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November 2, 2024 20 mins
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Speaker 1 (00:00):
Now, it took me a little bit longer than anticipated
to get this interview out. This is an interview between
myself and Corey or Munro from Badega Markets. This is
a prediction market that's building our Candano and they're launching
literally today. So sorry guys for it taking a little
bit too long to get this interview out, but it's
still fairly relevant in regards to how the platform differs

(00:21):
from polymarket to how big the market is. We talk
about all sorts of aspects around there, so it's still
a pretty good interview. So do listen in hit that
thumbs up on your way in subscribe notification belt if
you haven't done so already. Let's get into it. Prediction
markets is something that has been gaining a lot of
attention this cycle, and I think it's really good that

(00:44):
we're starting to see more projects on Kadano adopt prediction
markets and deliver something within our own ecosystem. And I
have Corey CEO of Badega joining me on this episode
to talk through their platform and everything that's happening with
what they're building out for or at the Cadana ecosystem.
So Corey, welcome to the podcast.

Speaker 2 (01:04):
Hi, glad to be here. Thanks Pete, it's good to
see you again.

Speaker 1 (01:09):
Yeah, it's been a while since we've caught up, but
you're you're a local here in Brisbane and you know
you've been to many meetups and even helped out a
couple of Cardano major events like the Cadana Summit. So
thank you for your efforts there.

Speaker 2 (01:23):
Firstly, thank you, thank you for what you do for community.

Speaker 1 (01:31):
It's been a lot of fun. It's been a lot
of fun. But you've now stepped into the role as
CEO of Badega here and I thought this was quite
interesting because there isn't a really big prediction market within
the Kadana space at the moment. Can we talk about
what this is, how prediction markets work, and what you

(01:52):
guys actually building here for the space.

Speaker 2 (01:55):
So basically, the concept of prediction market is pretty simple
and straightforward. Is you want a platform where people can
bet on the outcome of real life events. It can
be political like we've been seeing with Gama line Trump
on poly marketing, can be it can be will X

(02:20):
where you know a tie, It can be sports, it
can be anything. So basically it's it's like a betting
platform on on real life event to make it simple.
What we're trying to do basically on on Cardano by
building an open source by the way, decentralized prediction market

(02:42):
platform is you know, bring a bit of fun and
tools to to leverage all of this and and the
Cardinal blockchain and to make a resilient product if it
makes sense. And that's where we chose Cardano because from
day one, I think the team has been involved, can

(03:04):
know for a while. That's where we kind of we stand.

Speaker 1 (03:10):
Is there a real benefit to actually putting something like
this on blockchain? Like I can't, can't some other exists
For example, there's so many betting platforms out there already
and they don't need blockchain. What's the benefit here of
actually putting it on chain?

Speaker 2 (03:27):
Well, I think the main the main advantage would be
you're putting it on an open ledger where basically data
is transparent. You're you're leveraging like the cryptography, so it's
a security and depending on the blockchain you use, you know,

(03:54):
you're using that security in that open ledger. Now, depending
on the lockchain, obviously it can be polygonic, it can
be card I I think it's a pretty interesting concept
For me, I think it it's a few a few
seeing it's scalability, decentralization, and you know, real live data

(04:19):
using oracles when you can so a mix of code
and and basically oracles in your platform to get real
live data.

Speaker 1 (04:30):
So in terms of implementing how you guys are what
what's the experience going to be like? Like will we
just be able to go to the platform and place
place a prediction on a particular outcome that may be
submitted on there? And is that basically the experience exactly?

Speaker 2 (04:49):
So are we will have obviously the first version coming out,
they won't be won't have all the futures, right, but
that's where we're going. We're pretty close to the public
test net, so I think we should be even going
to private test net next week on you know the

(05:11):
first first kind of simple features, which is you're better
on an outcome. When the outcome expires, you have a
winner and a loser, right, So that's kind of the
version one after we'll be we'll be working on other
features which involves trading that position. So I'll let me explain.

(05:37):
For example, I one months ago, someone buys shares he
thinks Trump's gonna win, but Trump has only chance, so
he buys US share at forty cents. Something happens in
the polls events is he jumps to sixty percent sentiment.

(05:59):
He sells it shore sixty percent. So not only you
can bet on you know, a dot com, but people
actually can trade that as an asset, which that's I
think is pretty cool.

Speaker 1 (06:14):
That's crazy, So we can trade our bet. Wow. Okay,
this brings in a whole level of.

Speaker 2 (06:21):
That's what we that's what we're we're aiming.

Speaker 1 (06:25):
At, right right, Okay, So this brings in a whole
level of so many more use cases for people trying
to speculate in the market and trying to find find
those gains as well. It's really simple. It sounds really simple, uh,
to piece together and and play around. Maybe I'm completely wrong,
maybe it's really complex the pieces one, but.

