Learn about Zeitgeist, Polkadot Ecological Forecast Market

Zeitgeist, Polkadot Ecological Forecast Market

The 2020 U.S. election, with a record number of voters in nearly a century, is without a doubt the most eye-catching "danger case" in the global stock market in the second half of last year, and this election is viewed by the media as one of the most volatile elections in history. 

And such a tense but common focus case has created an opening for the previously dormant prediction market track to explode. 

Augur, Polymarket, Catnip, and even the consolidated website FTX introduced prediction market offerings, resulting in exponential growth in traffic before and after the election.

The prediction market is an open market for trading "assets" linked to future event outcomes. 

Another key value manifestation of the prediction market is its ability to compile the opinions of all market participants into a signal tool that predicts the likelihood of an event. 

As a result, the prediction market's value and imagination should not be limited to the binary or multiple prediction games offered by the majority of current track products. 

Zeitgeist, a project aimed at creating a Web3 prediction market hub and ecosystem, has come up with some new concepts. Attempt it.

What is Zeitgeist?

Zeitgeist is a modern blockchain for the prediction market, as well as the Futarchy government management paradigm suggested by economist Robin Hanson to make decisions across the prediction market. 

Zeitgeist was designed specifically for the Polkadot and Kusama ecosystems, and it was envisioned as the Web3 prediction market's hub and ecosystem.

The core of Zeitgeist is an open prediction market platform, which is based on Polkadot's blockchain framework, Substrate.

Zeitgeist plans to launch as a Kusama parachain in the second half of 2021, allowing for cross-chain interoperability with all parachains and applications in the Kusama and Polkadot ecosystems. 

The team confirmed that there is currently no roadmap for concurrent rollout on Polkadot, but the community's voice would be important in considering this possibility in the future.

On the basis of the current decentralized prediction market goods, Zeitgeist has made additional developments and optimizations, such as the introduction of the prediction market including graded Categorical, scalar Scalar, and combined Combinatorial, as well as liquidity-sensitive logarithmic market scoring laws. 

(LS-LMSR) Formalized adverbial adverb Trading process technologies such as Automated Market Makers (AMM), etc.

However, Zeitgeist's aim is to construct a full ecosystem for the prediction market track, rather than just a prediction market forum. 

Zeitgeist's underlying protocol will continue to grow with the input of groups and participants, and the company is actively working to establish a society in which any member has the ability to communicate, analysts can present new proposals, and traders can address and develop new issues. Developers can draw on an open protocol for the latest prediction market proposal, and they can also distribute software focused on the prediction market very freely.

The concept of the government management model "Futarchy" mentioned above will also penetrate into the main governance mechanism of Zeitgeist's underlying blockchain to create an example of using this experimental governance system in a real economic environment.

The seed round of 1.5 million US dollars was revealed on 26 March by Zeitsch. D1 Ventures, Genblock Capital, AU21 Capital, Digital Renaissance Foundation, A195 Capital, Four Seasons Ventures, Brilliance Ventures, BlockSync Ventures, and Acala are among the investors. In addition, he is a founder of the Web3 Foundation.

Zeitgeist's team

The Zeitgeist core team has extensive experience in the blockchain sector and in the forecasting market. Two team members have worked for two years in the Web3 Foundation and have seen Kusama and Polkadot release schedules throughout the process. They have special insights on Polkadot. For more than 15 years, the third member has been in the predictive market.

Logan Saether is a technical expert with experience in Ethereum and Polkadot ecosystem engineering projects. Logan assisted in the development of key tools and operations surrounding the release of Kusama and Polkadot while working at the Web3 Foundation, and wrote a large number of Polkadot-related documents, including significant contributions to Polkadot wiki entries. He also assisted in the creation and administration of the thousand-person verification program for the two blockchain networks mentioned above. This is a community-focused strategy aimed at decentralizing and expanding the set of validators for each network.

David Perry has a long history and extensive experience in prediction market platforms. He co-founded Consensus Point, one of the first business prediction market software companies, in 2005. Since then, he has worked tirelessly to promote the use of prediction markets by hundreds of corporations, including General Electric, Qualcomm, Best Buy, and the United States government. He has been working in the blockchain field for the past five years, and he has spent the last three years at Consensys, focusing on product strategy.

Chris Hutchinson is a community builder who excels in the blockchain industry. He began his blockchain career at Status.im, where he led community efforts during the Ethereum boom from 2017 to 2018. He joined the Web3 Foundation in early 2019 and built the Polkadot Ambassador Program from the ground up, which now has over 1,500 active members from over 300 cities worldwide. Furthermore, in recent years, he has led a number of significant marketing and community projects to promote the Kusama and Polkadot networks, including Gitcoin's Hackusama and the "Hello World" campaign.

Comprehensive understanding of the native token ZTG

Zeitgeist will launch the native token ZTG to incentivize ecosystem contributors. The token will be officially released in the third quarter of 2021. There is no limit to the amount.

ZTG inflation is primarily used to incentivize and maintain the network's stability. The first 1% of the 5% inflation will be paid to network node operators, the second 2% will be paid to contributors who help Zeitgeist, and the remaining 2% will be paid to KSM lock-up users as lock-up interest.

The primary applications of ZTG include, but are not limited to, use as the base currency of the ecological prediction market, on-chain governance and voting rights for a series of ecological decisions, incentives for ecological development contributors, and fuel in the ecology. Eighty percent of the transaction fee will be destroyed, while the remaining twenty percent will be charged into the treasury and used as a fund reserve for future network development.

The distribution of the 100 million ZTG issued by Genesis is as follows:

.7% of seed round sales (20% unlocked initially, with the remaining 80% unlocked in a sequential way over the next 12 months);

.8% of strategic round sales (20% unlocked initially, and the remaining 80% will be unlocked linearly within 12 months);

.IDO public offering 10% (no lock-up);

.Airdrop 3% (the main target group of strategic airdrop is users of prediction market applications on other chains to expand the initial user volume);

.2% reserved for community incentives (reserved for community members who provided early assistance to the development of the Zeitgeist project);

.40% for Kusama parachain lease (for the first 6 years after the project goes operational, this portion of funds will be maintained and used for Kusama parachain lease);

.15% of the team and consultants (20% is initially unlocked, and the remaining 80% will be unlocked linearly within 24 months);

.The foundation reserves 15% (in the future, it can be used to motivate teams and developers who build applications on Zeitgeist).