Consequently, I think present-day prediction markets cannot work. My guess is that prediction markets will need better data aggregation and analysis technology to work. Algorithms that could screen out human emotions or sentiments could make a prediction market effective. On the other hand, artificial intelligence or machine learning could soon provide that technology.Read more
Effectively, Gnosis is a platform that lets anybody build blockchain prediction markets with a solution called Gnosis Olympia. Interestingly, Gnosis Olympia lets users bet with OLY tokens, which it describes as Olympia’s “official play money token.”Read more
Augur is designed to be the most ambitious blockchain predictions market yet. It intends to collect data from Political Forecasts, Event Hedging, Weather Prediction, and Company Forecasting.
Anybody can go into Augur’s Ethereum blockchain platform and create a prediction market. That’s where the weird markets about Betty White’s murder came from. A person can take odds on any event.
Sports betting can be big business in the United States; The New York Times estimated the value of illegal sport wagers in the USA at $150 billion a year. The potential market for such betting is huge; there were 57.4 million fantasy-sports players in North America in 2016, according to an Ipsos Public Affairs poll commissioned by the Fantasy Sports Trade Association.Read more
The thinking behind a prediction market is that the wisdom of the crowd can determine the outcome. and collecting bets is the best means of learning what the wisdom of the crowd.
The belief is that markets are the more efficient mechanism for gauging human opinion, and that taking bets is the best way to get honest results from a survey.Read more