The decentralized web is hard to use, complain its critics. And to be fair, they’ve had a point up until recently. With improved UX and new layer two solutions built on top of Web3 protocols, however, interacting with these technologies is getting easier. This is particularly evident in the case of prediction markets, where new features from Guesser and Veil have opened up these services up to a wider, less technically accomplished audience.
Also read: Cboe Discontinues Bitcoin Futures for Now
Decentralized Prediction Markets Keep Getting Better
“What will be the market capitalization of Cosmos Atoms (ATOM) in USD on April 30, 2019?” asks Veil. “Will a second referendum on Brexit be announced in the UK before 29 March 2019?” ponders Guesser. Technically these markets originate on Augur, but people are increasingly now placing their bets via secondary services that bolt a user-friendly interface onto Augur’s protocol and simplify the betting options.
Guesser’s recently introduced Bet of the Week has been going down well – this week’s question was “Will the base price announced for the Tesla Model Y be $39,000 (USD) or lower?” Bettors who went with over, at odds of 1.26, were vindicated. The only significant downside to Augur-based markets, including Guesser, is the length of time it takes for them to resolve. Last week’s featured Guesser bet, for example (“What will the total value locked in Defi be on Monday March 11, 15:00:00 UTC, according to defipulse.com?”) is still awaiting results, even though its outcome is not contentious.
How to Create Your Own Prediction Market
Creating an Augur-based prediction market got significantly easier this week thanks to Veil’s new interface that removes much of the complexity.