Velocity Previews SC System, Short/Long on ETH Price

I tested it today. The interface presented no barriers to entry—MetaMask, ConsenSys's Chrome extension, removed any remaining friction. MetaMask serves as a lightweight ETH wallet and lets users interact with smart contracts without downloading the full Ethereum blockchain or managing private keys through complex wallets.

Traders select between long (price will rise) and short (price will fall) on ETH's value versus BTC. A price chart dominates the screen, displaying both the live exchange price and the Pricegeth price feed. When a trader buys a contract, the entry price becomes the center point, with a collar—two lines above and below—defining the boundaries. After five blocks, if the price stayed within that collar, the trader's Ethereum comes back minus transaction fees. If the price moves beyond the collar, traders who predicted that direction get paid.

During alpha, these limits apply: contracts cap at 0.1 test Ether and run for five blocks. Poloniex serves as the sole price source. Velocity plans to expand this: variable contract lengths, multiple price feeds, different assets.

The company has no funding backing it and plans to launch beta alongside its ICO later this year. Mainnet should launch in early 2017.

Most ICOs request capital without any working product behind them. Velocity reversed that formula: build something real and functional first, then ask for money. That approach—putting proof-of-concept ahead of fundraising—separates it from the typical vaporware-and-broken-promises cycle that defines most token sales.