Tech

The Rise of Prediction Markets in Political Betting: MetaDAO’s Innovative Approach

Explore how MetaDAO is revolutionizing political betting with prediction markets. Discover the innovative strategies reshaping the landscape of political forecasting and how they empower bettors and analysts alike.

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2 months ago

August 1, 2024

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Political Betting and the Rise of Prediction Markets

Political bettors are increasingly investing substantial amounts of money into crypto-powered prediction markets, with a keen interest in outcomes such as the potential running mate selection by Vice President Kamala Harris. Among the most innovative of these platforms is MetaDAO, a Solana-based governance experiment that has captured the attention of venture capitalists who advocate for prediction markets to determine significant political and economic outcomes.

Recently, the venture capital powerhouse Paradigm led a funding round, raising $2.2 million for MetaDAO, a project that aims to establish governance structures driven by market dynamics rather than traditional voting mechanisms. This innovative approach is referred to as futarchy, a concept that its supporters argue can yield superior decision-making compared to conventional political processes.

The timing of this funding coincides with the heightened interest in crypto’s booming prediction markets as the 2024 elections approach. Data from Dune indicates that market leader Polymarket is currently experiencing nearly $90 million in open interest, setting a record for contracts that invite bettors to forecast global events, including political upheavals.

The buzz surrounding prediction markets has provided MetaDAO with a competitive advantage in securing funding. Proph3t, the pseudonymous founder of MetaDAO, revealed in an interview with CoinDesk that his strategy to attract investors emphasized a key analogy: “If we see Polymarket as a machine, it made perfect sense to utilize a truth machine to facilitate decision-making.”

Paradigm, co-founded by Fred Ehrsam, who also co-founded the Coinbase crypto exchange, has been an outspoken advocate for prediction markets, promoting them as a tool for businesses to hedge political risks. Following the funding round, Paradigm became the largest holder of META tokens, possessing 3,035 tokens, which constitutes 14.6% of the total supply, as noted by Proph3t. In total, around 30 angel investors acquired an additional 965 META tokens, contributing to a total investment of $2,229,950.

Futarchy in Action

The operational framework of MetaDAO revolves around the value of its token, META. Each proposal that the group considers is accompanied by a “pass” and “fail” market, where traders can speculate on the outcome based on the value of META. A proposal is deemed successful only if the price of META in the “pass” market exceeds that in the “fail” market.

In a notable instance last month, MetaDAO’s chief “futards,” known by their online handles Nallok and Proph3t, proposed that the project sell a couple of million dollars’ worth of META tokens to fund essential expenses such as hiring engineers and acquiring office space. Traders in the META market responded positively, driving the price in the “pass” market up to $435, while the “fail” market remained at $386. Consequently, the proposal was approved, and the fundraising initiative proceeded smoothly.

MetaDAO presents a unique perspective on governance compared to other so-called “decentralized autonomous organizations” (DAOs) within the crypto space. While most DAOs treat token ownership as a voting mechanism, MetaDAO allows anyone with available funds to have a direct impact on decision-making processes.

The project has garnered significant attention within the Solana ecosystem, particularly during the mtnDAO hacker house event held in Salt Lake City in February. Since then, it has actively promoted the futarchy model, collaborating with several other Solana-based projects to implement their own market-driven systems.

One of these collaborations involves the trading platform Drift, which is utilizing MetaDAO’s technology to determine which projects will receive grants of its DRIFT token. Co-founder Cindy Leow shared with CoinDesk that the implementation has yielded “really positive signs,” with one proposal being accepted and another rejected. “This demonstrates that the community is carefully considering budgetary allocations for governance and spending,” she noted.

Related Topics:Business cryptocurrency futarchy governance MetaDAO Paradigm political betting Polymarket prediction markets Solana Tech venture capital

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Tesla Semi Fire: NTSB Preliminary Report Released

The NTSB’s preliminary report on the Tesla Semi fire has been released. This content includes important information about the details of the incident, the causes of the fire, and Tesla’s safety measures. Explore the impact on Tesla’s electric vehicles and its future steps.

Published

1 day ago

September 17, 2024

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The National Transportation Safety Board (NTSB) released a preliminary report stating that a Tesla Semi electric truck in California required firefighters to use “50,000 gallons” (approximately 190,000 liters) of water to extinguish a roadside fire. Firefighting teams also deployed an aircraft to drop fire retardant on nearby areas as a precautionary measure to control the fire.

The accident occurred on August 19 at 3:13 AM local time on the I-80 highway east of Sacramento. The electric truck went off the road while navigating a curve, collided with a roadside boundary marker, and then struck a tree, coming to a stop. Fortunately, the driver was not injured in the accident; however, considering their health condition, they were taken to the hospital.

