Practical Applications of Decentralized Prediction Markets
▻https://hackernoon.com/practical-applications-of-decentralized-prediction-markets-cac0bcbd117?s
How cryptocurrency-powered markets could disrupt betting, finance, forecasting, scientific research, and governanceIntroductionIn early 2016, I speculated that decentralized prediction markets could give us the power to easily “Google” the probability of any imaginable event occurring.¹ Now that the first market has been running for seven months, it’s time to re-evaluate the potential of what was at the time a theoretical and unproven technology.Prediction markets allow users to buy and sell shares in the outcome of specific events. After the event occurs, users holding shares of accurate event outcomes are rewarded while users holding the inaccurate ones lose their money. Share prices fluctuate between 0 and 1 based on supply and demand from traders until the event’s outcome is (...)
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