Zeitgeist (ZTG), a unique prediction market ecosystem, shares the news of the completion of its seed funding round. The startup now has a solid VC background, including undisputed market veterans.
Zeitgeist (ZTG) closes funding round, raises $1.5 million
Zeitgeist (ZTG), a startup that addresses the segment of decentralized on-chain prediction markets on Polkadot (DOT) and its family of blockchains (Kusama, Karura, Acala), has confirmed the completion of its seed funding round.
Crypto entrepreneurs raised $1.5 million from D1 Ventures, Genblock Capital, AU21 Capital, Digital Renaissance, A195 Capital, Four Seasons Ventures, Brilliance Ventures, BlockSync Ventures, the cofounders of Acala and an individual from Web3 Foundation.
The VCs who took part in Zeitgeist (ZTG)'s seed funding campaign are excited by the product concept and the potential for applications on Web 3.0. Ruitao Su, co-founder of Acala and an individual investor in Zeitgeist (ZTG), stresses the importance of that use case for Polkadot:
I am super excited to back another specialized network in the Kusama and Polkadot ecosystem. Zeitgeist is a network purposely built for prediction markets. I can’t wait to explore the new possibilities enabled by Zeitgeist - low transaction costs, seamless access to parachain assets such as the Karura Dollar (kUSD) or Acala Dollar (aUSD), forkless upgrades, and so much more.
This funding round followed the official public launch of Zeitgeist (ZTG): its team had launched without much fanfare some months ago.
Prediction markets, reconsidered: introducing futarchy
The Zeitgeist team pioneers the concept of futarchy, a novel approach to prediction markets' on-chain design. Futarchy uses signals gained from the data aggregation property of prediction markets to adjust decision-making mechanisms hand-in-hand with network progress.
Logan Saether, Zeitgeist's Founder and CEO, claims that this launch is of paramount importance for the entire decentralized PM segment and its massive adoption:
Prediction markets are powerful mechanisms for aggregating information and improving decision making, and Zeitgeist puts that power into the hands of more people to drive mainstream adoption.
As covered by U.Today recently, Polkadot (DOT) reconsiders its parachain design to ensure a better experience for projects onboarded. It released "public good" chains to keep the fees policy and resource distribution fair and equal.