Every cryptocurrency investor who closely follows the markets will know how long it can take to scroll through multiple sources of information to help inform their decision making on when to buy or sell.
I spoke with Yohann Merran, the founder and CEO of Predicoin who explains how it cuts through the noise in the crypto space and does market sentiment analysis which helps investors make better decisions with due diligence.
“We decided to create the tool as our team who are invested in cryptocurrency spent so much time scrolling through so many tweets, posts in reddit and so much online it was almost humanly impossible to go through, which is why we created the tool and the technology,” he says.
“It brings all that information together in one single place.”
Track trending news
Predicoin’s platform allows crypto traders to track trending news and social media, gather the current market sentiment toward each cryptocurrency, and compare different scores with price data.
The average retail crypto-investor spends “tedious amounts of time” searching among the good, the bad and the ugly.
They’ve been working on it since May 2018 and they want it to “cut through all the noise to the most relevant information.”
Bounce
He says currently “no-one can call the bottom of the bear market but some kind of bounce is due. No-one knows if it will be the bottom, but now is a good time to buy crypto.”
He says there have been so many waves in the market since 2013/4 and with crypto “the wave is getting bigger all the time” with more people getting involved.
He likens the technology to the first layer of tech companies involved in the internet – the likes of AOL and Yahoo who were first generation.
In mid-September, Predicoin was able to detect the change in market sentiment following the news that Ripple XRP was partnering with a bank. As the price went up sharply and Predicoin was “12 to 24 hours” upfront of this pattern he says.
Similarly, the Bitcoin Cash hard fork it was able to predict the price going down sharply.
“We are trying to help people make informed decisions,” he adds. There will be a subscriber service that begins in January.
Mass adoption is some way off, but there are millions of active wallets and this will continue to go up.
People are always resistant about new technology, he says, “they were the same about electricity and the internet. It would have been the same in the 1990s when you were trying to explain the internet to people.
“When you start using the technology, it is only then that you can see its real value.”
First use case
He likens cryptocurrency as being “like what email was to the internet. It’s a first-use case but blockchain has so many different markets.”
He says it can be used “to make sure voting systems are 100% transparent, to track tax payments made on the blockchain to governments thus ensuring there’s no corruption.”
“There are so many ways crypto and the technology can make a difference,” he adds.
He foresees 2019 bringing about “stability after what happened with the 2017 rush and all the ICO projects that had no real use case and were overvalued.
Healthy market
“We are working towards a healthy market as around 50% of ICOs started in 2017 are dead and had no real use. I hope things are going to be quieter and calmer with entrepreneurs getting to work.”
Now is the time “to build the next generation technology on the blockchain.”
He sees it as becoming “more important than the internet is now. If we consider the way we exchange information with cryptocurrency and the way we exchange value on the network – it’s very powerful.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.