AMA#28 Recap || PolkaWarriors x Zeitgeist
Published date: July 3 2021
On July 02, Zeitgeist’s representative participated in PolkaWarriors’ AMA to introduce Zeitgeist - An evolving blockchain for prediction markets and futarchy.
Zeitgeist is an evolving blockchain for prediction markets and futarchy. Zeitgeist is building an ecosystem for prediction markets. Participants in the Zeitgeist ecosystem will be able to access a plethora of prediction markets in an unstoppable, robust, and secure manner.
This AMA was held in PolkaWarriors Global Telegram Group with the participation of Logan Saether - Founder of Zeitgeist. Many interesting questions about the products of Zeitgeist, their roadmap and upcoming plans were answered by Logan.
Below is a summary of the outstanding questions and answers from the AMA session.
1. What inspired the development of the Zeitgeist project? What preparations have you made for the long-term development of Zeitgeist?
The development of Zeitgeist was inspired by my fascination with prediction markets as a technology, and the observation that all prediction market projects on blockchain haven’t yet lived up to their potential. With Zeitgeist, we hope to create a decentralized and usable platform for prediction for both crypto-natives and the mainstream that is governed by token holders using futarchy. With Zeitgeist, we have assembled an excellent team of developers, researchers, marketers, product people, and community managers to help oversee and ensure the success of the project long term.
2. What is your plan for global expansion? At present, which market does Zeitgeist focus on, or is it focused on building and growing to gain customers, users and partners?
Zeitgeist is building the whole stack of prediction markets, from the layer 1 protocol all the way up to the end user application. This means that we must be very conscious about how we expand and appeal to users around the world. Currently, we’re focusing on major markets including the US and China as well as other communities in Europe and Asia. In the US we’re investigating the possibility of obtaining licenses to operate our application there in a compliant way. And in China, we’re taking a more grassroots approach by growing out a small internal team that is based on the ground to help grow Zeitgeist awareness. We also have a very strong Russian speaking community, that we’re hoping to kindle and expand as we get closer to launch.
3. NFT is getting more popular nowadays. It looks like NFT has a bright future. So do you guys have any plan to include NFT to your project?
Yes, we are all huge fans of the NFT ecosystem and avid enthusiasts in our spare time. In regards to Zeitgeist, we have partnered with RMRK to help us integrate the RMRK NFT standard to the Zeitgeist chain which will allow us to support NFTs natively as well as cross-chain in the Polkadot and Kusama ecosystems. We’re still brainstorming some interesting ways that we can leverage NFTs natively with prediction markets. One cool way we’ve thought of is to create a NFT for a market that changes based on the prediction of the market, and once that market is resolved it will freeze for whichever outcome actually happened, then this NFT would be awarded to one lucky participant of the market.
4. It is important to attract liquidity and create a large pool. What strategies will you use to attract enough liquidity and thus counteract the slippage of orders? and how will you encourage users to provide liquidity? What benefits will you offer to those who provide liquidity?
We agree that attracting liquidity is a very important part of the success of Zeitgeist. In this case, we have been working on a few different strategies. One strategy is that we will have native liquidity mining that is determined by governance, so that token holders can choose which markets to incentivize or whether the rewards should be split out among all markets. We think the rates of providing liquidity will be competitive enough so that we will be able to attract DeFi participants looking for yield. Aside from this, we have been researching AMM to find ways to make liquidity provision more efficient specifically for the prediction market use case.
5. You say "no single entity controls the Zeitgeist network. It is based on peer-to-peer technology and distributed governance ". Could you explain How Zeitgeist works and What makes it safe?
When Zeitgeist becomes a parachain, it will be secured by the consensus and validator set of the Kusama Relay Chain along with Zeitgeist's own decentralized collator set of nodes. Beside this, the control of the evolution of the network is controlled by the token holders and the futarchy so that decisions must garner wide support and be demonstrated beneficial before they are enacted to the chain.
6. Do you have plans to organize a public sale so that the community can participate in holding tokens?
Yes, we plan to execute a public sale in the upcoming months. Until then, ZTG is not available and any public offering on a CEX or DEX of Zeitgeist’s token is not legitimate. To stay up to date on when we announce the public offering, make sure to follow our official channels and newsletter. We will also hold marketing campaigns that offer incentives to participants too.
7. How is Zeitgeist developing? How do you retain users and attract new users to your platform?
We will start by appealing to cryptonatives in the Polkadot and Kusama ecosystems then branch out from there. Once we launch mainnet, we plan to engage in quarterly marketing campaigns (similar to what we did with the Kusama Derby on the testnet), in which we target a new market vertical such as esports, politics, or other current events.
In the live questions sections, Logan did answer several short questions from the PolkaWarriors community.
1. How will event manipulation be prevented? Are the creators of the platform concerned about possible fraud on domains like Esports?
We will have flexibility over both the Oracle layer and the dispute resolution mechanisms for all markets. When you participate in a market you will be able to see who is set as the oracle that will initially report the result of the market, additionally you will see what is the dispute resolution mechanism if someone disagrees with the initial result. We are building decentralized dispute resolution in our Court system so that we can economically secure oracle results, however since we are flexible on this it's possible for markets to have trusted parties set as their oracle and also perform resolution themselves.
2. I’m a developer, and I’m interested in contributing to your project alongside earning. Do you have any Bug Bounty to check for vulnerabilities ?
Yes, if you find a bug please do responsible disclosure and we can award a bug bounty.
3. Revenue is an important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue from a token? What is the income model?
Revenue generation will be primarily handled through liquidity provision into markets that are created on the network. The long term success of Zeitgeist depends on our ability to both attract liquidity and make it a profitable endeavor to provide liquidity to markets.
4. As an individual user ,In what ways can I contribute to the development ? Do you have Ambassador programs and what are its benefits?
Yes we do have plenty of ways that you can contribute! Please join our Discord server and Crowdcast happening later tonight to learn more! But feel free to reach out to the team with your ideas and we can help provide guidance or support.
5. What are the competitive advantages of the Zeitgeist? What advantages do you have that other competitors don’t have? What would Zeitgeist's most similar contender be in the market today in terms of scalability, security, features, and adaptability?
Since we are building on the native layer and using Substrate we have both scalability and adaptability. With our specialized prediction market logic we are able to accomplish higher throughput than a smart contract based prediction market, and also make innovations that would be super hard to do on smart contracts. One example of this is a batched transaction in a transaction pool, which would help to resist front running attacks.
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