Zeitgeist — Prediction Market Parachain
Introduction
The Zeitgeist is an exciting project is focused on creating a decentralized prediction market that can be used to forecast real-world events. This market will allow participants to buy and sell prediction tokens that represent their belief about the likelihood of a particular event occurring. Once the event occurs, the participants who hold the correct prediction tokens will be rewarded.
Zeitgeist is being developed on the Polkadot platform. Polkadot is designed to facilitate interoperability between different blockchains, making it easier for developers to create decentralized applications (dApps) that can work across multiple chains.
The News
- Zeitgeist will be migrating from Kusama to the Polkadot relay chain in the near future.
Zeitgeist won Polkadot’s parachain slot auction number 32 with a bid of 37,270 DOT, securing a position as a Polkadot Parachain until November 2024. This announcement follows recent activity in the Polkadot community, which indicated that Zeitgeist was working on a Polkadot parachain slot under the name Parathread 2092.
After an important review about the benefits to become a polkadot parachain, the team decided to go ahead with the plans.
Zeitgeist team used some treasury funds to destinate it to parachain slot because there were factors involved that made sense do this, for example the price to become a Parachain was 10% a discount compared of earlys days of 2022.
Event
- We recently lived the NFL Super Bowl that was an incredible game and exciting because it was one of the best opportunities to use Zeitgeist as a prediction market of the real live events! and you know what? The Zeitgeist prediction was right!
In fact there was a zeitgeist super bowl competition and the winners of the competition were rewarded:
- All trades over 100 ZGT made on 2023 Super Bowl prediction market would automatically be entered into a lottery.
- 5 Lucky winners would receive 1000 ZGT
As you can see in the image below, the title of the prediction was called “Which team wins the NFL Super Bowl LVll in Arizona in the night of 12/13th february?”
In the graph you can see the options that the predictions actually had.
In the imagen below you’ll see the name of the winning asset, in this case it’s “Kansas City Chiefs”
Then you can see the name of all the predictions that existed.
And finally, at the end of the page, you will see some information about the Market.
- Information sources where the results will be taken.
- Market creator.
- The market Oracle
ZTG TOP TEN
The prediction which had the higher weekly volume was “SuperBowlLVll”
- Weekly Volumen — ZTG 1,896.08 — SuperBowlLvll
In this way we can see which events may have the highest weekly volume, it may be by the categories of sports, News, Football, MMA and so on.
Summary
In my opinion, this type of prediction is great, if we start to think, it is based on probabilities and the fact that an asset like this exists is undoubtedly very interesting.
As you can see, there are many things to feel very excited about the future of Zeitgeist, you can create any prediction about everything you want with the correct parameters and people can join into your prediction market and receive rewards for pool fees.
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