Vitalik Praises Prediction Markets and Community Notes as Two Major Cognitive Technologies Musk Also Agrees
Ethereum founder Vitalik Buterin once again posted in praise of prediction markets and community notes, with Elon Musk also replying in agreement.
Vitalik Buterin lauds prediction markets and community notes
What are community notes? Even Elon Musk approves of Vitalik’s incisive analysis of Twitter’s fact-checking tool
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Vitalik Buterin praises prediction markets and community notes
Vitalik Buterin stated in a post:
Prediction markets and community notes are becoming the two flagship social cognition technologies of the 2020s. Both technologies pursue truth and democracy, based on open public participation rather than a pre-selected elite. I hope to see more of this.
Vitalik’s tweet also attracted the approval of Tesla founder Elon Musk.
Vitalik Buterin 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 upcoming information and reveal it as quickly as possible.
Prediction markets are making history
Vitalik Buterin has repeatedly expressed his fondness for projects like Polymarket and ENS domains, and Polymarket has seen a continuous rise in active users and trading volume, reaching new historical highs thanks to the heat of the US elections.
Polymarket announced in May that it had raised $45 million in a Series B funding round, with investors including Peter Thiel and Vitalik Buterin.
According to Dune Analytics, after the funding, Polymarket attracted nearly 30,000 active users per month, with June’s trading volume exceeding $110 million, both historical highs.
Polymarket’s daily active users
Currently, most of Polymarket’s activities are driven by election predictions. “Who will win the 2024 presidential election” is the platform’s most liquid prediction market, with stakes exceeding $206.6 million.
Yuga Cohler, Senior Engineering Manager at Coinbase, also tweeted:
Mainstream media constantly refer to Polymarket to measure election probabilities, which is a milestone for cryptocurrencies. No one mentions that Polymarket is built on cryptographic technology, which demonstrates the market fit of its product. Polymarket has always silently served as a bastion against ‘man-made consensus’ and ‘misinformation’.
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