This week, Jorrin Bruns (Support Engineer, Parity Technologies) is joined by Zeitgeist’s founder Logan Saether, and CIO, David Perry. Zeitgeist is a Substrate-based decentralized network for creating, participating in, and resolving prediction markets, and exploring the potential of futarchy for governance.They discuss prediction market systems, futarchy for decision making, mitigating market biases, how a prediction market works, and its diverse applications — from improving on-chain governance to choosing political candidates and predicting parachain slot auction winners. The team also describes the next steps for this project in terms of usability and adoption, such as parachains leveraging futarcy, developing an SDK to speed up prediction market app deployment, and their plans for Zeitgeist to become a Kusama parachain. LinksZeitgeist’s website (https://zeitgeist.pm)The Wisdom of Crowds, James Surowiecki (https://en.wikipedia.org/wiki/The_Wisdom_of_Crowds)Keynesian beauty contest (https://en.wikipedia.org/wiki/Keynesian_beauty_contest) Futarchy (https://en.wikipedia.org/wiki/Futarchy#:~:text=Futarchy%20is%20a%20form%20of,as%20a%20buzzword%20of%202008)Kusama Derby Conclusion Results (https://www.crowdcast.io/e/kusama-derby-conclusion/)Highlights01:05 What is Zeitgeist08:10 Prediction market systems10:27 Futarchy for decision making13:20 Zeitgeist Substrate pallet recipe18:00 Automated Market Makers20:15 How a prediction market works26:14 Prediction market efficiency given subjective information27.58 Mitigating prediction market biases and incentives30:02 Prediction markets within politics34:15 Types of prediction markets38:20 Building an SDK41:20 Zeitgeist plans as a parachain Special Guests: David Perry and Logan Saether.