Zeitgeist Emerges from Stealth and Closes $1.5M Seed Round to Build Prediction Markets on Kusama and Polkadot

by chainwire

Berlin, Germany, 25th March, 2021,

Industry Veterans Team Up to Develop Prediction Market Ecosystem

Zeitgeist, the corporate growing a prediction market platform launching completely on the Kusama community, introduced the completion of a $1.5M seed spherical. Included within the spherical have been D1 Ventures, Genblock Capital, AU21 Capital, Digital Renaissance, A195 Capital, Four Seasons Ventures, Brilliance Ventures, BlockSync Ventures, co-founders of Acala, and a person from Web3 Foundation. The funding shall be used to speed up the event of the Zeitgeist network, a hub and ecosystem for Web3 prediction markets.

“Prediction markets are powerful mechanisms for aggregating information and improving decision making, and Zeitgeist puts that power into the hands of more people to drive mainstream adoption,” says Logan Saether, Zeitgeist’s Founder and CEO. “We have an experienced team who understands how to deliver on the promise of prediction markets, and we’re thrilled to have such an amazing group of investors backing Zeitgeist.” 

Along with the core operate of prediction markets, Zeitgeist can also be innovating within the realm of on-chain governance. Specifically, Zeitgeist will implement a type of governance primarily based on prediction markets referred to as futarchy. Futarchy makes use of the indicators gained from the info aggregation property of prediction markets to make higher selections over the evolution of the community.

“The concept of Futarchy goes hand in hand with the ethos and on-chain governance capabilities of the Kusama ecosystem,” stated Tamara Frankel, founding associate of D1 Ventures. “I’m an avid user of prediction markets on Ethereum, and it’s exciting to imagine the possibilities within the Kusama and greater Polkadot ecosystems.”

“The world hasn’t yet seen a base layer blockchain that focuses on prediction market primitives. We’re really so excited to help create the platform for thousands of new prediction markets and fun experiments on Kusama to happen.” stated Chris Hutchinson, Chief Marketing Officer at Zeitgeist. Ruitao Su, co-founder of Acala and a person investor in Zeitgeist, shares his enthusiasm, “I am super excited to back another specialized network in the Kusama and Polkadot ecosystem. Zeitgeist is a network purposely built for prediction markets. I can’t wait to explore the new possibilities enabled by Zeitgeist – low transaction costs, seamless access to parachain assets such as the Karura Dollar (kUSD) or Acala Dollar (aUSD), forkless upgrades, and so much more.”

The firm, which has been in energetic improvement for a number of months whereas in stealth, was formally unveiled earlier this month.

Anson Lau, who beforehand labored with members of the Zeitgeist staff on the Web3 Foundation, and is aiding Zeitgeist with its China technique, stated, “Backing the brightest people that I worked with in the past is a no-brainer. Zeitgeist enables many use-cases that no one is working on in the Kusama and Polkadot ecosystem. I am looking forward to helping drive their mission into reality.”

Bilal Junaid, Founder of Genblock Capital, says “We have followed or invested in the prediction market space for a long time, from Augur, Gnosis, Polymarket and others. Zeitgeist aims to be the leader in this space in the Kusama and Polkadot ecosystem, and we are excited to back this talented team to build out this vision.” Yin Cao, Co-Founder of Digital Renaissance agrees, “As an active user of various prediction markets and a deep participant in lots of DAOs, I am extremely pleased to see that the Zeitgeist team can apply the prediction market to enable a true decentralized governance, which is even beyond my previous imagination of the DeFi boundary.”

“I’ve been building and deploying prediction markets for 15 years,” says David Perry, Chief Information Officer at Zeitgeist, “and I am overjoyed to be collaborating with this incredible group of investors to grow the Zeitgeist team, build amazing products, and launch the prediction market ecosystem on the Zeitgeist network.”

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About Zeitgeist

Zeitgeist is an evolving blockchain for prediction markets and futarchy, the way forward for governance. Zeitgeist is constructed for the Polkadot and Kusama ecosystem and envisions itself as a hub and ecosystem for prediction markets on Web3. At the core of Zeitgeist is an open platform that’s constructed with Polkadot’s blockchain framework, Substrate. Zeitgeist’s objective is to deploy as a parachain on Kusama in late 2021. Stay on the look ahead to the upcoming announcement and public launch of our testnet, Battery Park, with an incentivized testnet program. The finest method to keep knowledgeable is by subscribing to our newsletter, becoming a member of our Discord server and following our socials.

Visit the Zeitgeist website for extra data and updates.

About Prediction Markets

Prediction markets are speculative markets deliberately constructed to be data machines. They work by amassing data from contributors and producing correct predictions about future occasions. For a given occasion, traders buy ‘yes’ or ‘no’ contracts relying on their perception about that occasion, and the worth represents the chance of the occasion going down. When in contrast with strategies like opinion polls, focus teams, and knowledgeable opinions, prediction markets have demonstrated that they produce estimates that are at the least nearly as good, if not considerably higher than, these different mechanisms.

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