Speaker 2 (06:46):
It sounds it sounds pretty simple. But obviously on the
on the death side, and I'm not a death by
the way, so apologize if there's some really technical questions
that won't be into I know the subject. But yeah,
basically there is some challenges especially for data, real life data,

(07:07):
and depending on the source, and there is we have
a few deps working on it, and we know that
for example, implement implement implementation of oracles with a mix
of it. Can you know you have to defund the

(07:28):
good mix and have your trust trustworthy source. You know,
we have.

Speaker 1 (07:35):
We've seen issues with oracles in the kadata space and
even other ecosystems as well. So how would this oracle
data source work? Would you be collating for for let's
take the elections for example, So would you be collating
data from polls that other platforms out there will be

(07:57):
putting together, like political polls and whatnot, and then using
that as a data source. I'm trying to work out
how this actually works so that you guys can piece
it together yourself.

Speaker 2 (08:08):
Yeah, exactly, So basically usually again I'll try to explain
the simple way, but you can either work with an
O ratcle and they will help you find providers with data.
It really depends on how the data comes in. Sometimes,

(08:30):
if it's words or numbers, it can be totally different
and hard to implement, and it can you have to
sometimes customize that for the platform. So depending on what
you want to do, it can be really costly. So
at the moment we're trying to find the middle the

(08:52):
middle ground between including oracles and pulling some data in
the most cost effective way, in the most accurate for
the platform. Like I said, we're we're still going. We'll
just going in test net next week, so we'll we'll

(09:13):
probably have more real real life use case a test
at that moment, so it'll be interesting.

Speaker 1 (09:24):
This is also leads me on to ask how the
prediction market can expand to like sporting events or things
like that. You know, we've we've just had major sporting
events here in Australia, but how could you use your
platform to bet on that outcome of those sporting events? Like,

(09:47):
how do you get that data in if the oracle
doesn't support it, does that mean you can't create a
prediction market based on that particular event?

Speaker 2 (09:56):
No, you you you can and or the oracle can
can can do that. And after it's like really like
the problem is sourcing that data. So the oracles, UH
providers will help us source. So we're in talks with

(10:16):
some on cardano we have I won't I won't spoil
anything because we haven't announced, but basically, yeah, okay, we
already have we have signed a partnership with someone.

Speaker 1 (10:32):
Yeah, Okay, Well, there's not many oracles in the Kadana space,
so we can speculate, so you know what that may be.
So that's pretty good to see that you guys are
partnering up with some existing players in the space to
deliver those oracle sources for your platform. Let's talk a
little bit about the numbers of how big these prediction

(10:54):
markets are at the moment. And I was looking through
this a little bit earlier before in regards to how
big polymarkets is the prediction market on Polygon and I'll
let me just pull this up. Just give me one
second here. Yeah, the political space I think has really
pushed up polymarkets at this point in time, and people

(11:18):
do want to bet on that particular outcome. It's very
very polarizing for anyone across the world to try and
predict that market, for sure. But this is an article
that I pulled up from Coucoin. Here just some statistics
about how big polymarkets is at the moment. So polymarkets
trading volume surge to five hundred and thirty three point

(11:40):
five one million active users, reaching ninety thousand, just over
ninety thousand there, and that's an increase from August by
forty one percent, with its busiest day being sixteen thy
seven hundred and two participants. These are absolutely insane numbers.
And like you mentioned that presidential election winner one is
the biggest one driving the markets, and I thought i'ld

(12:03):
just bring up June analytics as well, and if we
have a look at some of the stats here, look
look at this trading volumes. These are insane and it's
just skyrocketing over the last few months. I don't know
if this will be sustained after the election, with you know,
the Trump and Harris Kamala Harris theme being so big

(12:24):
at the moment, I don't know if they'll be able
to sustain it afterwards. Maybe they will, I don't know.
But what are the chances of Kadano being able to
tap into this type of volume, this type of traffic,
and gain some attention and steal something away from poly
markets or even bring in new users in general.

Speaker 2 (12:44):
No, it's crazy what they've done, to be honest, and
like being that web Tree business kind of tapping in
the broader market, and there's not a lot of startups
who have done that in encrypt if you look at
so it's pretty impressive. I think there's a market share

(13:05):
and if we if we can compete with the similest
ah a nice and seamiless platform, and definitely I think
it can bring some good stuff to Kardina. So that's
what we're we're we're aiming at and obviously by competing,

(13:29):
which those type of platform will will definitely need to
look in and we're looking at maybe you know, venture capitalists,
and I know that's a subject that's you know, quite
on Kardina. We don't really have a lot of vcs,
but at some point if we want to you know,

(13:51):
release an up adapt it goes in taps in that
broader market, will definitely have to have some like some
run behind us, you know what I mean.

