Vitalik Praises Prediction Markets and Community Notes as Two Key Cognitive Technologies Musk Also Approves
Ethereum founder Vitalik Buterin once again praises the prediction market and community notes in his recent post, with Elon Musk also responding in agreement.
Vitalik’s insightful analysis on Twitter fact-checking tools has even garnered praise from Musk. What exactly are community notes?
Predictive markets and community notes are becoming the two flagship social cognitive technologies of the 2020s. Both of these technologies pursue truth and democracy, based on open public participation rather than pre-selected elites. I hope to see more of such initiatives.
Vitalik’s tweets have also received endorsement from Tesla founder Elon Musk.
Furthermore, Vitalik added:
In fact, I believe that predictive markets and community notes complement each other. The biggest criticism of community notes is its slow updating, while predictive markets can incentivize people to predict future information and strive to reveal it as quickly as possible.
Vitalik has expressed his admiration for projects like Polymarket and ENS domains multiple times, with Polymarket witnessing a surge in active users and trading volume, reaching historical highs during the recent U.S. presidential election fervor.
In May, Polymarket announced raising $45 million in Series B funding, with investors including Peter Thiel and Vitalik. According to Dune Analytics, post-funding, Polymarket attracted nearly 30,000 active users per month, with June’s trading volume exceeding $110 million, setting new records.
Most of Polymarket’s current activities are driven by election predictions, with “Who will win the 2024 presidential election” being the most liquid prediction market on the platform, with bets exceeding $206.6 million.
Coinbase’s Senior Engineering Manager Yuga Cohler also recently tweeted:
Mainstream media continues to reference Polymarket to gauge election probabilities, marking a milestone for cryptocurrency. No one mentions that Polymarket is built using encryption technology, underscoring the market relevance of its product. Polymarket has silently served as a fortress against “man-made consensus” and “misinformation.”
Vitalik
Community notes
