Prediction markets are an innovative financial concept that allows investment based on forecasts and predictions about future events. In recent years, on-chain prediction markets like Myriad have rapidly gained popularity. These markets operate transparently and reliably with the help of blockchain technology, enabling users to place bets on the outcomes of various events. Platforms such as Polymarket, Kalshi, and Myriad offer users the opportunity to predict results of political elections, sports competitions, economic data, and other significant events. Each bet on these platforms is represented as a token whose price reflects the market participants’ assessment of the likelihood of the event occurring. If the prediction proves correct, investors earn profits; otherwise, their investment may be lost.
The primary advantage of on-chain prediction markets lies in their transparency and decentralized nature, meaning there is minimal risk of interference from any central authority or government. Additionally, being blockchain-based allows users worldwide to participate without restrictions. While these markets create unique opportunities for investors, they also carry risks such as legal complexities, market volatility, and inadequate information availability. Therefore, investors should exercise caution and conduct thorough research before investing.
The future of Myriad and other on-chain prediction markets appears promising, as this technology supports enhanced transparency and inclusivity in the financial sector. However, their growth depends on appropriate regulations and increased user awareness to maintain market trust.
Source: decrypt
