The ongoing US Presidential election is dominating global news today and thrust crypto Twitter into a frenzy as they wait for the results. But not many people know, Ethereum is playing a pivotal role in the proceedings. But, a few hours ago, it looked like the Ethereum deposit contract for ETH2.0, was launched on GitHub
Ethereum price prediction markets are becoming hugely popular
From prediction markets to smart contracts and presidential race calls based on prophecy, Ethereum is tied to the 2020 US election. Predictive markets reflect the likelihood of outcomes in events. Binary is based on the economic bets of the crowd. James Beck, director of marketing for ETH 2.0 at ConsenSys, looked at Ethereum prediction markets’ accuracy to see if it can achieve everything within the day.
Ethereum has two long-term prediction platforms Augur and Gnosis that have been very successful, but many new prediction markets like Catnip, Polymarket, and Omen have emerged.
Beck tested these new prediction markets involving betting on DAI or USDC to provide liquidity and net profit when correctly predicting a winner. The liquidity in each market ranged from $ 300,000 to $ 400,000 at press time. This is a testament to how popular these platforms have grown.
The study concludes:
“Ethereum-based prediction markets can represent a simple and quick means increasingly to transform opinions into a single collective judgment, and may just improve the way we understand outcomes.”
Ethereum co-founder Vitalik Buterin also started with Polymarket with a trading volume of around $ 5 million today. The AP news agency even announced that it would be using an Ethereum account to post calls for the US President race to an Ethereum smart contract:
Tomorrow, the @AP will be using an Ethereum account to post U.S. Presidential race calls to an Ethereum smart contract.
— Hayden Adams (@haydenzadams) November 3, 2020
The system uses the software of Everipedia, a blockchain-based competitor with Wikipedia, to publish electoral race calls with the Ethereum public key and the Chainlink prophecy.
The AP uses Ethereum in its own application programming interface (API) in addition to just posting results. This means that anyone who mines the official AP results can verify accuracy using blockchain data.
In addition to Ethereum, the AP is also using the EOS Blockchain for data verification.
An Ethereum ETH2.0 deposit contract has been launched on GitHub
A few hours ago, it looked like the Ethereum deposit contract for ETH2.0, was launched on GitHub. However, there has been no official announcement from the development team behind ETH2.0. Specifically, the launch of ETH2.0’s deposit contract is not yet complete on the social media platform.
— unfolded. (@cryptounfolded) November 4, 2020
The Ethereum deposit contract was posted on GitHub by a developer who goes by the name of CarlBeek. A quick look at his profile reveals that he has made a considerable contribution to the Ethereum ecosystem from as way back as 2015. High chances are that this is the real deal and the ETH2.0 has launched in November as lo.
ConsenSys developer Ben Edgington had previously suggested that the staking contract would likely launch in a few hours.
In the latter case, Ethereum is finally ready for a Proof of Stake consensus mechanism that allows wagering using at least 32 ETH. Contract confirmation means Ethereum investors will continue to accumulate ETH in anticipation of staking through all 32 ETH or betting pools. As a result, the Ethereum price will benefit positively from demand and can continue to go above a trajectory above $ 400.
You can see the Ethereum price here.
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