I first made myself familiarized about prediction markets in 2017 with the advent of cryptocurrency projects such as Augur and Gnosis. I have made few trades and I had high hopes for them. They have both released working products. What they lack is this very important thing called trading volume. these days the presidential elections of USA has high interest in these betting platforms. But it seems that barely anybody is using them.
I am perfectionist. But I do understand that perfection can be achieved in few smaller steps. HIVE does not have what it takes to become a prediction market at the base layer. Yet through utilization of a second layer, we can have few advantages:
What is even better is the $17,415,018 24 hour trading volume. There are already many DeFi projects and the biggest players with hundreds of millions of trades happening are on Ethereum; an old, slow network with Gas fees that most HIVE/STEEM/EOS users are not even willing to tolerate. It is obvious that HIVE is lacking in many departments when it comes to DeFi and prediction markets. We should not worry about that and play for our strengths.
Quick Trivia: Prediction markets are also known as betting markets, political betting markets, predictive markets, information markets, decision markets, idea futures, event derivatives and virtual markets.
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