Zeitgeist

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Zeitgeist

An evolving blockchain for prediction markets and futarchy


Project Introduction

Our species, Homosapien, are surrounded by yes-no questions from the very beginning. It's always about yes or no, true or false, 1 or 0,.... Different from investment or business jobs which make you choose one decision among a thousand, prediction markets only require you to choose "yes" or "no". Before the era of scientific polling, early forms of prediction markets often existed in the form of political betting. One such political bet dates back to 1503, in which people bet on who would be the papal successor. Even then, it was already considered "an old practice". Back to 21st century, many things has changed and there are many other kind of prediction markets such as binary market, future market, option market,etc... It would be a mistake if Web3.0 don't have any platform that helps users participate in these kind of prediction markets. 

That's why Zeitgeist got born, Zeitgeist is an evolving blockchain for prediction markets and futarchy. It is a platform for open prediction markets as well as the protocol that governs the platform itself (aka DAO). Powered by the native currency, the ZTG, it embarks on a novel form of governance known as futarchy in order to govern itself as well as other organizations in the future.

Technology

Built on Substrate

Zeitgeist is built on top of the Substrate framework for building blockchains, the most advanced tech of its kind.

Permissionless and Unstoppable

No single entity controls the Zeitgeist network. It is based on peer-to-peer technology and distributed governance.

Powered by ZTG

Zeitgeist is powered by ZTG. ZTG is the native currency of Zeitgeist that plays a critical role in market creation and resolution.

Scalable and Affordable

Since Zeitgeist is built on its own layer-1 chain with optimized runtime logic, it will be affordable even with high traffic.

Governed by Users

Zeitgeist is governed by the holders of the ZTG using a mix of normal token voting and a new futarchy model. Zeitgeist eats its own dogfood by making governance decisions via prediction market based futarchy.

  • An Evolving Protocol: Zeitgeist is an evolving network that will change and adapt over time. It does this through a sophisticated on-chain governance process.
  • Powered by Futarchy: Zeitgeist uses prediction markets based futarchy to determine its direction and policy. Game theory says that this should be more efficient than token voting alone.

Court

The court is the native dispute resolution system.

Holders of ZTG can stake their tokens in order to join the pool of jurors. These jurors are randomly selected whenever an oracle dispute is made for a particular market.

The jurors of the court will be charged in selecting the real outcome of the market. Court decisions can be challenge, which increasingly expands the number of jurors that are selected - each time raising the stakes.

If jurors are found by a later appeal to have resolved an oracle decision incorrectly, they will be slashed.

After a number of quorums are created and asked the real outcome of a market, if there is still a dispute the case will move to a global vote by all ZTG holders to report the outcome.

Applications

Sports and eSports

Sports and eSports betting sites can allow fans to further share in the excitement of their favorite team by allowing them to trade positions in real time.

Politics

Prediction markets on politics are one of the best mechanisms for aggregating information about political races that we know of. They also allow you to hedge again possible outcomes.

Cryptocurrency

The prices of cryptocurrency are notoriously volatile. Zeitgeist allows traders to take long or short positions on cryptocurrency prices, creating a pseudo-financial contract.

Insurance

Markets for various events can act as decentralized insurance by hedging outcomes.

Startups

It's difficult to predict whether a particular startup may succeed. Prediction markets can help by allowing traders to take position on the success or failure of them.

Futarchy

Organizations can run their entire decision making process on-chain by acting on the information aggregating principles of prediction markets.

Team Member

Logan Saether - Founder / CEO

David Perry - CIO

Chris Hutchinson - CMO

Caio Fernandes - Blockchain Developer

Tvrtko Majstorovic - Front-End Developer

Francisco Manuel De Pablo (Numa) - Researcher

Patrick Irwin (Bob) - Community Manager

Anityam Kalita (Alex) - Community Ambassador