[Grant Application] FutureICX Price Prediction Trading App

Project Title

FutureICX ‘Price Prediction’ Trading App

Project Category

Development (apps) - Gaming, Trading

Project Description

FutureICX is a trading related price prediction game of skill where the players can place a wager for a custom amount on what a certain crypto pair’s price would be at pre-determined future moment of time and are aiming to be as close as possible to the actual outcome. There will be no matching of counter-bets or wagering against the house - all players’ wagers are pooled together, and the most accurate ones are rewarded according to a multi-tiered reward structure.

The daily and weekly type of bets, as well as the options for high-risk high-reward wagers will ensure that there is something for every trader’s interest and will maximize the amount of player interactions. The app will give all community members a chance to test their technical analysis skills and will provide experienced traders with the opportunity to receive higher rewards than what they normally would by participating in actual trading. The weekly reward structure, rewarding the top performers will motivate each of the players to reach even higher results and will increase their engagement.

For our regular players we have designed a dividend structure which will give each player the opportunity to receive their own share of the app’s wager pool, according to their own and their affiliates’ activity and results. The implemented social elements of the app will strengthen the bond between players and provide opportunities to increase the gains of the good performers and the outgoing, social players even further.

The app will start with wagers on the ICX/USD crypto pair, payment with ICX and Iconex wallet integration, however upon increase of the player base, we are already prepared with plans for possible improvements, such as additional crypto pair add-ons, additional crypto payment methods and whole separate wager types.

An early prototype of the wagering page of the app is provided. In the actual process of the app’s development this prototype will be improved and could also be changed significantly from our initial design.

Additional in-depth details of the app’s structure are available and will be provided if needed upon request by the Icon Foundation team (via the channels listed below)


Value for Icon

The aim off the project is not only to increase the transaction amount on the Icon network, but to also promote higher community engagement and activity . Aside from a fun trading application, this app could also essentially become a tool where pricing disagreements are easily settled in a light competitive environment and accurate trading predictions are rewarded. The player statistic, result and achievement sharing options would assist the traders to confirm their track record and technical analysis skills and increase their reputation in the Icon trading channels.

The innovative approach and potentially higher returns for experienced traders could also bring additional investors into the Icon network. Long-term, the additional crypto currency payment methods and trading pairs would increase that effect even further and could attract some of the traders currently focused on specific crypto currency types.

An last but not by any means least – an application with such focus would present the Iconists with the opportunity to participate in trading and respectively profiting from their trading skills without exchanging a single ICX coin.

Project Duration

The project will be developed within a 4-month timeframe

Project Milestones

There will be 3 major milestones for this project:

- Realization of all UX/UI mock-ups and front-end integration of the platform

- Beta of the platform, social functions, SCORE prototype on Testnet

- Launch of the DApp on the Mainnet

Funding Amount Requested

The funding would be required for the development of the project. This task will be handled by a team of developers, consisting of the following specialists:

- 1 UX/UI designer - in charge of conceiving the User Interface and the User Experience of the DApp, Graphical Identity, Illustrations, etc.

- 1 fullstack dev - in charge of integrating the Frontend (UI/UX,Interactions, User Management via ICONex) and all the interactions to the SCORE

- 1 SCORE developer - in charge of designing and creating a secured and functional SCORE for the DApp.

Each one of these developers will require around 2900$/month for building the DApp. This salary is not as high as it could be for other grants but some of these teams will be working on another ICON related projects in the meantime. They are committed and have deadlines to meet and will therefore have to work on this project outside working hours. Some of the production team will start their work with 1-month delay for this reason too.

The team will be supervised by a project manager who will be in charge of the communication, social aspects and overall project and strategic direction. No funding would be required for this role – the expenses for it will be covered by personal funding and sub-prep node operation.

Funding requested: 3 developers x 3 months x 2900$ = 26100$

Team Experience

The project will be managed by ‘nblaze’, an active community member with over 15 years of experience in management and project optimization as well as in-depth knowledge of the online gambling apps’ systems and structures. Due to his dedication to the Icon’s system he has earned the appreciation and positive disposition of a large amount of preps and with it - their willingness to potentially assist with technical difficulties and the onboarding of players in the future. As ‘nblaze’ is currently running the ‘Midos’ sub-prep node, the proceeds from that node will go towards the management and onboarding costs of the FutureICX project

The production part will be handled by the Sharpn team as the members of the team gradually move from the project that they are currently working on to this one. Sharpn is a startup that has been building on ICON for the last 8 months. They are currently dedicating their work solely on the ICON Blockchain and are focusing it around user experience as well as the adoption of their DApps and ICON in general. Here are some of their most recent achievements:

- 2nd place of ICON’s got talent

- Creating Devblockchain.tech, an interactive SCORE course aiming to expand the ICON developer community

- Created several other services such as an ICON faucet, a Staking Dashboard, etc.

