Computer scientist Ed Felten has done a lot of work on Bitcoin over the years, but his latest project looks to step beyond mere currency, applying the principles of Bitcoin to the broader spread of information through the world. Similar to Intrade, the market will trade shares in possible event outcomes (a particular candidate winning an election, for instance) that only pay off if the outcome comes to pass. Felten says the contract-signing and consensus mechanisms that power Bitcoin are ideal for establishing a prediction market free of centralized authority.
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