Vitalik praises prediction markets and community notes as two major cognitive technologies, which Musk also agrees with.

Ethereum founder Vitalik Buterin once again praised prediction markets and community notes in a post, with Musk also responding in agreement.

Vitalik provided insightful analysis on Twitter fact-checking tools, even Musk gave his approval. What exactly are community notes?

Vitalik Highly Praises Prediction Markets and Community Notes

Vitalik posted:

Prediction markets and community notes are becoming the two flagship social cognitive technologies of the 2020s. Both technologies pursue truth and democracy, based on open public participation rather than preselected elites. I hope to see more of this.

Vitalik's tweet also received approval from Tesla founder Elon Musk.

Vitalik further added:

In fact, I believe prediction markets and community notes complement each other. The only major criticism of community notes is that they update too slowly, while prediction markets can motivate people to predict future information and strive to reveal it as quickly as possible.

Prediction Markets on Fire Setting Records

Vitalik has expressed his fondness for projects such as Polymarket and ENS domains multiple times, with Polymarket seeing increased user activity and trading volume reaching historic highs amidst the excitement of the recent U.S. election.

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In May, Polymarket announced raising $45 million in Series B funding, with investors including Peter Thiel and Vitalik.

According to Dune Analytics, post-funding, Polymarket attracted nearly 30,000 active users per month, with June's trading volume surpassing $110 million, both reaching all-time highs.

Most of Polymarket's current activities are driven by election predictions, with "Who will win the 2024 presidential election" being the platform's most liquid prediction market, with bets exceeding $206.6 million.

Coinbase Senior Engineering Manager Yuga Cohler also tweeted recently:

Mainstream media continuously references Polymarket to gauge election probabilities, which is a milestone for cryptocurrencies. No one mentions that Polymarket is built using encryption technology, indicating the market fit of its product. Polymarket has quietly been a fortress against "manufactured consensus" and "misinformation."