Speaker 1 (14:04):
Yeah, Yeah, definitely, definitely there's a if you do step
into that VC space and trying to expand beyond you know,
the Web three ecosystem, you've got to deal with regulations
because this is a gambling platform essentially, so you've got
to make sure you're following the rules there around the
world or wherever you're operating. And then there's the crypto

(14:27):
side of things as well. Cryptoregulations and VC funding will
definitely help you navigate that space. Or at least pay
for the people that will make that all happen. And
this is one of the other negatives that we hear
about prediction markets as well. It is essentially gambling. You're
picking a particular outcome of an event. You're basically betting
on white or black or red or black, whatever gambling

(14:51):
things are. I don't know myself, what's your opinion there.

Speaker 2 (14:55):
Well, there's kind of two ways that to to with
jurisdictions see it. There's either it falls under gambling restrictions
which when you kind of need a license. Other or
in some areas it falls because it requires deeper analysis

(15:20):
and you're we're talking about real life events. It has
it it falls in another another category. So I know
that polling market, for example, they had the CFTC looking
into them and they were actually banned from the US market.

(15:42):
So there's you know, you need to adapt depending on countries.
So of course a really bad part of our you know,
funding and stuff are and will be going towards that
legal thing. So we were we're working with a company

(16:03):
called One Link Solution on that part, and yeah, it's
it's a big it's a big part of it, and
we want to make sure we do it on the correctly.
You know, we don't want to mess with.

Speaker 1 (16:15):
That most definitely. And you guys do have token, well,
we we have a token, we have a token seal
or anything like that.

Speaker 2 (16:26):
We haven't we haven't announced anything, but we don't have
a governance token in we're thinking on ways. Well, the
answer is yes, we just haven't released the details yet
because our our thinking was we need we want to

(16:49):
have a working product at least a version one, bring
into test net, have the audits, and then we'll we'll
talk about it. We don't want, you know, do a
talking launch over promise and you know, so we'll have
something people can test and apply for a working product

(17:12):
before we do something.

Speaker 1 (17:15):
Okay, that's really good to hear that. That's kind of
the Kadana way. A working product with a good business
use case before I'm going through token tale. That's majority
projects to go down that path. And that's really good
to hear too as well. Now, you guys do have
your discord server that just got opened up about twenty
four hours ago from recording of this video. So I

(17:37):
didn't make it to the top first one hundred. Unfortunately,
you'll have a spot problem. Yes, yes, but people will
be able to get into that test net environment and
play around with the market over the next week or so,
so I'm really looking forward to that. I'll put links
to the Discord server and all that in the show notes.

(17:59):
So if you do want to join in and find
out a little bit more about the Dagger and what
they have to offer, please do check out that link
join the community. It's the best way to learn a
little bit more about the platform itself. Now, after the
I just want to go through the final steps before
you go live to mayet. We got the test net,
you have security audits. Have you selected someone to do

(18:21):
your audit yet?

Speaker 2 (18:22):
We have? We have someone in mind yet, Okay?

Speaker 1 (18:25):
Cool? And then after that potential main net, maybe by
the end of the year, before election cycle ends.

Speaker 2 (18:31):
Maybe are our devs are working around the clock too,
so we can get that out before may net. That's
the idea. No, sorry, before election that would be the
r you know. Yeah, yeah, that's uggle. So we're working
towards that.

Speaker 1 (18:49):
Okay, that would be ideal. That would be ideal. Awesome. Now, Corey,
do you have any final words before we end this meeting?
Before this.

Speaker 2 (18:59):
And I just want to thank you and obviously the
column community for showing support. Yeah, we've been been wanting to,
you know, build something for a while. Being in that
space and seeing all that, you know, really smart people
in the car space, it kind of inspires you to

(19:22):
kind of do something. So yeah, we're working hard toward
that and and we hope that you'll enjoy the test net.

Speaker 1 (19:34):
Awesome, guys, Corey, thank you so much for joining me
on this interview, and I look forward to playing around
with the test net when you guys launch all right,
links all down below for you guys if you want
to check out the platform itself. If you have checked
out the platform and put a prediction in there, please
let me know how it was. Leave a comment and

(19:54):
tell me about your experience of using a Bidegger market.
I haven't used it just yet, that hasn't long yet,
but I will give it a go as well, just
to see the experience and hopefully I can predict the
outcome of this US election that's coming up around a
couple of days from now as well, So be interesting
to see how this one pans out. Anyway, hit that

(20:16):
thumbs up, subscribe notification bell and I'll see you guys
in the next video,
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