Zeitgeist and Polkassembly Unite: Empowering Polkadot Governance Through Predictive Engagement Jan 12, 2024 Jan 12, 2024 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJanuary 12, 2024 by Kelly Cromley

Zeitgeist and Polkassembly Unite: Empowering Polkadot Governance Through Predictive Engagement

In a groundbreaking development, Zeitgeist, the decentralized application (dApp) specializing in prediction markets, has disclosed its integration with Polkassembly. Polkassembly, a unified platform committed to democratizing governance within Substrate chains, now offers Polkadot community members the opportunity to engage in predictive speculation directly through the Polkassembly UI.


Revolutionizing Polkadot Governance:


This alliance between Zeitgeist and Polkassembly marks a significant stride in revolutionizing the governance dynamics of Polkadot. Unlike the prevalent speculation surrounding SEC approval of spot bitcoin ETFs, Zeitgeist and Polkassembly are fostering a different kind of speculation. They aim to incentivize predictions based on proposals and motions presented by Polkadot’s user base.


“Active Participation in Governance Decisions”


Polkadot’s unique governance system allows anyone to initiate on-chain proposals through referenda. If approved by the community, these proposals secure treasury funds for the realization of their outlined objectives. The collaboration between Zeitgeist and Polkassembly seeks to elevate this process by enabling users to actively predict the outcomes of crucial referenda, transcending passive observation.


Seamless User Experience:


Zeitgeist CEO Logan Saether highlighted the commitment to providing a seamless experience for users. The integration facilitates easy access to ongoing referenda, incorporating a feature for predicting proposal outcomes. Saether emphasized the goal of denominating most prediction markets in DOT, streamlining participation for the Polkadot community.


“Navigating the Testing Ground: $DED Launch Campaign”


A live test case exemplifying this collaboration involves a prediction market linked to Referendum 385. Proposed by Lunar Strategy, Flight3, and RZLT, the referendum aims to access treasury funds to launch Polkadot’s first memecoin, $DED, with an accompanying marketing campaign. The live prediction market holds the proposers accountable, allowing bettors to forecast the success or failure of the proposal.


Community Response and Accountability:


While some view the initiative as noble, a significant 40% of Polkadot community members have already rejected the motion. The ongoing prediction market on Zeitgeist aims to ensure accountability for Referendum 385, allowing participants to predict whether the proposal will fulfill its mission.


“Empowering Polkadot Governance Participants”


Zeitgeist encourages all Polkadot governance participants to familiarize themselves with its platform through available tutorials. Accessing the live prediction market via the Polkassembly UI provides an opportunity for users to actively engage with and benefit from Polkadot governance, fostering a more democratic network.


Future Predictive Engagement:


The “DED Launch Campaign Accountability” prediction market is scheduled to run until July 10, accepting predictions until that date. Subsequently, on July 16, the market will resolve, triggering payouts for those whose predictions align with the actual outcomes. Zeitgeist deems its collaboration with Polkassembly as a groundbreaking step in decentralized governance, acknowledging that its success will be determined by the interest generated through prediction markets like the one for $DED. Only time will reveal the impact of this innovative approach to community-driven decision-making within Polkadot’s governance framework.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.