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Decentralized Prediction Markets Aim to Advance Science
Decentralized Prediction Markets Aim to Advance Science
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Decentralized prediction markets have gained significant traction in the crypto sector, with $1.4 billion in market activity in 2024. These platforms, which use blockchain technology and cryptocurrency, are projected to grow to $95.5 billion by 2035. They rely on smart contracts and oracles to automate transactions and integrate real-world data, making them more efficient, transparent, and trustworthy compared to centralized prediction markets. While initially popular for betting on sporting events and election outcomes, there is a growing interest in using these platforms to predict scientific outcomes.
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