BitcoinHivemind.com – Hivemind Review

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Hivemind is a peer to peer protocol in prediction markets, trying to use oracle process as a way for people to indulge in gambling with Bitcoin. Due to its decentralization, it offers the opportunity to guarantee security every step of the way. Its founder Paul Sztorc has been praising the fact that Hivemind is a unique Bitcoin 2.0 project. It covers all the preconditions of an integrated solution in prediction markets. Let’s take a look and see what this means!

Hivemind Website

There is nothing simpler and more basic than this website. Hivemind does not pay attention to fancy features and it is indeed a simple introduction to what this tool can do for users. Without offering any options to those who wish to take a peak and see if this service appeals to them, Hivemind provides a thorough presentation of the tool along with links to download. It would have been a lot nicer if there was a modern looking website behind this effort, though.

The Hivemind Sign Up Process

Upon having completed the download, you will need to sign up to Hivemind. You will work with Bitcoin, which is cool and anonymous payment. No sensitive data will be available for third parties to take advantage of. Although the sign up process will not be ideal for newbies and those who are not familiar with Bitcoin and prediction markets, there are enough details on the site to fill in the gaps in knowledge.

Hivemind.com Security

In this open source protocol there is detail in every single thing, so that there is no security breach throughout the whole trading process. This means that Hivemind will allow users to engage in trading and voting with the use of Bitcoin, either penalizing them for not voting or rewarding them for doing so. There are no hidden agendas here and therefore there is no security leak to beware of.

Trading Process

The trading process is simple and straightforward. All users are able to vote according to the general belief and punishments will occur to those who do not. They will also be free to buy reputation tokens, so that they can vote more and gain monetary profit out of this. Since the votes add up, there is no way false predictions will be tolerated for long. The whole concept of Hivemind ensures that the results are accurate.

Unlike gambling, this process is not dependent on luck and pure luck. Instead, there are algorithms that determine the outcome and the odds change significantly every single time.

Plethora of Trading Options

There really is no actual way of knowing whether or not there will be a lot of trading options in Hivemind. Of course, there are those who are optimistic and claim that there will be no restrictions whatsoever in this aspect. So the predictions will involve a wide range of events, such as those under the categories of sports and politics, live and fun, entertainment and a lot of other markets. In the pre-release test build, all these options are available and so it is a safe bet that they will implement them and many others in the real thing.

Help & Support

Although Hivemind is not live yet for the public, there is an extraordinary presence by its founder in the media. In fact, Paul Sztorc personally answers to all questions on the official website and is really active on the forum of Hivemind. You can ask whatever you want and he will be prompt to answer in detail. However, as you can imagine there is no live chat or direct phone number for users to turn to. Everything is in test mode, so you will need to settle for the forum, the FAQ section, Github, Twitter and Slack, as well as a blog. There is also an email, but Twitter is your best chance to get an immediate response from Hivemind.

Compatibility

Up to now you can download Hivemind from the official website for Windows (32 and 64) as well as Linux. This is it! Of course, upon launching this prediction market will be compatible with most OS and devices and hopefully the site will be mobile responsive. If you want to test it out, though, these are your restrictions.

Hivemind Offers

No offers are available on the site, as you should have guessed. Paul Sztorc is firm against seasonal offers and discounts, when writing on the FAQ section. These are used as a way to lure users towards trying their services out and Hivemind does not need these tricks, quoting his words. However, voters will get rewards for their consistency and penalties when not voting. So this is a kind of reward, right?

Hivemind in a nutshell

Pros

• Open source 2.0 peer to peer oracle protocol
• Great, knowledgeable founder
• Bitcoin payments are anonymous
• No need for crowdfunding
• Improved option when compared to Ethereum etc.

Cons

• It is still in pre-release test build
• Website is not fancy or functional
• No actual release date
• Downloads only include Windows and Linux OS

From all the information above, it goes without even saying that Hivemind may be the next great thing in prediction markets. There are many ambitious plans that might or not become reality. Paul Sztorc is a bright man who has been in Yale and knows stuff. He has put his mind to work and he has come up with this P2P oracle protocol, which can substitute everything else in this industry.

However, everything is fluid until now and nobody can be sure of the final outcome. It is true that the evidence is there and that this open source protocol has proven its value during testing. But until its release to the public, speculation is the only thing available. Of course, a lot of things have to change (including the website structure and the design, the help & support options and the categories), but it is definitely an option worth trying out upon release.

Meta: Find out about Paul Sztorc and his accomplishments, in this detailed Hivemind review highlighting the uniqueness of Hivemind among Bitcoin prediction markets.