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Facebook Forecasts Bring Competition To Crypto Prediction Markets

The crypto industry has caused the rise of different markets while leading to innovations in others. One market sector that has grown over the last few years is the crypto-powered predictive market that provides daily and hourly predictions different topics around the world. These platforms do not only offer predictions on the crypto world, but on various trending topics around the globe.

The research and development team at Facebook has launched a community platform built around these predictions. The platform is a new iOS app dubbed Forecast, that polls users on a variety of forward facing issues in the world. The respondents to the issues use in-app points to access surveys on the platform where the survey results are made publicly accessible via a website. 

Currently, the Forecast app is only available to a few invited users in the United States and Canada as it is in beta testing. Facebook employees tested the app internally before it got to the beta testing stage on June 23, when it introduced the invite-only stage.

The launch of the beta stage of the app saw the invitation of representatives in health, academic, and research communities to give contribution on their predictions concerning the Covid-19 pandemic. 

Competition To The Crypto Prediction Markets

Many crypto predictive platforms have emerged, though the market is still in its infancy. In recent months, Waves has used its exchange platform to host different predictive markets concerning Covid-19 pandemic. 

Additionally, Augur’s (REP) in coming v2 transition is expected to provide a powerful platform for decentralized betting ahead of the U.S. election in November. Augur described its first platform, v1, as a functional beta and stated that v2 would lead to the integration of MakerDAO’s Dai and 0x (ZRX) as settlement currencies, mobile-focused user-interfaces, fiat on-romps, and the launch of an off-chain scaling solution, and other upgrades. 

Therefore, if Facebook integrates its prediction platform, Forecast, with its Libra stablecoin, these already established as well as upcoming crypto prediction markets will face a stiff competition, as the Facebook platform would offer a robust infrastructure for predictive markets. The resources available to Facebook that other emerging platforms do not enjoy would further affect this market sector. Therefore, competition, upgrades, marketing as well as research and development would be better for Forecast than many other platforms. Smaller platforms without Facebook’s resources and available market could be heavily affected by the competition, leading to loss and total failure.

Image courtesy of Pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.


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