Technologies have helped drive businesses to the next level by providing the fuel for analytics tools to forecast, predict, and plan for events before they actually occur. At Polkamarkets we’re fully committed to bringing the most powerful forecasting tool to the Prediction Markets industry and blockchain.
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A large number of DeFi projects are focusing mostly on being a financial protocol. We want to stand out not only by being an entertainment platform but also as a quality forecasting technology with community-driven rewards to develop the protocol.
Vision for the future
Blockchain technology has helped prediction markets gain traction and adoption. One such platform that has had a significant impact on prediction markets is Ethereum. Ethereum has helped prediction markets harness the power of smart contracts and realize their full potential.
In the last couple of months, we’ve worked really hard on launching our First Version on the Kovan testnet to get the technology out there, and test it with early supporters to get feedback from the community. However, being a Polkadot-based system we want to migrate from Ethereum to Polkadot.
In terms of prediction markets, we want to have Esports markets and cryptocurrency markets that settle in shorter time frames like on daily time frames and on weekly time frames for example. We want to add an entertainment-rich set of features, for example, live streams, integrated trading charts, virtual events, and of course NFT gamification for our most loyal users.
We are an entertainment and DeFi based prediction Market that’s really all about the community so we really want to get our community involved and we’re really excited to bring Community Building features such as that onto our platform.
The prediction market industry is rapidly growing as more and more people are joining the big wave of forecasting and predicting the outcome of events that will occur in the future. The interest in forecasting esports, sports, politics, climate change, globalization, technological advancement across industries, are the ones that are pushing and fueling this growth.
The prediction market industry is expected to grow at a Compound Annual Growth rate (CAGR) of 24.5% between 2020 and 2025, with its market size forecasted to rise from $7.2 billion to $21.5 billion in this period. This represents an attractive value proposition for existing players in prediction markets as well as new entrants.
Currently, there’s no clear winner in the prediction markets space on the blockchain side, so our long-term goal of course is to become the winner and the reference for the space and bring a super-powerful forecasting tool to the market.
Polkamarkets wants to succeed where other decentralized markets have failed, and you can read more about other protocols. Forecasting works in a relatively simple way that depends on scale. The more users and participants we have in a particular prediction market, the more data there is, which helps the prediction market become more effective.
Our plan is to incentivize liquidity providers and traders to take up large positions in several prediction markets. Simultaneously, a system for curation and resolution has been put in place to ensure that the markets are efficient and trustworthy.
Use of Capital
A well-structured token distribution, funds allocation and unlock schedule were detailed at the launch of our project back in February and available since then.
Let’s dig into the use for “Marketing” and “Liquidity Fund” purposes. Here’s a breakdown of their meaning and use:
- The tokens set for “Marketing” were expanded also to general operational costs & community rewards, called “Operations, Marketing & Rewards” since the limited regulatory scope of prediction markets in Europe and worldwide gives us limited scope on direct marketing we expect to create more rewards related with the protocol usage; similar to Uniswap and other decentralized protocols, we will create community rewards instead (A full post will come on this topic later on). Also, these funds in $POLK or $USDC are/will be used to power the development of the protocol and further updates internally and externally for general costs, payments, grants, open development, protocol rewards, and others — these (either in $POLK or $USDC) work as direct revenue for the project to implement in the previous sections.
- The tokens set for “Liquidity Fund” are/will be used directly in the project for major liquidity necessities for the project as acquisitions of software, operations, payments, grants, and others to be decided later — these (either in $POLK or $USDC) work as direct revenue for the project to implement in the previous sections.
We’ve seen plenty of different ecosystems booming in the cryptocurrency ecosystem over the past year. The biggest two of them, DeFi and NFTs are directly correlated with that, and we’re building our platform towards both.
Since Polkadot is not ready for the deployment of smart contracts, the first release will be on the Moonbeam Network, while already preparing for migration onto Polkadot. We have a lot in our pipeline as we want to build the #1 Prediction Market platform. You can expect a lot of amazing features on our gamified platform when it is released!
Polkamarkets is an Autonomous Prediction Market Protocol 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.