Bitcoin News and Finance
Zeitgeist Brings a Prediction Markets Ecosystem to Polkadot’s Kusama Skip to main content

Zeitgeist Brings a Prediction Markets Ecosystem to Polkadot’s Kusama

Zeitgeist Brings a Prediction Markets Ecosystem to Polkadot’s Kusama

To capitalize on the growing popularity of blockchain trends like decentralized finance (defi), Zeitgeist will be rolling out a new native prediction platform for Polkadot to expand the scope of opportunities available for retail crypto investors.

New Network to Build on Substrate and Launch Exclusively on Kusama

Long before Satoshi Nakamoto unveiled the Bitcoin whitepaper that led to a flood of blockchain innovation, prediction markets were available in the form of organized betting, often on political outcomes. For centuries these markets existed, helping corral crowd-based wisdom in the form of betting odds, which remain popular to this day.

The blockchain iteration of these prediction markets promotes the same idea: determining the probability of informational outcomes based on speculation. Unlike cryptocurrency trading, these markets are binary, meaning either a positive or negative outcome results from a contract between two parties.

Predictions made using these systems are considered relatively accurate, either matching or outpacing alternative results from focus groups, experts, and opinion polls. As prediction markets intersect with the latest defi craze, one company is probing new uses for blockchain’s architecture in another significant expansion of decentralized finance’s horizons.

Zeitgeist, a startup that recently exited stealth mode, is pioneering a new base layer blockchain prediction market based on Substrate, the development framework pioneered by Polkadot.

A Base Layer Approach

After revealing the project and raising a $1.5 million seed round from a consortium of investors, Zeitgeist has unveiled its road map. The project, which will be exclusively governed by users holding its native ZTG token, expects to launch its testnet titled “Battery Park” and a Kusama parachain by the end of 2021.

Unlike other prediction markets that operate as decentralized applications running on top of blockchains, Zeitgeist is building its chain, or base layer, which will be launched exclusively on Kusama. Although related to Polkadot, Kusama is designed to host experimental protocols while providing a testing ground that reflects real-world conditions. This will enable the prediction market to operate at scale while minimizing transaction costs, opening access to parachain assets, and enabling for forkless upgrades.

Cryptocurrency exchanges ordinarily handle a limited number of cryptocurrency pairs and derivatives. By contrast, Zeitgeist plans to host thousands of different markets. Zeitgeist will initially support markets in cryptocurrency, sports and esports, politics, startups, and insurance. Together, these will open up immense potential opportunities to retail traders seeking to speculate on all manner of outcomes while also reviewing sentiment across informational areas.

Over time the platform intends to aggregate the information and data collected on the network to improve decision-making, envisioning itself as a future hub for Web3 predictions. Interestingly, it is also rolling out a feature called Futarchy, which will use insights from its own prediction markets to help gradually evolve the platform’s governance. Moreover, its construction on Substrate will help Zeitgeist be compatible with Polkadot if it intends to build on a network parachain in the future.

With the rise of blockchain prediction markets, what’s next for defi – sports betting? Let us know what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory