Prediction markets have long been a cornerstone of decentralized finance, and with the launch of Zeitgeist, they’re about to get a makeover. After months of stealth development on the platform’s infrastructure, the Zeitgeist team has officially announced the launch of the project and the closing of a $1.5 million seed round.
With a focus on bettering on-chain governance for DeFi projects and introducing the ultimate decentralized prediction market within the blockchain space. Zeitgeist has been able to raise funds from some of the most prominent industry investors. Backed by investors such as D1 Ventures, GenBlock Capital, the co-founders of Acala, a member of the Web3 Foundation, and more, Zeitgeist plans to develop the preeminent DeFi prediction market.
Rethinking On-chain Governance
In the decentralized economy, project governance is one of the most critical aspects of community involvement and long-term success. Since there is no centralized or third-party entity controlling the decision-making, networks rely on the collective interest of their stakeholders to shape future outcomes. This has proven to work well across many networks, but Zeitgeist will be expanding on it to introduce analyzed market data into the decision-making process.
Zeitgeist has reimagined how decentralized governance takes place, combining the choices of network validators with data from its prediction market to introduce a new concept, Futarchy. Using the signals gained via platform data aggregation, Futarchy can support better decision-making over the network’s direction. By combining hard statistics with community recommendations, Zeitgeist can optimize on-chain governance protocols.
Introducing Prediction Markets to a More Efficient Framework
Following the platform’s launch later this year, Zeitgeist will be the first decentralized prediction market hosted on Polkadot or its canary network, Kusama. These networks have been designed to overcome the problems faced by legacy smart contract platforms like Ethereum, including scalability, transaction fee costs, speed, and interoperability. Zeitgeist will provide all the core functionalities expected from a decentralized prediction market, but will also be interoperable with all Polkadot and Kusama parachain applications, integrating their native cryptocurrencies as potential base assets.
As the first layer one blockchain network to focus on prediction markets, Zeitgeist has a lot of room to grow within the sector. When asked about the potential that Zeitgeist presents, Ruitao Su, co-founder of Acala and Zeitgeist investor, stated, “I am super excited to back another specialized network in the Kusama and Polkadot ecosystem.
“Zeitgeist is a network purposely built for prediction markets. I can’t wait to explore the new possibilities enabled by Zeitgeist – low transaction costs, seamless access to parachain assets such as the Karura Dollar (kUSD) or Acala Dollar (aUSD), forkless upgrades, and so much more.”
- Goldman Sachs File for ETF With Bitcoin Option
- Kusama Network Launches NFT Cryptoart Exhibition
- Argyle Coin CEO Angel Aman Escapes $4.5 Million Fine
- LPT Price Rises as Grayscale Unveiled Creating LPT Trust
- Indian Firms Must Disclose Crypto Holdings Says Government
- Vethor (VTHO) Price Prediction 2021 — Will VTHO Hit 1$ in 2021?