Velocity is a decentralized options platform that allows users to enter into a collar option using a smart contract on the ethereum blockchain.
That means Velocity is the very first platform won’t rely on central servers or middlemen settlement processes to manage funds.
If that sounds too intense, don't worry! We will walk you through with these easy steps.
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Each party purchases a contract by sending a nominal amount of ethereum (ETH 0.1) to the contract's ethereum address. This is a demo, so it’s free to use (testnet).
Note: If you have the MetaMask Chrome extension installed, it will be detected and we’ll automatically load it with some test ether.
Once accepted by the network, the contract will fetch a starting price from the oracle's price feed (pricegeth code availble on github) and run for a period of five blocks. The chart displays time, price, and block number for the most recent ethereum blocks.
You can see recent contract history here. Because this is a demo, we won't be saving your contract history, be sure to share it and take lots of screenshots!
Begin using this smart contract yourself! All you have to do is decide: Will the price of ethereum go up or will it go down in the next 5 blocks?
I believe the price of ETHwill go up! (Long)
I believe the price of ETHwill go down! (Short)