System, method, and apparatus for providing a prediction-based marketplace
First Claim
1. A system comprising:
- one or more computer servers including one or more processing units operable to;
receive a prediction for an outcome of an event from a seller wherein the prediction is a form of a prediction vector having a direction and a magnitude;
receive historical data related to the event;
determine objective information based on the historical data, wherein the objective information is in an opening-high-low-closing (OHLC) data structure;
determine a minimum price to offer the prediction based on market maker input wherein the minimum price is in a minimum price data structure;
transform the objective information in the OHLC data structure and the minimum price in the minimum price data structure into a price for the prediction wherein the price is in a prediction price data structure;
provide the price for the prediction to a buyer;
receive an indication by the buyer and the buyer purchases the prediction wherein the indication is in an indication data structure and is manipulated based on input from the buyer;
process a payment from the buyer for the buyer to purchase the prediction;
determine the actual outcome of the event that is predicted;
compare the actual outcome of the event with a previous state for the event, by determining any change in the magnitude and direction;
determine a difference between the any change in the magnitude and direction and the prediction vector of the event; and
distribute the payment to the buyer and seller and the amount distributed to the seller is inversely proportional to the difference and the amount distributed to the buyer is directly proportional to the difference.
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Abstract
Provided is a system, method, and apparatus for implementing a prediction-based marketplace. For example, the system may include one or more processing units operable to: receive a prediction for an outcome of an event from a seller, determine a price to offer the prediction for sale to the buyer, provide the prediction to a buyer, receive an indication by the buyer to purchase the prediction, process a payment from the buyer to purchase the prediction, determine the actual outcome of the event that is predicted, compare the actual and predicted outcomes of the event; and distribute the payment in a manner so that the buyer and seller each receive a portion of the payment based on the comparison of the actual and predicted outcomes.
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Citations
10 Claims
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1. A system comprising:
one or more computer servers including one or more processing units operable to; receive a prediction for an outcome of an event from a seller wherein the prediction is a form of a prediction vector having a direction and a magnitude; receive historical data related to the event; determine objective information based on the historical data, wherein the objective information is in an opening-high-low-closing (OHLC) data structure; determine a minimum price to offer the prediction based on market maker input wherein the minimum price is in a minimum price data structure; transform the objective information in the OHLC data structure and the minimum price in the minimum price data structure into a price for the prediction wherein the price is in a prediction price data structure; provide the price for the prediction to a buyer; receive an indication by the buyer and the buyer purchases the prediction wherein the indication is in an indication data structure and is manipulated based on input from the buyer; process a payment from the buyer for the buyer to purchase the prediction; determine the actual outcome of the event that is predicted; compare the actual outcome of the event with a previous state for the event, by determining any change in the magnitude and direction; determine a difference between the any change in the magnitude and direction and the prediction vector of the event; and
distribute the payment to the buyer and seller and the amount distributed to the seller is inversely proportional to the difference and the amount distributed to the buyer is directly proportional to the difference.- View Dependent Claims (2, 3, 4, 5, 6)
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7. An apparatus comprising:
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one or more computer-readable storage structures for storing a plurality of computer instructions executable by a processor, the plurality of computer instructions including; instructions for receiving a prediction for an outcome of an event from a seller wherein the prediction is in a form of a prediction vector having a direction and a magnitude; instructions for receiving historical data related to the event; instructions for determining objective information based on the historical data, wherein the objective information is in an OHLC data structure; instructions for determining a minimum price to offer the prediction based on market maker input wherein the minimum price is in a minimum price data structure; instructions for transforming the objective information in the OHLC data structure and the minimum price in the minimum price data structure into a price for the prediction wherein the price is in a prediction price data structure; instructions for providing the price for the prediction to a buyer; instructions for receiving an indication by the buyer and the buyer purchases the prediction wherein the indication is in an indication data structure and is manipulated based on input from the buyer; instructions for processing a payment for the buyer to purchase the prediction; instructions for determining the actual outcome of the event that is predicted; instructions for comparing the actual outcome of the event with a previous state for the event, by determining any change in the magnitude and direction; determine a difference between the any change in the magnitude and direction and the prediction vector of the event; and instructions for distributing the payment to the buyer and seller and the amount distributed to the seller is inversely proportional to the difference and the amount distributed to the buyer is directly proportional to the difference. - View Dependent Claims (8, 9, 10)
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Specification