FutarchETH
FutarchETH is a Futarchy As A Service. It is a platform where every organization enables stakeholders to speculate on the success of its decisions.
Project Description
Futarchy comes from "future", where predictions are the basis for decision-making, and "archy", the suffix for power. Betting markets are our best-known institution for aggregating information. They are more accurate than polls, provide incentives to participate (financial gain), and reward the best decision-makers. The concept was published 20 years ago, and recent advancements in blockchain innovations have made it more applicable to solving real problems. The prediction volumes on Polymarket and the number of vote proposals on Snapshot validate the market for decentralized prediction market and governance.
FutarchETH enables you to define an objective for your organization, such as a sales growth target or token value. Once this objective is defined, you can create a prediction market based on decisions considered to reach this objective ("Should we launch a new product line?" / "Should we use 5% of our treasury to hire this community manager"?). After a pre-defined resolution time, speculators on the final outcomes are rewarded with the funds from speculators of the incorrect bet.
How it's Made
Our backend is meticulously crafted in Solidity, leveraging Hardhat for seamless compilation and testing. By pre-testing every contract, from Governance to Proposals, we've achieved unparalleled agility in addressing issues, ensuring robust fund custody and transaction management. Data for goals and proposals are securely stored on IPFS via lighthouse.storage and dynamically retrieved on our "Overview" pages. The frontend, a sophisticated React application built with Next.js, offers streamlined routing, freeing us to tackle more complex challenges such as time-sensitive proposals and goals. Users can seamlessly connect their wallets via MetaMask to create goals, submit proposals, and cast votes, fostering a decentralized and interactive experience. Next.js not only simplified our page routing but also empowered us to concentrate on solving intricate issues, demonstrating our adeptness in cutting-edge web3 technologies and creating a compelling, user-centric platform.
