Hey everyone !
The EtherAce Beta of the Over/Under Speculation Contract is live on the Ethereum ROPSTEN testnet at
https://ou-contract.etherace.io/ . The smart contract transactions can be viewed on Etherscan here:
https://ropsten.etherscan.io/address/0xe8a60d06408148ec9767799d8b41240c3d4666fdLink to ANN THREAD:
https://bitcointalk.org/index.php?topic=4457994.0Link to Bounty THREAD:
https://bitcointalk.org/index.php?topic=4457998.0Link to our website:
https://etherace.ioLink to our Whitepaper:
https://etherace.io/whitepaper/EtherAce_Whitepaper_v1.0.1.pdf------------------------------------------------------------------------------------------------------------------------------------------------------SHORT EXPLANATION OF OUR DERIVATIVES MARKET AND ITS ADVANTAGESMost of this explanation is a re-post from our answer to a great question asked about what and how our derivatives market works.Our market operates in a similar way that an exchange works. Users can execute actions similar to 'buy' and 'sell' on an exchange. On our platform they are called 'Over' and 'Under' (for our first speculation contract O/U) or 'long' and 'short'.
Users directly trade, speculate and bet on the prices of different underlying assets (like BTC etc.) against each other. An example of how this would work on our first speculation contract (LIVE) and the general concept is:
The price of BTC is at $8,000 USD. Dave believes in 5 minutes the price will be below $8,000. He creates an O/U contract on our platform and sets the price at $8,000, chooses the option to bet 'Under' and sets the price contention period for 5 minutes. Alexa has a contrasting price view or goal to Dave. She believes the price will be above $8,000 USD. So she joins the contract Dave created and chooses to bet on the 'Over' option. Now when the 5 minute contract duration is up our smart contracts retrieve the current price of BTC and either Dave or Alexa will make profit, depending if they chose the correct option.
This is different from an exchange in many ways. The main difference is users do not actually buy or sell the assets our platform supports. They only bet on the price of the underlying assets. This makes our platform lightweight, cheaper, faster, more convenient, secure and scalable. Functionality this supports includes shorting (betting the price will go down), hedging (protecting your portfolio from possible losses, if you hold any coin ex. BTC, believe it is going down in price, and don't wish to sell because you believe in the project or future or because its cheaper to hedge on our platform then sell on an exchange, you can short it on our platform, making profit to cover possible loss from your actual portfolio), longing (betting the price will go up).
------------------------------------------------------------------------------------------------------------------------------------------------------Be sure to check it out. Please report all bugs or questions to the EtherAce Team. We will continually be working and updating this product to fix different bugs that have or may appear !
We will also be releasing an article on our Medium account
https://medium.com/@etherace.devs on how to use our Speculation Contract and a YouTube video on our channel
https://www.youtube.com/channel/UCwjOAJgYFw2ayKVzBz_ITMg to show a demo of all the functionality. Our smart contracts running on the blockchain will be made public on our Github account
https://github.com/etherace soon!
For people who do are not familiar with using MetaMask on an Ethereum testnet you can still see the full functionality from our YouTube video and view the dApp but not able to interact with it.
You will need to be on Ropsten testnet to use it and have Ropsten ETH. A good Ropsten faucet is here:
https://faucet.metamask.io/ . It is a bit unclear on the site as of now that you need to be on Ropsten, we will be implementing something similar to what we have on our Flip product (here:
https://flip.etherace.io ) that redirects you to switch to the Ropsten Network is you are not already on it.
Please let us know what you think. We have received some suggestions thus far and some bugs that we are fixing right now!
Thanks everyone and enjoy using it!
