Long before Satoshi Nakamoto introduced the Bitcoin whitepaper that resulted in a flooding of blockchain invention, forecast markets were obtainable in the shape of structured gambling, frequently on political impacts.
Even the blockchain iteration of the prediction markets boosts precisely the identical notion: ascertaining the likelihood of qualitative results based on speculation. Contrary to cryptocurrency trading, such markets are all binary, which means either a negative or positive outcome results in a contract between 2 parties.
Predictions made using those systems are considered comparatively precise, either fitting or outpacing other outcomes from focus groups, specialists, and opinion surveys. As forecast markets abound with the most recent defi trend, 1 firm is probing new applications for blockchain’s structure in another substantial growth of property fund’s horizons.
After showing the undertaking and increasing a 1.5 million seed round in the consortium of shareholders, Zeitgeist has introduced its own street map. The undertaking, which is completely governed by consumers holding its indigenous ZTG token, hopes to establish its own testnet titled’Battery Park’ along with also a Kusama parachain at the end of 2021.
Contrary to other forecast markets which function as main software running together with blockchains, Zeitgeist is constructing its own series, or foundation layer, which is established only on Kusama. Although associated with Polkadot, Kusama is intended to sponsor experimental protocols while still offering a testing ground that reflects real life ailments. This will make it possible for the forecast market to function at scale when decreasing transaction costs, starting access to parachain resources, and allowing for forkless updates.
Cryptocurrency exchanges ordinarily deal with a limited amount of cryptocurrency derivatives and pairs. By comparison, Zeitgeist intends to sponsor tens of thousands of unique niches. Collectively, these can open up immense possible chances to retail dealers trying to speculate on a variety of results while also reviewing opinion across informational places.
As time passes the platform plans to aggregate the data and information gathered on the community to boost decision-making, imagining itself as a potential hub for Web3 forecasts. Interestingly, it’s also rolling out a characteristic named Futarchy, that may make use of insights from its prediction markets to assist slowly evolve the system’s governance. Furthermore, its structure on Substrate can help Zeitgeist be harmonious with Polkadot when it plans to construct on a community parachain later on.