Prediction Markets and Community Notes are two of the most important novel concepts of this decade, according to Vitalik Buterin, creator of Ethereum. He talks about how they seek the truth and are democratic, putting more emphasis on public input over elite curation.
Buterin is hopeful about similar technologies coming in the future. He says that Prediction Markets and Community Notes work well together in a follow-up post.
Buterin’s Innovative Insights
Prediction Markets urge users to predict the future and share signals quickly, while Community Notes, which show important information more slowly, are in line with crypto principles and stop central manipulation.
After the purchase of social media site X (formerly Twitter) in 2022, Community Notes became more well-known. Since its launch as “Birdwatch” in January 2021, it has been fighting false information by adding context and facts to tweets, depending only on user contributions and votes.
Platforms that let people buy shares in how events will turn out have helped prediction markets grow steadily. In 2023, Foreon Network (FRN) used the Cardano (ADA) blockchain to help Prediction Markets, as an example. The possibilities of these tools will keep growing as more people become interested in them.
