Inspiration
What it does
How we built it
Challenges we ran intoWelcome to the future of Governance
Futarchy: Vote Values, But Bet Beliefs Why Futarchy and not Democracy ? Democracy: Value of a vote doesn't depend on how much the policy affects you. The people who are affected most Futarchy: Futarchy offers an alternative way, by tying the individual's self-interest to an ethical utility function that we seek to maximise. The result is that only people with genuine beliefs will bet, due to their intrinsic self-interest, and now suddenly, the evil that plagues democracy, which is self-interest, is now harnessed into maximising the utility function! y the policy, which are the future generations, in fact, have no vote at all! Worse, it does not provide a way to non-authoritatively settle the question of how much who is affected by a policy. In a futarchy people get to choose what they want, but the markets decide how to achieve this. Lets take an example In india a bill gets proposed and before becoming a law it becomes a topic of disussion among the general public , experts and media . But those are just talks ! Some political parties are able to generate a hype and swoop the masses with their glorified talks while experts keep telling what is really going on . In a futarchy governance because it costs to bet only people who have adequate knowledge would bet and this would create a more educated poll rather than the one generated by asking random people. People can bet on multiple markets simultaneously , it helps project the GDP prices after the bill becomes a law and helps government in deciding if the bill should become a law or not .
Why prediction markets?? Firstly, they can efficiently aggregate a plethora of information, beliefs, and data. Next, they obtain truthful and relevant information through financial and other forms of incentives. Prediction markets can incorporate new information quickly and are difficult to manipulate. The original bets placed by public is more genuine or accurate than any machine trained model It helps maintain a track record of the government and the bills it proposed , this data can help the public decide whether the government gets a second term or not . Hence this model helps us see the effect a particular bill will have on the economy of the country before it becomes a law .
Accomplishments that we're proud of
What we learned
- We became
## What's next for Futarchy - This model can be extended to organisations like startups , DAOs. 2.We can include other fields in which the govt ptoposes bills to implemented not only the financial ones.
- The possibilties are endless ,sadly this PPT isnt ;) Prediction markets are better than any Machine trained model
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