Wondering how much it costs to build a crypto prediction platform? Explore key cost factors, tech choices, and tips to reduce your development budget.
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With the rise of blockchain adoption, the crypto prediction platform has become one of the emerging developments in this industry. This platform is gaining popularity, as it predicts future real-world events. Many users and entrepreneurs are interested in a crypto prediction platform as it helps them generate revenue.
Are you an entrepreneur planning to launch your cryptocurrency prediction platform, but don’t know how much it costs for development? Don’t worry. We’re here to help you. This comprehensive guide will assist you in understanding how much it costs to develop a crypto prediction platform.
A crypto prediction platform allows its users to predict any global event, like sports events, election results, and the price of cryptocurrency, before the actual outcome. Users can earn cryptocurrencies when their predictions are correct.
For instance, have you ever seen betting platforms where users earn money for placing the right bets? Crypto prediction platform also works similarly, but instead of fiat currencies, users earn cryptocurrencies for their bets.
Crypto prediction platforms are often decentralized since they run on blockchain technology. The entire process is controlled by smart contracts, which ensure transparency and security. The platform allows users to connect their crypto wallet so that users can easily participate in the prediction. Polymarket, Augur, and Gnosis are some of the well-known examples of crypto prediction platforms.
Building a crypto prediction platform might be profitable for aspiring entrepreneurs who are eager to enter the crypto market. Based on your development time and budget, you can either build the platform from scratch or use a white-label software. Let’s explore both cases in detail.
As the name suggests, developing from scratch involves creating the platform from the ground level. This includes developing the user interface, admin panel, smart contracts, and crypto wallet integration. But this gives you complete control over your platform and can able to fully customize it according to your needs. This gives you a ‘sense of freedom’ over your platform.
On the other hand, white-label solutions are ready-to-use software that allows you to launch your platform quickly, compared to developing it from scratch. White-label software has everything already in; all you have to do is add logos and branding. Thus, white-label solutions provide affordable development costs.
Whether you are building from scratch or buying white-label blockchain solutions, Maticz has a strong development team to assist you in developing and customizing your dream prediction platform.
The development cost for your crypto prediction platform depends on how you choose to build it (building from scratch or using white-label solutions). You can select your preferred option to build your platform, based on your business goal, requirements, budget, and time to launch.
If you want to build white-label solutions, then the development cost will be significantly lower as everything is pre-installed, and you just need to add a few customizations to your prediction platform. This is best suited for startups that are seeking to launch the platform quickly.
Estimated Costs: $5000 to $25000
The process of building from scratch involves starting the crypto prediction platform from scratch. The development cost of creating the prediction platform from scratch is determined by the following common features. Note that the cost may vary depending on your requirements, time, location, and technical expertise.
Estimated Costs: $25000 to $75000
Users engage with the platform primarily through the user dashboard. Users can view the data, place the bets, and track the predictions with the dashboard. You can also add advanced features like data tracking, real-time charts, and graphs.
Estimated Costs: $2000 to $5000
If you are developing a decentralized prediction platform, then smart contract integration is essential. Smart contract automates the entire process on the platform without any human involvement. Depending on the complexity, you can implement various numbers of contracts on your platform.
Estimated Costs: $5000 – $15000
Wallet integration is essential as it enables users to participate in bets, manage, and store rewards. It lets users connect and use wallets like as Coinbase Wallet and MetaMask.
Estimated Costs: $2000 to $10000
Outside of the blockchain network, Oracle gathers real-world outcomes and transmits them to the smart contracts. This helps in making trustworthy prediction results.
Estimated Costs: $3000 to $10000
Users and admins can create and list their predictions with market creation tools. This tool includes backend logic and form validation, which helps manage the prediction market efficiently.
Estimated Costs: $5000 to $15000
Robust security features are important as they build trust and confidence for new and existing users. Include mandatory features like end-to-end encryption, smart contract audits, a decentralized oracle, and anti-manipulation mechanisms to ensure smooth operation and protection from hacks.
Estimated Costs: $2000 to $5000
A user-friendly design and seamless navigation improve user engagement and develop trust for your platform. While developing your prediction platform, make sure it is mobile-friendly and responsive. You can also add branding and advanced features to make your platform remain unique among the competition.
Estimated Costs: $3000 to $5000
Platform administrators can maintain the platform's seamless operation by controlling and managing it through the admin panel. It allows the admin to manage the market, monitor the transactions, maintain security, and provide support to the users.
Estimated Costs: $3000 to $10000
You can also build your cryptocurrency prediction platform for your budget by taking strategic decisions. We are breaking down a few cost-efficient ways to develop your new prediction platform.
Instead of developing a platform with advanced features, you can build a minimum viable product. A minimum viable product focuses only on basic and core features that ensure smooth functionality. This greatly reduces the development costs and time. If you’re looking to develop a platform with a minimum budget and avoid high risk, then an MVP is your ideal solution.
If you don’t have the budget and time for building the entire platform from scratch, you can opt for white-label solutions. White-label prediction platforms are live-ready software, you just need to add branding, logos, and a unique interface for your platform. Therefore, a White-label crypto prediction platform is the right choice if you want to launch your platform quickly.
You can hire a development team for your platform development from cost-efficient countries like India and Vietnam. These countries provide highly talented blockchain developers at an affordable development cost and often deliver exceptional solutions compared to the US and UK.
Instead of developing from scratch, you can use open-source tools for your crypto prediction platform, as these tools are already tested and used by many. Using open-source tools like Web3.js or Ethers.js, Chainlink oracles, and OpenZeppelin smart contracts cuts down the development time, expense, and security threats.
Crypto prediction platforms are raising the bar as they predict future events and offer a new way for crypto-entrepreneurs and users to make money. The development cost of the prediction platform varies due to various factors such as business goals, platform requirements, initial budget, time, labour costs, technical expertise, and geographical location. If you are looking for a budget-friendly option without compromising the quality of the platform, then choose Maticz.
Maticz is a leading crypto prediction platform development company with a highly skilled development team. Whether you need to build it from scratch, develop an MVP, or use a white-label solution, we offer an exceptional prediction platform based on your needs, budget, and time. You can also customize the functions based on your business goals. Talk to our experts today to build your well-equipped cryptocurrency prediction platform.
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