According to PANews, Vitalik Buterin has published an article titled 'From Prediction Markets to Info Finance,' where he discusses the potential of prediction markets as a tool for the world. However, he emphasizes that prediction markets are just one application within the broader category of 'information finance,' which holds promise for enhancing social media, science, journalism, governance, and other fields.
Buterin identifies the next decade as a unique opportunity for the development of information finance, citing several key reasons. Firstly, information finance addresses existing trust issues. In today's world, a common concern is the lack of knowledge and consensus, leading to uncertainty about whom to trust in political, scientific, and business contexts. Information finance applications could play a role in resolving these trust issues.
Secondly, the availability of scalable blockchain technology provides a solid foundation for these ideas. Until recently, high fees made it challenging to implement such concepts, but now, with reduced costs, these ideas are more feasible.
Lastly, the involvement of artificial intelligence (AI) as a participant is a significant factor. When information finance relied solely on human involvement, its effectiveness was limited. AI has greatly improved this situation, enabling efficient markets even for small-scale issues. Many markets may feature a combination of AI and human participants, especially when the number of specific issues suddenly increases.