To develop prediction platform, one needs to define the target audience & their niche. Develop a secured prediction platform that includes features like event creation, order matching, and secured payment processing. For secured financial transactions ensure that the platform has regulatory compliance integrating KYC & AML protocols. Before the launch go with the rigorous testing of the platform.
23rd December 2024
Nowadays, it has become difficult to know about different situations, such as the stock market, election outcome, etc. What does the future hold? Other than this, there are also other scenarios where the outcomes are uncertain. Hence, the only thing that navigates in the right direction for this is the prediction marketplace Kalshi. This is a platform, where users can predict the financial market based on information about real-world events. With this type of prediction platform, people can trade on different things including economics, sports, entertainment, etc. With the help of the prediction marketplace, it helps people to make a uniform decision that also offers valuable insights into future trends. Additionally, this has the great advantage of getting solid returns to those who make accurate predictions. The analytical report shows that the prediction marketplace like Kalshi is growing rapidly where its value in 2023 is $14.71 and is going to reach $95 billion by the end of 2032. This blog shows an insight into how to develop platform like Kalshi.
Overview About : A Prediction Marketplace Platform like Kalshi
Kalshi is an online prediction marketplace through which users trade on the outcomes of future events. Some of these events include elections, decisions by the legislative, etc. This platform was launched in the year 2021 and originally based in New York City. By making the predictions, users can earn good profit making the best use of the platform with a combination of data, technology & finance.
How to Develop Platform like Kalshi?
Following are the essential steps involved in making platform like Kalshi:
1. Market Research & Analysis
One of the most important steps is to analyze and research the prediction marketplace. As a startup or an entrepreneur, one needs to analyze that target market and also the features of platforms like Kalshi. Know about the key features in Kalshi that are making the platform more engaging to the users.
Some of the key features include –
- Events: There are different event types that make the users engage in trading like legislative decisions, inflation rates, elections, etc.
- Integrating Crypto: Kalshi allows users to fund their accounts for cost-effective transactions using USDC compared to traditional banking methods.
- Political Marketplace: Kalshi has introduced the political market that includes betting on specific election results.
2. Required Regulatory License & Compliance
There are certain legal complexities in the prediction marketplace, hence having a regulatory license and compliance is necessary. A platform like Kalshi, it has secured approval and licenses. Businesses & entrepreneurs who want to make a platform like Kalshi must acquire the required licenses & have collaborated with legal experts as well.
3. Platform Architecture
For a secured and scalable platform like Kalshi, it must be able to support large data of trades as well as real-time processes. To enhance scalability & flexibility it must have a robust backend system, secured database & user friendly interface. This micro-architecture of the prediction platform offers more flexibility to predict different events.
Feeling overwhelmed by the complexity of building platform like Kalshi? Get in touch with prediction marketplace development company like Opinios Lab and let us guide you through every step of the way.
4. Event Contract Feature Development
To develop a platform like Kalshi, it allows users to trade on different things like political outcomes, weather events, etc. Hence, this can be done with the event contracts. This creates a streamlined process to create new event contracts that make the platform more dynamic & engaging.
5. Cryptocurrency & Payment System Integration
A platform like Kalshi makes use of USDC that incorporates crypto integration. This provides faster and cost-effective funding. Hence, during platform development like Kalshi, it is important to have seamless transactions, with a secured and compliant payment system. This is to avoid fraudulent transactions & protect users’ data.
Also Read : How To Develop a Prediction Marketplace Like Polymarket
6. Developing User-Friendly UI
To have more engaging users, the design should be intuitive and user-friendly as well. Users can easily navigate to view contracts and also trade monitoring the current market trends. To enhance user engagement, implementing real-time graphs, event descriptions and ease of navigation is a good choice.
7. Secured Data
Security is one of the essential factors in consideration with regard to financial transactions.For prediction platform development, two-factor authentication is a must with end-to-end encryption that helps to protect users’ data and funds.
8. Developing the Prediction Platform
For the development of prediction platforms like Kalshi performance and reliability are the important aspects to gain trust. It must have the capacity to handle multiple event contracts that in turn maintain a consistent user experience.
9. Technology Stack
The following defines the technology stack used in the development process –
Frontend:
- For responsive UI – React.js, Angular, or Vue
- Real-Time Data – Chart.js or D3.js
Backend:
- Backend Development – Node.js, or Ruby on Rails
- Real-time Streaming – Kafka or RabbitMQ
Database:
- For structured data – PostgreSQL or MySQL
- For performance enhancement – Redis for caching
Cloud Infrastructure:
- For hosting: AWS, Google Cloud
- For orchestration- Docker and Kubernetes
API Integration:
- Secured payment gateway using Stripe, PayPal, or Plaid
- For real-time updates & event verification, third-party data providers
10. Testing & Deployment
The prediction platform development must be reliable and secure same as Kalshi. Before launching the application, rigorous testing is a must, and QA tests to identify the errors or bugs if any. In case, if any bug is found try to resolve it before the deployment of the platform.
Conclusion
For entrepreneurs or businesses who are looking to develop into the financial markets with real-world events, developing a platform like Kalshi is the right choice. Developing a platform like Kalshi provides an opportunity for users to make predictions on different platforms. This can also provide an accurate forecast of a particular event.
Businesses developing this prediction platform have a lot of advantages as well. A good source of revenue stream that increases brand visibility, user engagement, etc. Using this, it’s a great way to monetize the platform and generate revenue with a prediction platform like Kalshi. Following the right business model, one can earn revenue in terms of platform fees, platform usage, premium features, etc. Businesses can also partner with companies, and data providers and can increase their monetization values.
How Opinios Lab Can Help Develop Platform Like Kalshi?
At Opinios Lab, we aim to develop the exact prediction platform like Kalshi with our experienced developers having financial knowledge. We help you to build a secure & powerful platform like Kalshi using the latest technologies like blockchain, AI & ML. We create a platform where a business can get it all under one roof. Right from creating an intuitive front-end design to robust back-end development with the required regulatory compliance and secured payment methods. It is now time to revolutionize your prediction platform like Kalshi, predicting the future.
Frequently Asked Questions
How to develop Prediction marketplace?
How long does it take to make Prediction marketplace platform?
Generally, to develop prediction marketplace platform it takes around 6-12 months. It all depends on the expert team of developers, the complexity of features, regulatory approvals, and testing.
What is the cost of developing a Prediction marketplace?
In reality, the cost of development of a prediction marketplace platform usually starts at $50,000 and goes up to $500,000. Its price may depend on a platform’s size, integration of features, and a thousand other things.
Are Prediction marketplace platforms profitable?
Yes, definitely prediction marketplace can be profitable. All it needs is proper user acquisition and active trading. There are different ways to generate revenue like transaction fees, offering premium features & partnerships.
Which is the Top Predictive marketplace platform development company?
Among the different companies, Opinios Lab is the top predictive marketplace platform development company. It has a rich experience in financial technology & regulatory compliance.