Gnosis & FCLA: Introducing Geospatial Prediction Markets
How can one make an economic bet for — or against — physical changes to our natural environment? What about a farmer hedging their risk against flooding to their own crop or a seaside property insurance company hedging risk by taking a position related to the rate of ice melt in the arctic?
Well, until now, limited tools existed for the creation of economic positions related to the physical world. Gnosis and Flyingcarpet (FCLA) have joined together to produce what we are calling a Geospatial Prediction Market. (see github)
Gnosis brings vast prediction market expertise and resources, including their development of the new Gnosis Mercury (v2) Prediction Market smart contracts, which improves on the previous version by collecting all core functionality and storage requirements of prediction markets into a single monolithic instance producing significant gas savings for users of the system. The aggregation of prediction market data also allows for advanced on-chain support of conditional markets.
Flyingcarpet brings extensive knowledge of geospatial analytics extraction, having developed a range of both tools and use cases for obtaining insights from aerial data (see https://flyingcarpet.network).
Together, this project unlocks an exciting range of new possibilities, enabling use cases for entities to leverage economic positions based on physical world insights. One such use case we’re currently developing is with EcoTree, an innovative French forestry company.
EcoTree provides companies and individuals with the ability to invest directly into the growth of trees in forests. For EcoTree, Flyingcarpet is developing a number of tools for trustlessly and transparently tracking and managing their forestry plots. Beyond facilitating direct investment into EcoTree trees, these tools will open the door to the issuance of cryptographically-verifiable, and tradable, carbon credits based on CO2 absorption rates inside EcoTree’s blockchain-enabled forests.
The Gnosis & FCLA Geospatial Prediction Market dashboard (check out the beta release at http://pm.flyingcarpet.network/) will function as the one-stop-shop for creating and viewing positions related to available FCLA geospatial data. Starting with EcoTree’s forestry data, users will be able to take positions based on the rate and extent of growth of EcoTree’s forests, in addition to positions focused on the issuance and use of the aforementioned blockchain-verified FCLA carbon credits.
In addition to interacting with existing geospatial-related positions, via the dashboard users may also view all available raw geospatial analytics and create new markets using these available insights. By supporting new market creation, the markets available will adapt to both the needs of the dashboard’s user-base and the new possibilities that may exist as additional geospatial data becomes available via FCLA.
To follow along with development of both the Geospatial Prediction Market and use cases of both Gnosis’ new Mercury prediction market and FCLA’s geospatial analytics, be sure to follow Gnosis and FCLA.
With assistance from Leopold Joy and Julien Bouteloup
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