Vitalik Praises Prediction Markets and Community Notes as Two Prominent Cognitive Technologies Musk Also Agrees
Vitalik Buterin, the founder of Ethereum, once again praised the prediction market and community notes in a recent post, and Elon Musk responded in agreement.
Vitalik’s tweet stated: “Prediction markets and community notes are becoming the two flagship social cognitive technologies of the 2020s. Both aim for truth and democracy, based on open public participation rather than pre-selected elites. I hope to see more of this.”
Elon Musk expressed his support for Vitalik’s views.
Vitalik further added: “In fact, I believe that prediction markets and community notes complement each other. The only major criticism of community notes is that they update too slowly, while prediction markets can motivate people to predict information that will come out later and reveal it as quickly as possible.”
Vitalik has expressed his admiration for projects such as Polymarket and ENS domains multiple times, and Polymarket, in particular, has seen a surge in active users and trading volume, reaching historic highs during the recent US election.
Polymarket announced a $45 million Series B funding round in May, with investors including Peter Thiel and Vitalik. According to Dune Analytics, after the funding, Polymarket attracted nearly 30,000 active users per month, with a trading volume exceeding $110 million in June, both of which are historic highs.
Most of Polymarket’s activities are currently driven by election predictions, with the “Who will win the 2024 presidential election” being the most liquid prediction market on the platform, with over $206.6 million at stake.
Yuga Cohler, a senior engineering manager at Coinbase, recently tweeted: “Mainstream media continues to quote Polymarket to measure election probabilities, which is a milestone for cryptocurrency. No one mentions that Polymarket is built using cryptocurrency technology, which demonstrates the market fit of its product. Polymarket has quietly acted as a fortress against ‘manufactured consensus’ and ‘misinformation’.”
In conclusion, Vitalik once again praised the prediction market and community notes.
