Polkamarkets is excited to announce that we’re partnering with Elrond Network! Polkamarkets and Elrond will team up to enable prediction markets and event resolution data to exist on Elrond’s robust network and blockchain ecosystem.
Polkamarkets & Elrond
With the rise of prediction markets popularity and reach in the decentralized world, it has become more and more important to branch out to different ecosystems. Elrond Network is a thriving and robust blockchain ecosystem with many dapps and users. Prediction markets are as of yet an untapped use case on Elrond. With this partnership, Polkamarkets wishes to bring further prediction market adoption to a brand new group of users.
We envision Elrond Network prediction markets on top of Polkamarkets, with an Elrond implementation of our technology. In addition, this integration and partnership unlocks many new verticals and opportunities in the spirit of interoperability. Cross-chain data such as price feeds for eGLD and other Elrond assets can be used to inform event resolution on Polkamarkets. Elrond Network users can also become curators for Polkamarkets, thereby making our system of decentralized governance more robust. Finally, prediction markets on Elrond Network can be powered by their native token eGLD in the future. We forecast that there will be even use cases that we can’t predict.
“The Elrond Network has a vibrant community, an impressive amount of projects integrating its tech, and incredible momentum. We’re happy to tap into the Elrond ecosystem and enable its participants to participate in our markets and derive useful insights from them.” — Ricardo Marques, Polkamarkets CEO.
“Blockchain technology has been the missing ingredient towards integrating the truly unbiased collective wisdom of the internet. The collaboration with Polkamarkets allows owners of use-cases deployed on the Elrond Network to weigh internet intelligence into their decision making” — Beniamin Mincu, Elrond CEO.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Polkamarkets is a DeFi-Powered Prediction Market built for cross-chain information exchange and trading where users take positions on outcomes of real-world events–in a decentralized and interoperable platform based on Polkadot.