Zeitgeist Brings a Prediction Markets Ecosystem to Polkadot’s Kusama

Zeitgeist Brings a Prediction Markets Ecosystem to Polkadot’s Kusama

THELOGICALINDIAN - To capitalize on the growing acceptance of blockchain trends like decentralized accounts defi Zeitgeist will be rolling out a new built-in anticipation belvedere for Polkadot to aggrandize the ambit of opportunities accessible for retail crypto investors

New Network to Build on Substrate and Launch Exclusively on Kusama

Long afore Satoshi Nakamoto unveiled the Bitcoin whitepaper that led to a flood of blockchain innovation, anticipation markets were accessible in the anatomy of organized betting, generally on political outcomes. For centuries these markets existed, allowance access crowd-based acumen in the anatomy of action odds, which abide accepted to this day.

The blockchain abundance of these anticipation markets promotes the aforementioned idea: free the anticipation of advisory outcomes based on speculation. Unlike cryptocurrency trading, these markets are binary, acceptation either a absolute or abrogating aftereffect after-effects from a arrangement amid two parties.

Predictions fabricated application these systems are advised almost accurate, either analogous or outpacing addition after-effects from focus groups, experts, and assessment polls. As anticipation markets bisect with the latest defi craze, one aggregation is acid new uses for blockchain’s architectonics in addition cogent amplification of decentralized finance’s horizons.

Zeitgeist, a startup that afresh exited stealth mode, is beat a new abject band blockchain anticipation bazaar based on Substrate, the development framework pioneered by Polkadot.

A Base Layer Approach

After absolute the activity and adopting a $1.5 actor berry annular from a bunch of investors, Zeitgeist has apparent its alley map. The project, which will be alone absolute by users captivation its built-in ZTG token, expects to barrage its testnet blue-blooded “Battery Park” and a Kusama parachain by the end of 2021.

Unlike added anticipation markets that accomplish as decentralized applications active on top of blockchains, Zeitgeist is architecture its chain, or abject layer, which will be launched alone on Kusama. Although accompanying to Polkadot, Kusama is advised to host beginning protocols while accouterment a testing arena that reflects real-world conditions. This will accredit the anticipation bazaar to accomplish at calibration while aspersing transaction costs, aperture admission to parachain assets, and enabling for forkless upgrades.

Cryptocurrency exchanges commonly handle a bound cardinal of cryptocurrency pairs and derivatives. By contrast, Zeitgeist affairs to host bags of altered markets. Zeitgeist will initially abutment markets in cryptocurrency, sports and esports, politics, startups, and insurance. Together, these will accessible up immense abeyant opportunities to retail traders gluttonous to brainstorm on all address of outcomes while additionally reviewing affect beyond advisory areas.

Over time the belvedere intends to accumulated the advice and abstracts calm on the arrangement to advance decision-making, envisioning itself as a approaching hub for Web3 predictions. Interestingly, it is additionally rolling out a affection alleged Futarchy, which will use insights from its own anticipation markets to advice gradually advance the platform’s governance. Moreover, its architecture on Substrate will advice Zeitgeist be accordant with Polkadot if it intends to body on a arrangement parachain in the future.

With the acceleration of blockchain anticipation markets, what’s abutting for defi – sports betting? Let us apperceive what you anticipate in the comments area below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Zeitgeist, Kusama