Today I will like to share some of the major platforms for decentralized prediction market. Without much introduction I will like to get into it.
Major Platforms for Decentralized Prediction Markets
Augur
Augur is one the decentralized betting platform and it's one of the earliest to start and this decentralized betting platform is on the eth blockchain and just like every market prediction platform it allow users to speculate on future events using blockchain token.
Augur is seen as one of the pioneer platform of decentralized prediction market and here you try to predict correct outcome of event and easily trade anything in the virtual space as much as you would like.
Polymarket
Poly market is another decentralized prediction market platform on blockchain and what good thing that sets poly market apart from other prediction market platform on blockchain is that is user friendly.
It's not every time one gets to see a platform as user friendly as polymarket allowing users predict any event as they would like and almost everyone could use this platform for it's simple and easy to understand features, very easy to navigate, such is the nature of polymarket.
Gnosis
Gnosis has one similarity to augur prediction market platform and that's the fact that like augur is built on the ethereum blockchain and has all the great features that makes a great prediction market any tool you would need to navigate your way it's available here.
Interestingly too gnosis unlike other decentralized prediction platform which may use the blockchain token, gnosis has its own native token known as GNO and this token is what users use in speculating events here.
Omen
Omen is a prediction platform under the gnosis platform they are built on it so to speak and has great usecase that many will find quiet appealing.
In omen you not only get to predict but you can also trade as well as create your own outcome and omen serves other diverse purpose apart from these as they are also liquidity providers which also serves to make the platform a great one and an appealing decentralized prediction market under the gnosis platform.
Challenges
Regulation
One of the challenges of these platforms stems from inconsistency in regulations across many countries of the world as it regards their view of gambling. Some countries really place a firm restriction on gambling or any activity related to it.
Because of this type of regulation it makes it hard for this decentralized betting platform to be widely known and accepted unless in countries that are not against betting and blockchain and cryptocurrency as well.
Indeed it's quiet a legal battle.
Oracle Reliability
Well in decentralized betting platform the major thing that ensures things are accurate and fair is the oracles and in any event that these oracles suddenly for any reason whatsoever malfunctions it would greatly put the integrity of this decentralized prediction market into question.
Liquidity
This is one of the problems of decentralized prediction market, liquidity is a problem, some are the source of their own liquidity and sometimes the liquidity provided are not sufficient for easy facilitatation of trades.
Trading is rather cumbersome with a low liquidity unless ofcourse they solve this ifnot users could struggle badly in such an event.
Conclusion
With wide adoption I know many will prefer these over the traditional betting platform, sports event and politics or any world events could be speculated on here, this is a real revolution. Indeed blockchain is driving change in a global scale never seen before.
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