We are excited to announce Zeitgeist - an evolving blockchain for prediction markets and futarchy. Zeitgeist is built for the Polkadot and Kusama ecosystem and envisions itself as a hub and ecosystem for prediction markets on Web3.
We are excited to announce Zeitgeist - an evolving blockchain for prediction markets and futarchy (more on this below). Zeitgeist is built for the Polkadot and Kusama ecosystem and envisions itself as a hub for prediction markets on Web3.
At the core of Zeitgeist is an open prediction market platform that is built with Polkadot’s blockchain framework, Substrate. Zeitgeist builds on ideas and concepts that have floated around in prediction markets technology and literature for over a decade, however it will push these boundaries further to accomplish the following:
Zeitgeist is not only building a platform, but also an ecosystem for prediction markets. We are creating a community where participants can have a voice in how the protocol changes over time. This is enabled particularly by a set of primitives built for a court system, and leverages a robust on-chain upgradable governance system. Researchers will be able to propose new ideas, traders can discuss and request new markets, developers can build on the open protocol, and entrepreneurs have the freedom to create their application that targets a niche vertical market.
Zeitgeist provides the best interface to decentralized prediction market primitives. Not only does this include implementation of Categorical, Scalar, and Combinatorial prediction markets, but also innovations in trading mechanisms such as the Liquidity-Sensitive Logarithmic Market Scoring Rule (LS-LMSR) AMM. By using the Zeitgeist SDK, developers and builders will be able to quickly get started integrating the Zeitgeist protocol as the backend to their applications based on prediction markets.
Zeitgeist’s goal is to deploy as a parachain on Kusama in late 2021. An exact timeframe is unknown since it is partly reliant on Kusama’s schedule of parachain lease auctions. There is not yet a definite plan for a parallel deployment on Polkadot, but with enough demand from the community we will evaluate the possibility at a later date.
The core team building Zeitgeist has extensive experience in the blockchain and prediction markets industries. Two members of the team have special insight into the Polkadot ecosystem by working at Web3 Foundation for two years over the timeline of the launch of both Kusama and Polkadot. A third member has worked on prediction markets for over 15 years.
Logan Saether is a technologist who has a background in engineering projects in both the Ethereum and Polkadot ecosystems. At Web3 Foundation, Logan helped to build critical tooling and operation around the launch of both Kusama and Polkadot, as well as wrote extensive documentation about Polkadot including major contributions to the Polkadot Wiki. He also helped to set up and manage the Thousand Validators Program for both networks, which is the community-focused initiative to decentralize and expand each network’s validator sets.
David Perry has an extensive career and experience with prediction market platforms. In 2005, he co-founded one of the first commercial prediction market software companies, Consensus Point. Since then he has worked to drive prediction market adoption in hundreds of organizations, including General Electric, Qualcomm, Best Buy, and the U.S. Government. For the past five years he has been working in the blockchain space, spending three years at Consensys where he focused on product strategy.
Chris Hutchinson is one of the industry’s best community builders. He started his blockchain career at Status.im, where he led the community efforts during the 2017 - 2018 Ethereum boom. In early 2019, he joined Web3 Foundation to build the Polkadot Ambassador Program from scratch, which now boasts over 1500 active members from over 300 cities worldwide. Additionally, he led many key marketing and community initiatives over the last couple years to promote both the Kusama and Polkadot networks, such as ‘Hackusama’ and ‘Hello World’ by Gitcoin.
Prediction markets are open markets that trade assets which are tied to potential outcomes of a future event. They are a tool for aggregating information from a diverse set of participants and create strong probability signals for future events.
Prediction markets have been demonstrated to be an excellent tool for creating accurate signals of probabilities, beating out other usual methods such as polling. They accomplish this by providing incentive for individual participants to reveal their knowledge of events through the trades of the assets. The information is high-fidelity since the participants must put skin-in-the-game and stand to lose money if they are on the losing side of the outcome.
As mentioned above, Zeitgeist’s prediction market primitives will cover a wide range of capabilities. Below are some explanations and examples of each of these primitives:
A categorical prediction market is a market that can have multiple outcomes of different categories. You can think of a sports tournament where there are multiple teams that could all be the potential winner of the tournament. The market in this example would ask “Which team will win the tournament?” and each category would be a different team. The most basic form of prediction markets, the binary prediction market, is really a categorical market with only two categories of outcomes: YES or NO.
A scalar prediction market is a market that has a range of possible outcomes, and participating in this market resembles going long or short on the current price. Scalar markets are useful for numerical outcomes, such as financial markets. An example market would ask “What will the price of Bitcoin be on April 24, 2021?” and set a minimum and maximum price such as $40,000 - $60,000. Buying a LONG asset would mean you think the price will be closer to $60,000 while buying a SHORT asset would mean you think the price will be closer to $40,000. Scalar markets can also be used as leverage if you tighten the range that’s being traded.