Official Team Name

Midos

Team Contact Information

Email: ardin.airy@gmail.com

Telegram Id: https://t.me/nblaze

Twitter: https://twitter.com/nblaze4

Public Address

hx5284d15e2b130b4d76149aae1a9409d5fab0c9c2

Challenging the TA Gurus of ICX hehehe … love it :slight_smile:

2 Likes

Really nice work nblaze! You got my full support for this project! Ui looks dope!

1 Like

Initial Review Result Comments

Review Result

Approval pending on revised conditions

Review Comments

This is a fantastic product that many ICONists can love. This will be one of ICON’s best price prediction markets. However, we would like to ask your team to adjust the Funding Amount more reasonably. We will only cover 16,000 USD of the costs and we encourage other P-Reps that are passionate about this project to contribute to this grant.

If your team agrees to the revised condition, grants will be funded.

Next Procedure

ICON Foundation provided the Initial Review Result Comments on the proposal. Grants recipients will respond to the Foundation’s response. If the recipient finally agrees on the outcome of the ICON Foundation, the foundation will provide the Final Review Result Comments.

2 Likes

Thank you @Bongan, we fully appreciate your trust in our team.

While we are not sure if the costs could be optimized any further than what we have proposed, we accept your decision and will try to find further funding of this grant.

We are very passionate about this project and the value that it could bring to the Icon network and we have not stopped working on it, no matter that we did not receive any funding (or even a decision whether it would be provided) so far.

So if there is any way that we can convince your team to increase the funding by providing more details about the project, we will gladly do so. If the decision is final and there is no such option, we would gladly accept the offered amount as it would definitely be of help to us. It could be an unfortunate situation if we have to fund a large part of the project out of our own pocket, but we are very commited to it’s success and we are certain that we will be able to provide a high quality product in every possible scenario

1 Like

Hello Nblaze & FutureICX team,

Thank you for working to come up with this idea as well as the prototype for FutureICX. We believe FutureICX will generate transactions, promote community engagement, and will also just be a lot of fun for community members to use.

ICONation would like to assist with the funding effort that the foundation has graciously started.

Initial funding requirement: $26,100
Foundation’s contribution: $16,000
ICONation’s contribution: $10,100

If this will fulfill the necessary requirements, we’d love to step in and provide those funds so we can see ICONists enjoying FutureICX by Summer/Fall 2020.

If this works for you and the rest of the FutureICX team, please let me know and we can further discuss the logistics and transfer of funds.

Thank you!

8 Likes

Thanks a lot Radio (and thanks to the whole Iconation team of course)! We fully appreciate the gesture and the trust in our team and are very grateful for that offer!

We cannot possibly have any objections to it, so in case that the Icon Foundation does not have any objections to your contribution, we will gladly accept (and really hope that will be able to fulfill your expectations)

Thanks to the whole Iconation team once again! :smiling_face_with_three_hearts:

2 Likes

Hi Bong!

ICONation would like to assist with the remaining funding requirements for this effort. We have discussed the requirements with Nblaze and are ready to proceed if the foundation is as well.

Thank you

3 Likes

Hi ICON Nation team, the Foundation is so happy to hear this. Thank you for your support!

5 Likes

Final Review Result Comments

Review Result

Approved

Reporting Period

Grant recipients should produce Periodic Reports in order to continue to receive grant funding. If the Periodic Report is showing that the initiative is not meeting expectations, the ICON Foundation has the option to halt continued funding. Please check the link (ICON Community Grant Program (“ICON CGP”)) and leave reports on this page (https://forum.icon.community/c/g/pr)

The team must submit the Periodic Report by the timeframes below (UTC):

2020/04/21 02:00 AM (UTC)
2020/05/21 02:00 AM (UTC)
2020/06/20 02:00 AM (UTC)

Funding Amount
The ICON Foundation is going to give out $16,000 in 3 monthly installments based on the Periodic Report. The amount of ICX will be determined and paid according to the price at 02:00 AM (UTC) on the day of payment.

2020/04/26 02:00 AM (UTC) - $5,333
2020/05/26 02:00 AM (UTC) - $5,333
2020/06/25 02:00 AM (UTC) - $5,334

3 Likes

ICONation will follow the Foundation’s payment schedule.

Nblaze + FutureICX team - If there are any issues that require you to receive funds prior to April 25, please let us know and we can discuss a possible adjustment to the schedule.

Funding schedule and totals:

2020/04/26 - $3,367
2020/05/26 - $3,366
2020/06/25 - $3,366

4 Likes

Thanks a lot to both Icon Foundation and Iconation teams for the support! The presented plan works great for us - we have no issues with the planned report and funding dates/amounts.

We are extremely excited about the project and will make sure that you wont be dissapointed by your decision!

2 Likes

Updates

We adjusted the the submission deadline of the Periodic Report to have time to review the report.
Sorry for the confusion.

No problem at all.

We have expected that it will take a few days for the reports to be reviewed anyway, but this gives us more clarity on the period in which we can expect this to happen, so thank you for the update :slightly_smiling_face:

1 Like