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Prosper

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Prosper?

Prosper (PROS) is a non-custodial, cross-chain prediction market and hedging platform that operates on multiple blockchains, including Ethereum and Polkadot. It allows users to make predictions and earn rewards for correct predictions, utilizing smart contracts to ensure transparency and security. Prosper is known for its unique features such as on-chain liquidity aggregation, prediction insurance, and custom pool creation, making it a decentralized and reliable platform for users worldwide.

How is Prosper used?

The crypto Prosper (PROS) is a utility token used within the Prosper platform, a decentralized prediction and hedging market. Here are some key ways PROS is utilized:

  1. Governance: PROS token holders can participate in the platform's governance through decentralized autonomous organization (DAO) structures, allowing them to vote on updates, features, and projects.

  2. Custom Pools: Users can create custom prediction pools by setting their own conditions, including a custom treasury rate, using PROS tokens.

  3. Staking: PROS token holders can generate passive income by staking their tokens, earning yield rewards in PROS.

  1. Prediction Insurance: PROS tokens are used to create insurance against predictions, providing a safeguard for users.

  2. Commission Rate Discounts: Holding PROS tokens can result in lower commission rates for users.

  3. Liquidity Provision: PROS tokens are used to incentivize liquidity providers, ensuring the availability of assets in the prediction pools.

These uses highlight the versatility and importance of the PROS token within the Prosper ecosystem.

How do I store Prosper?

To store Prosper (PROS) tokens securely, you have two primary options: software (online) wallets and hardware (offline) wallets. Each option has its own set of tradeoffs.

Software Wallets

Software wallets are convenient, feature-rich, and free to use. They are ideal for regular transactions and can be accessed online. For example, CryptoWallet.com supports hundreds of cryptocurrencies, including PROS. It also offers a crypto debit card for easy spending at online or offline stores that accept debit card payments.

Hardware Wallets

Hardware wallets are the safest option for storing large amounts or for long-term storage without needing regular access. They store your keys offline, making them more secure. Industry leaders like Trezor and Ledger support most major altcoins, including PROS. Be sure to research and ensure the specific device type you choose supports PROS before purchasing.

How to buy Prosper?

To buy Prosper (PROS) tokens, you can follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that lists and supports PROS tokens for trading. Some popular options include Binance, Coinmerce, and decentralized exchanges like PancakeSwap.

  2. Create an Account: Register on the chosen exchange by providing a valid email address, strong password, and other required information. Verify your account through the exchange's KYC (Know-Your-Customer) process, which typically involves submitting government-issued identification and contact details.

  3. Deposit Funds: Deposit the necessary funds into your exchange account using supported payment methods such as bank transfers, credit/debit cards, or peer-to-peer transactions. The funds will be used to purchase PROS tokens.

  1. Search and Select PROS: Use the exchange's search function to find PROS tokens. Select the relevant option to proceed with the purchase.

  2. Place a Buy Order: Enter the amount of PROS tokens you wish to buy and confirm the transaction. The tokens will be added to your wallet once the transaction is processed.

Additionally, you can use fiat-to-crypto exchanges like CryptoWallet.com to buy Bitcoin (BTC) with your debit or credit card and then trade BTC for PROS on an altcoin exchange that supports this trade.

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History of Prosper

Prosper (PROS) is a cryptocurrency that operates as a non-custodial prediction market and hedging platform. It is built on the Ethereum blockchain and allows users to make predictions and earn rewards for correct predictions. The platform is decentralized, utilizing smart contracts to ensure transparency and security. Prosper also operates on the Binance Smart Chain (BSC) mainnet, which provides fully developed protocols for its operations.

The history of Prosper is not extensively detailed in the available sources. However, it is known that the platform was founded by a team of blockchain and financial experts who aimed to create an innovative solution in the prediction and betting space. They developed Prosper to provide a decentralized and reliable prediction market to users worldwide.

Prosper's unique feature is its use of cross-chain technology, allowing users to make predictions on different blockchains and assets. This enables users to take advantage of a wider range of prediction opportunities and bets. The platform ensures fair and transparent distribution of rewards based on the accuracy of predictions, and users can earn PROS tokens by participating in predictions and bets.

Prosper has been actively traded in the cryptocurrency market, with its price fluctuating based on market trends and other factors. The current price of Prosper is $0.38, with a market capitalization of $12,344,016.58. The platform continues to evolve, with new features and integrations expected in the future.

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How Prosper works

Prosper (PROS) is a decentralized prediction market platform that operates on the Ethereum blockchain. It allows users to participate in market prediction-related investments by creating custom pools with their own conditions. Here's how it works:

Architecture

Prosper's architecture is based on smart contracts and features a pool system that runs on the Binance Smart Chain network. This model enables the platform to generate numerous prediction pools daily, allowing users to place predictions on various assets such as BNB and ETH.

Prediction Process

To make a prediction, users need to connect their Metamask wallet to the platform using the Binance Smart Chain mainnet. They then select the currency they want to predict and choose either 'Bull' or 'Bear' to make a prediction about the asset's value or event. Once the prediction pool is closed, users can claim their rewards if their prediction is correct.