A combinatorial prediction market allows traders to place wagers on compositions of interconnected outcomes. For example, let’s take a scenario in which a public company wants to use a prediction market to get a better idea of how a particular strategy impacts their market capitalization. They could make a combinatorial wager on the price of their shares after a certain date, composed of whether or not a particular strategy is implemented. Combinatorial markets are ideal for aggregating precise information.
The Liquidity-Sensitive Logarithmic Market Scoring Rule (LS-LMSR) is an automated market maker based on the original LMSR design by Robin Hanson. It was improved by Othman, Pennock, and others to be sensitive to the liquidity that exists inside of the market maker. Without this it requires maintenance from the liquidity providers (LPs) to change parameters in order to keep it efficient. LS-LMSR is a perfect fit for prediction market trading, and will likely be necessary for Zeitgeist’s combinatorial markets.
Futarchy is a governance system that makes policy decisions according to the signals that are produced by prediction markets.
It was first conceptualized in a short article by Robin Hanson titled Vote Values, But Bet Beliefswhere he sheds light on how it may provide an improvement to certain facets of how democracy is currently conducted - most notably by creating a better way to judge the potential benefits of policy decisions.
However, futarchy has typically been too alien a concept for the proper application in the contexts where it could really make a difference such as corporate governance, public policy decision, or city planning.
We believe that blockchains are the perfect fit for an experiment with futarchy and will be implementing futarchy as one of the key parts of Zeitgeist’s decentralized on-chain governance.
Kusama is Polkadot’s canary network that gets the features of Polkadot first. The community has a move-fast-and-break-things culture that Zeitgeist likes.
The ZTG is Zeitgeist’s native token. It is necessary for correct operation of the network. Honest participants are rewarded ZTG and malicious actors can lose their ZTG.
Token Name: Zeitgeist (ZTG)
Anticipated Launch: Q3 2021
Smallest Unit: 1 Pennock
(1^10 Pennocks = 1 ZTG)
Annual Inflation: 5%
Genesis Supply: 100 Million
Fees: 80% burned / 20% treasury
ZTG is used in various parts of the core protocol. The main uses are outlined below:
Seed Sale: 7,000,000 - Subject to 12 months vesting with 20% available at genesis and 80% on a linear schedule.
Strategic Sale: 8,000,000 - Subject to 12 months vesting with 20% available at genesis and 80% on a linear schedule.
Public Sale (IDO): 10,000,000 - Available at genesis of the network.
Airdrops: 3,000,000 - Strategic airdrops will target users of prediction markets applications on other chains in order to seed initial user base.
Community Incentives: 2,000,000 - Strategic rewards which are reserved to community members who can prove they help the Zeitgeist project. This includes the referral program, early testnet usage, and content creation.
Parachain Lease: 40,000,000 - These funds are reserved for incentivizing Zeitgeist’s parachain lease on Kusama for the first 6 years. It will likely be paid out to users who lock KSM in continuous interest payments similar to staking.
Team and Advisors: 15,000,000 - Subject to 24 months vesting with 20% availabe at genesis and 80% on a linear schedule. Under the control of ZeitgeistPM LLC to reward early team members and future employees.
Zeitgeist Foundation: 15,000,000 - Funds to be used to in developer partnerships programs, as grants to teams that build on Zeitgeist, in future airdrops or sales. Under the control of Zeitgeist Foundation, a non-profit entity separate from ZeitgeitPM LLC.
Zeitgeist will have a target of 5% annual inflation. Therefore, the supply of Zeitgeist over time is predictable but uncapped.
The inflation in Zeitgeist will primarily be used to incentivize ongoing security of the network. The security includes the acquisition of a parchain lease of Kusma and the selection and maintainence of collator nodes to perform the transaction collation of the chain (block production).
Of the 5% inflation, 1% will go to operators of collator nodes which do the block production, 2% will go to stakers of ZTG who help select collators, and the remaining 2% will go toward interest payments of participants who lock up KSM for acquisition of Zeitgeist’s parachain lease.
The transaction fees on Zeitgeist will be subject to 80% burn which creates a deflationary pressure on the supply. The remaining 20% of transactions fees will be sent to the on-chain treasury which will use the funds to fund the future growth of the network.
source : https://www.youtube.com/watch?v=pbIhLqtImac
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You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase ZTG from the Website - Anticipated Launch: Q3 2021
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once ZTG gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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Find more information ZTG
☞ Website ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
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