A new blockchain startup called Band Protocol, which was recently backed by Sequoia India has just released its first decentralized application (dapp): BitSwing. According to the company, the new dapp lets the users trade BTC binary options, which are a derivative based on Bitcoin.
The crypto media outlet The Block reported that the users of the company can decide to take both long and short positions on the BTC/USD market and that they can try to predict how prices will be a minute after the bet.
The creator and CEO of Band Protocol, Soravis Srinawakoon, affirmed that the product has been largely successful so far as over 40,000 transactions happened during the week in which the testnet was online.
To be able to use the dapp, the users need to install Metamask and then use the program, which is based on the Kovan testnet. After accessing the app, a person can use ETH to bet on the price of BTC by taking either a long or short position. If the person is correct, you can double your amount of ETH. if you are wrong, you lose it.
Despite the successful launch, the company was already criticized for the short timeframe of the predictions. A single minute is not a lot of time and the CEO affirmed that more options would be added soon.
According to the company, revenue is already appearing. Since the launch of the testnet, the company was able to raise around $12,000 USD. During a whole year, the team expects to raise around $300,000 USD alone from the program.