Prediction platforms, like Polymarket, recently attracted significant attention during the US elections for their distinct role in forecasting outcomes. However, Ethereum co-founder Vitalik Buterin believes these platforms hold even greater potential, envisioning their evolution to reshape social media, science, news, governance, and other sectors.

In his recent blog post titled “From Prediction Markets to Info Finance,” Buterin outlined a concept called “info finance,” which extends beyond traditional prediction markets by merging information with finance on a blockchain scale.

Buterin Highlights Prediction Markets’ Power Beyond Elections

Buterin sees prediction markets serving dual purposes: enabling bets and acting as alternative news sources. He highlights how platforms like Polymarket have become trusted for information, often outperforming traditional media in accuracy.

“To many people, prediction markets are about betting on elections, and betting on elections is gambling – nice if it helps people enjoy themselves, but fundamentally not more interesting than buying random coins on pump.fun,” Buterin wrote.

He noted that Polymarket accurately indicated a stronger chance for Trump to win certain elections, while mainstream sources suggested otherwise. It also effectively forecasted outcomes for Venezuela’s July election, combining real-time data with market predictions.

According to Buterin, these platforms offer valuable insights to both bettors and non-bettors. Bettors can place wagers, while other users can view market data as a unique news source. This structure, he argues, bridges the gap between information and finance, creating a type of “info finance” that could address issues of trust and accuracy on a blockchain scale.

Buterin noted that info finance allows

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Author: Oluwapelumi Adejumo