(“KR1” or the “Company”)
Zeitgeist is an application specific blockchain for prediction markets and futarchy, built for the Kusama and Polkadot ecosystem. After a market is created in a particular variable by someone, anyone can take positions on future outcomes of that particular market. As different parties often hold different views regarding specific variables, Zeitgeist allows them to buy market shares in their preferred outcome. Following the conclusion of the event, a decentralised oracle resolves the market. Market participants who took the correct position can redeem their shares for ZTG, the native token of the Zeitgeist protocol, which also plays a critical role in market creation and dispute resolution.
Zeitgeist is built on top of Polkadot’s Substrate framework and has already secured a lease to join Kusama as a parachain, enabling the project to keep transaction fees affordable even with high traffic. Zeitgeist is governed by the holders of the ZTG using a mix of normal token voting and a new futarchy model, ensuring that no single entity controls the network.
“Over the last decade we have seen only a glimpse of what prediction markets could be capable of. With the combination of Kusama and Polkadot, as well as the design choices of the Zeitgeist team, the technology is finally available to deliver a cheap, usable and intuitive protocol that is going to bring the power of prediction markets to a mainstream user base. We are very excited to support them on this journey.”
The Directors of
For further information please contact:
KR1 PLC+44 (0)1624 630 630 George McDonaugh Keld van Schreven Peterhouse Capital Limited(AQSE Corporate Adviser) +44 (0)20 7469 0930 Mark Anwyl FTI Consulting LLP(PR Adviser) +44 (0)7711 387 085 Ed BerryKR1@fticonsulting.com Laura Ewart