The Tesla Semi’s large 900 kWh battery caught fire upon impact, and toxic smoke began to spread during the fire. While the fire continued with temperatures reaching up to 538°C, firefighters worked intensively to cool the blaze with water. However, due to the fire’s effects, the vehicle continued to burn until late in the afternoon. Meanwhile, Tesla sent a technical expert to the scene regarding fire safety and high voltage hazards.

The highway reopened to traffic at 7:20 PM local time, 16 hours after the accident. The NTSB, as an organization that can only make recommendations and cannot enforce regulations, sent a team to the area for investigation purposes. This major accident raised several issues, including dangerously hot fires and toxic smoke, which will attract the attention of many international organizations.

The NTSB had previously stated in 2021 that fires in the batteries of electric vehicles pose serious risks to emergency response teams and that the guidelines provided by manufacturers for such fires are inadequate.

Tech

New Leaks and Features About the Samsung Galaxy S25 Ultra

Discover the latest leaks and features about the Samsung Galaxy S25 Ultra. Equipped with new technologies and advanced features, this smartphone elevates the user experience to a new level. Check it out for details!

Published

1 day ago

September 17, 2024

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New Leaks About Samsung Galaxy S25 Ultra

Samsung is expected to introduce the Galaxy S25 Ultra along with the Galaxy S25 series at the beginning of 2024, likely in January. Although no official announcement has been made yet, leaks regarding the upcoming flagship continue to spread rapidly on the internet. Notable leak source IceUniverse shared several new visuals of the Galaxy S25 Ultra in a post on the X platform. These visuals reveal the design differences between the Galaxy S25 Ultra and the Galaxy S24 Ultra.

One of the notable features in the leaked images of the Galaxy S25 Ultra is the rounded corners of the phone. In contrast, this year’s Galaxy S24 Ultra has quite sharp corners, which has led to feedback from some users indicating discomfort while holding the device. Previous leaks have suggested that the Galaxy S25 Ultra may be somewhat larger.

A tweet shared by IceUniverse: Galaxy S25 Ultra Image

According to leaks, the Galaxy S25 Ultra is expected to be thinner and lighter compared to previous models. In August, rumors emerged that the upcoming Galaxy S25 Ultra would be lighter than its competitors, with a weight of under 221 grams.

Another image featured in IceUniverse’s post shows close-ups of the sides of both next year’s expected flagship phone and Samsung’s current flagship. In this image, the side of the Galaxy S25 Ultra appears flatter with rounded corners. While these changes may not create a major revolution, they will generally positively affect the feel of the phone in hand.

Looking at other rumors about the Samsung Galaxy S25 Ultra, it is expected that the company will offer top-tier screen and camera upgrades next year. Additionally, there is a strong expectation that the satellite connection feature will also be introduced alongside the Galaxy S25.

Tech

iOS 18 Officially Released: Innovations and Features

iOS 18 has been officially released! This update, packed with new features and innovations, elevates the user experience to the next level. Check out our article for details and discover the new offerings of iOS 18!

Published

1 day ago

September 17, 2024

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iOS 18 Officially Released: Here Are the Innovations!

Apple officially launched iOS 18 yesterday, as promised. After a long beta testing phase, this update brings many exciting new features for iPhone users.

iOS 18 Officially Released: Innovations and Features

New Features in iOS 18

Advanced Customization Options on the Home Screen: With iOS 18, users can now arrange app icons freely without sticking to the traditional grid layout. Additionally, there’s an option to change the colors of the icons and adjust their darkness levels. In short, you are no longer bound to a boring layout. It raises questions why Apple waited until 2024 to offer this feature.
Revamped Control Center: The Control Center is completely redesigned in iOS 18. Users will be able to group controls more comfortably, and developers can easily add controls from their applications. Also, there’s an option to divide the Control Center into pages, allowing different controls on each page.
RCS Messaging Support: With iOS 18, Apple introduces Rich Communication Services (RCS) messaging support. Users can add various effects to their texts and react with new emojis for more colorful responses.
Updated Photos App: The Photos app is presented with a new opening page and a modern layout. Users can now browse photos by time, people, and many other criteria, reorder media files, and explore more with the “Collections” feature.
App Lock Feature: Users can now lock specific applications. For example, they can activate Face ID protection from the menu that appears when long-pressing an app icon. Thus, anyone wanting to open the app will have to pass the Face ID protection first.
Apple Intelligence: One of the important features of iOS 18 is Apple’s artificial intelligence kit, Apple Intelligence. However, to fully benefit from this feature, you’ll need to wait for the iOS 18.1 update. More information about Apple Intelligence can be found here.

How to Install iOS 18?