediction results. That’s where you place in terms of Okay, I predicted $25,000, and it turned out to be $28,000. So it was like, fifth place. And for those prediction boards, you get a mixture of BTC and TOTM.
So we’re hoping for a pretty decent ROI for the prediction pools, but there’ll be a split between. I think it’s kind of like 30% BTC rewards and 70% total rewards. And the reason that we wanted to do that is that you see a lot of high inflation DeFi protocols. And that means that, you know, the rewards you’re getting those in the native token can become devalued quite quickly. So what we wanted to do is if 30% of whatever your percentage of return is in BTC, then that is actually protected.
Which country could legalize Bitcoins after El Salvador?
I’ve done a lot of work in Malaysia, where I’ve worked with the SEC there a lot, helped make the videos and stuff. And you know, they’ve actually got a very forward-looking view on crypto, whether they’re actually going to make outright it sort of government tender. I don’t know. But I’d say though one of the more progressive depressive parts of progressive governments in the region, I mean, it’s so exciting to see a sort of country’s embrace it, it’s about having a sort of race.
You know, like, we’ve gone from, if you look at, like, sort of some of the tech cities, people that have really embraced technology early, they really push forward. And you know, we’ve seen in Switzerland, there’s a Swiss Valley, which is the way I think they call it the “Crypto Valley”, which is a bit of a take on Silicon Valley, but for crypto. So you know, suddenly, as we get to see these positive spaces, where governments come in and give you like, you know, like, what they’ve done in crypto Valley is like, you’ve got three years, this is the regulation, let’s work together to work it out. And that’s just going to be so exciting for the DeFi innovation that we want to see.
We want to see new teachers step in and say, like, you know, these are the parts that are interesting to us. And I guess in terms of the country, and I’m also sort of looking within the Latin America space, I think Paraguay’s some rumours and some reports coming that they’re bringing some legalization or some, some legislation around it. So I think it’s a super interesting one to watch. And it’s like, as one Domino falls, we’ll see.
TotemFi will soon roll out Fox Pool
We’re kicking off with the Fox Pool, which is focused on Bitcoin. And then the variations that will come will take some sort of direction from the community. But, still, the kind of I guesses the key variables would be like, length, what asset you’re predicting. Then, you know, all the various variables from there, it’s kind of Yeah, I mean, it’s exciting in terms of what you can alter, you know, because you’ve your colours, your dots. But, still, they may also have sort of promotional pools, maybe with our partners where it’s like, okay, new crypto projects coming up.
TotemFi’s team will bring NFT competitions
We’re going to compete for those budding artists to meet design and NFT, the winner of the NBA unity. So that’s in the works. So there’s a few competitions we got, and I kind of like the road to main net roads main net roadmap. So there’s a few ones still to be announced. But you know, you’ve got some good things that are going to help the community do some fun things, promote items and hopefully get rewarded adequately for doing so. So yeah, I mean, we’re always trying to think up fun ways to get people engaged and rewarded. So the other one we’ve gotten at the moment is, we’re going to make an NFT, and we’ll get it.
TotemFi ensures that there are many different ways for each and every individual globally to get involved. 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. Ultimately the protocol helps broaden participation as incumbent markets are typically complex with high financial risk for accuracy. Being unique of its kind, the platform is acting as a barrier to entry.
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