Liquidity Provision

Prosper addresses the issue of liquidity in decentralized finance (DeFi) by implementing binary models of liquidity provision. This means that liquidity providers (LPs) automatically fill the smart contract pools with funds in exchange for platform fees in PROS tokens. The expected value for LPs is always positive, making it an attractive option.

Token Utility

The PROS token is the native cryptocurrency of the Prosper platform. It powers all transactions and interactions within the ecosystem and is used for various purposes:

  • Custom Pool Creation: Users can create custom pools and set their own conditions, including a custom treasury rate, by holding PROS tokens.
  • Governance: PROS token holders can participate in governance activities, including voting on new updates, features, and projects via decentralized autonomous organization (DAO) structures.
  • Staking: Users can generate passive income by staking their PROS tokens, earning yield rewards in PROS.
  • Prediction Insurance: PROS tokens can be used to ensure predictions, with a maximum insurance fund of 10% of the user's prediction amount. If a user loses a prediction but has reserved PROS tokens for insurance, they can receive a portion of the insurance fund.
Partnerships

Prosper has partnered with prominent companies like Microsoft, SAP, Adobe, IBM, CGI, and Deloitte to deliver robust user experiences and stronger solutions for customers. These partnerships, along with its acquisition by Animoca Brands, are expected to contribute to the growth of the PROS token.

Overall, Prosper offers a unique platform for users to engage in market predictions and hedging while addressing liquidity issues in DeFi. The PROS token plays a central role in facilitating these activities and ensuring the platform's decentralized governance.

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Prosper's strengths

The token Prosper (PROS) has several strengths that make it an attractive investment opportunity:

  1. Cross-Chain Prediction Market and Hedging Platform: Prosper is built on both the Ethereum and Polkadot blockchains, allowing it to leverage the strengths of both networks and provide a robust prediction market and hedging platform.

  2. On-Chain Liquidity Aggregation: Prosper's architecture includes on-chain liquidity aggregation, which helps solve the liquidity problem common in crypto prediction markets. This feature ensures that liquidity providers have a positive expected value, making it more attractive to them.

  3. Prediction Insurance: Prosper offers a unique prediction insurance system, where users can reserve up to 10% of their prediction amount in PROS tokens to ensure their predictions. This insurance fund is distributed linearly based on the reserved tokens, providing a safety net for users.

  1. Custom Pools: Users can create their own custom pools with their own conditions, giving them more control over their predictions. This feature is made possible by the requirement to hold PROS tokens, which are used for custom pool creation.

  2. DAO Governance: Prosper incorporates decentralized governance, allowing users to participate in decision-making processes through the use of PROS tokens. This ensures that the platform is community-driven and responsive to user needs.

  3. Token Utility: The PROS token serves multiple purposes, including prediction insurance, DAO governance, commission payment, and premium/subscription fees. This multi-faceted utility adds value to the token and increases its potential for growth.

  1. Strong Technical Analysis: Prosper's price predictions are supported by technical analysis, which indicates a potential for consistent growth in the future. This growth is expected to be driven by blockchain integration in multiple industries worldwide.

These strengths position Prosper as a robust and innovative platform in the cryptocurrency market, making it an attractive investment opportunity for those interested in prediction markets and hedging platforms.

Prosper's risks

Prosper (PROS), a peer-to-peer lending platform, carries several financial risks for investors. One significant risk is borrower default, which can result in a loss for the investor. This risk is inherent in any debt investment, as borrowers may fail to repay their loans, leading to potential losses for those who invested in those loans.

Another risk is the lack of diversification. If an investor does not have a diverse portfolio, a single default can significantly impact their overall returns. Prosper recommends that investors have at least 100 notes in their portfolio to mitigate this risk.

Additionally, the platform's performance can be affected by regulatory issues. Prosper has faced regulatory problems in the past, which can impact investor confidence and returns.

Furthermore, the platform's rating and vetting processes for borrowers have been criticized for not being thorough enough, increasing the likelihood of defaults. This can lead to losses for investors who rely on these ratings to make investment decisions.

Finally, there is a risk of system errors or inaccuracies in reporting returns, which can mislead investors about the performance of their investments. Such errors can result in investors making decisions based on incorrect information, potentially leading to further losses.

Overall, investing in Prosper (PROS) carries a range of financial risks that investors should carefully consider before making investment decisions.

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Prosper's ecosystem

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Prosper’s team

  • Randy Vanenburg: CEO of Prosper, with a background in product design, technology, and consulting for financial institutions, multinationals, and governments.
  • Thomas van der Voort: CTO of Prosper, with a technology background and experience as a consultant for large multinationals.
  • Dajana Nozic: CCO of Prosper, with a background in financial crime and regulatory/compliance, previously working for Mollie.
  • Vladislavs Semjonovs: Co-founder and former CEO of Prosper, involved in the acquisition by Animoca Brands.

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