Today I interviewed Michele, the mind behind CryptoForecast.com, a price forecast service for cryptocurrencies.
1. Hi, thank you for this interview. How long have you been working on this project and when did the idea was born?
Hi, thanks for the space offered. The idea was born in June 2016, actually there were several weeks that rumbled for my head, I had written several times on the Italian telegram channel dedicated to trading if some programmer was willing to develop my idea. I have never had any concrete answers until June 13 after another request, specifying that there is seasonality in the market, or that in some months of the year tends to repeat the movements in the same way as in the past years. That person was Davide, from that day is began an exciting adventure that we cultivated day by day.
It’s been 9 months that we actually work on the project, and we are proud of what we’ve done all this time. Development could be accelerated, but we were self-funded and time and resources were not always on our side.
2. How does CF differs from other similar services?
The amazing thing is that services like ours, where you have a dashboard with market choice, timeframes, dates and years to calculate, around there is no shadow. We can say that we are the first ever to have launched a service like this and it make us proud.
3. What are the planned features?
The first feature is the reduction of the time frame (5-15 minutes) we called this implementation “SKYROKET” so we would have a very low forecast for intra-day trading, the calculation of the algorithm will be varied from the classic one we know now.
We have received many requests from users asking if other markets are being implemented in the future, telling us that they were more in tune with identifying levels of support / strength with their reference market.
We will try to please everyone, we will add other BTC markets, including: Bitfinex, Btc-e, Kraken (BTC / EUR), Btcchina (BTC / CNY)
Any market we would choose, the forecast may be different in some cases as a technical structure, but the forecast is the same, you could safely trade on Okcoin and / or Huobi by simply looking at the Bitstamp forecast with a dollar price.
Now we are at the heart of the project and it is the reason for our Crowdfunding, the development of BetQuote. An eye-catching idea born from our dear friend, Void, he is an integral part of the project, in fact he helped Davide to improve some aspects of the algorithm by making improvements.
BetQuote captures what is the sentiment of investors and by this, the sentiment of the market.
Users will be able to use the CryptoForecast portal, send their checkouts daily and decide to set a bet, the amount will be expressed by the CFT.
We will build a blockexplorer, automatically users will be able to verify both the data entered by all users, and to verify the right and winning forecasts.
A layer will be built at the top of Blockchain Bitcoin, we will use Op_return’s non-invasive way to notify individual documents proving their immutability over time.
Documents will contain predictions from users, and at the same time the prize pool will be historized, so no participant will need to further verify that this has actually happened.
4. Will your service support other cryptocurrencies than Bitcoin?
Other BTC’s cryptocurrency databases will be added to our database, including; Dash, Monero, Ethereum, Litecoin etc etc .. The selection will be hard, we will not add any existing crypto, it must have at least 3 main criteria selected by us, such as: MarketCap, liquidity, history of at least one year
5. Your ICO started few weeks ago; How is it going and what is your target?
We reached 45% (45btc) of the minimum required (100 btc) in the first 8 days of Crowdfunding.
Our minimum target of 100 btc, reaching this goal, will continue as stated on the Roadmap. We have an ambitious target that is 250 btc, which means that we could afford human capital, recruit developers, and pull on a team that does their job at a much shorter time.
If we have to declare bankruptcy by not reaching the minimum required (100btc), it will not be possible to develop BetQuote, it takes too much time and staff to be able to develop it all by this year. In any case, the Forecast application will be online, and we will continue with the development in a completely normal way, in which case the Roadmap will no longer have any value. Subscriptions will be paid in BTC and no longer in CFT.
We would like to remind you that we have been self-financing so far, the Forecast was entirely financed by us. We are offering a demo for 30 days, so users can get an idea of what the forecast is, the goodness of the forecasts, and of our work.
Thank you Davide for this wonderful interview. See you soon.