TotemFi is a Decentralized structure Financial forecasting system that rewards its users with Bitcoin and indigenous tokens. To fix problems with conventional economies, the Decentralized Framework would use blockchain technology.
The goal is to build a low-risk, open platform that tokenizes the ability to forecast upcoming asset prices and events (Raj & Raman, 2017). Individual people and the collective would benefit from the protocol, as each will be compensated for their ability to predict the future value of a cryptocurrencies (initially bitcoin).
Furthermore, users are not penalized for making incorrect predictions. Since incumbent markets are traditionally diverse, the aim is to expand involvement with the protocol. The goal is to increase involvement in the procedure because dominant markets are traditionally dynamic and come with a high financial risk of accuracy, putting up barriers to entrance.
What things make TotemFi Different from the market?
· Totem is distinguished from the rest of the pack by three key elements of underlying magic:
· BTC incentives imply that interacting with the TotemFi protocol would generate a lot of value.
· Accessibility, using top designers to create a dApp that is easy and effective for users at all levels.
· Non-punitive forecasts: Given the unpredictable nature of BTC price movements, they wanted to maintain a forecasting models that is both reliable and encourages engagement by not penalizing incorrect predictions, allowing users to keep their stake.
$TOTM Utilities
$TOTM will grant holders access to multiple of betting markets and platform features, allowing them to earn high-yielding BTC and marking rewards.
Consequently, with on-chain regulation in the works, the holder would be able to participate in the system’s regulation by voting on issues such as;
- The asset pools are identified on the platform — How the solution operates (rate of burn, size of the pool, duration etc.)
Rise of Decentralized system
TotemFi, a recently introduced Decentralized Finance (DeFi) prediction tool, has released the findings of a new industry survey, which polled over 2,000 investment firms and crypto large investors.
According to study, the plurality of end-investors were unworried about recent economic uncertainty, with 55% reporting that their trust in Bitcoin as a viable investment is unchanged. Volatility has harmed two thirds of respondents’ confidence, while 3 percent are unsure.
TotemFi Rewards
There’ll be a fixed staking reward when you enter a staking pool. It will largely depend on the staking pool’s longer maturity. People will be adequately compensated when preserving a balanced Totem environment, and these will change over time. The table below depicts the schematic investment returns at first:
Suggested staking pool yields:
Users’ staked TOTM will be protected in a blockchain network before the staking pool matures. At 00:00 UTC each day, the staking incentives will be accumulated. Users will claim and allocate these accrued rewards as soon as they become available via the staking dApp’s ‘My Account’ portion.
Serving returns will start as soon as a person joins the staking pool, which means that profit will start accruing even before the pool opens.
For correct forecasts, there will be extra $BTC and $TOTM incentives with each staking pool. These, too, can evolve over time based on the Totem community’s agreement. The BTC rewards will be calculated in US dollars.
To encourage the crypto community to work together, each individual’s reward will be multiplied by a certain amount if the normal distribution of the prediction pool is less than a $50 range (about $25 from the actual price) of the actual value of bitcoin at maturity.
Owing to the increased difficulty in forecasting prices more in the future, the coefficient would rise with the pool’s length.
Enhanced Rewards
The sooner a person joins the predictor pool, the more “enhanced incentives” will be available to them (Altuwair, 2017). Irrespective as to when the pool finally diverges, the boost in return will be fixed when the join the pool. For example, suppose Member A joins a pool with 125 hours until the scheduled start. As a result, they receive a fixed extra 4% scoping incentive.
Pool Mechanics of TotemFi
TotemFi’s goal, above all, is to create staking reservoirs where the group sets the rules. Instead of a set of predetermined and static rules, incentives, and pay-outs, many of the variables would be able to be changed based on user consent. Participants were required to choose how the system will function as a result of this.
The dynamics of the pools will be governed by a collection of suggested variables at first. The maturity lengths of the staking pools will initially range from 15 days to 2 months. A cashing pool is started when one of two ‘trigger events’ occurs: either the time limit for contributing money to the reservoir has been exceeded, or the pool size allocation has been reached.
References:
Raj, P., & Raman, A. C. (2017). The Internet of Things: Enabling technologies, platforms, and use cases. CRC Press. https://books.google.co.in/books?hl=en&lr=&id=cLI0DgAAQBAJ&oi=fnd&pg=PP1&dq=Totem+Prediction+platform&ots=L6jdG-ge5o&sig=O21MACr3fEGlo4WaBBPTgvw0tQ4&redir_esc=y#v=onepage&q&f=false
Altuwair, I. (2018). Edelweiss Applied Science and Technology. http://edelweisspublications.com/edelweiss/article/The-Environmental-Analysis-Polymers-Process-2576-8484-EAST-18-129.pdf
Altuwair, I. B. (2017). Environmental Performance Evaluation of Polycarbonates Production Processes. Ind Eng Manage, 6(214), 2169–0316. https://pdfs.semanticscholar.org/da2a/ca82002de069fce54cb01c7d35fda26d3d3f.pdf
