Facebook’s research and development engineers have launched a community platform for predictions, thus advancing the territory of the emerging sector of the cryptomoney prediction market.
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Called “Forecast,” the new Facebook app available in iOS allows users to ask questions and take surveys (pre-approved by Facebook) on a variety of topics of interest for the future, and respondents use the app’s access points to access platform surveys. The results of the survey will be made available to the public through the Forecast website.
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Currently, the app is only available to guest users from the United States and Canada while the platform is in the testing phase or also called beta version. Prior to the release of this version on June 23rd, Forecast was tested internally by Facebook employees.
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At the launch of the beta version, representatives from the health, academic and research communities were invited to contribute their predictions on the COVID-19 pandemic.
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If Facebook were to integrate Forecast with its stablecoin Libra, the platform would offer a solid infrastructure for the forecasting markets.
Although decentralized forecasting markets are still in their early stages, the next update to the Augur v2 (REP), an Ethereum-based forecasting market, is expected to provide a powerful platform for decentralized betting markets ahead of the November elections in the United States.
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Describing v1 as a “functional beta” version, Augur claims that the v2 update will see the integration of MakerDAO’s DAI and 0x (ZRX) as settlement currencies, user interfaces focused on the use of mobile devices, fiat currency on-ramps and the launch of Immediate Edge an off-chain expansion solution, among other improvements.
In recent months, Waves has also used its exchange platform to receive several prediction markets in relation to the coronavirus pandemic.