It has long been necessary to create a social network for the crypto industry, I always said this. I do not consider this something revolutionary, it's simply a necessity
By the way, social networks for the crypto industry already exist, as far as I know. However, this application, it seems to me, is completely new.
Can you quickly explain what distinguishes this network from the others?
As far as I understand, the user will publish information related to the crypto currency and for this he will be credited with coins. Something like the market of predictions
But if it's something like the market of predictions then there are massive projects out there already going for the prediction market. I think Augur and Gnosis are doing it?
We are very different than "prediction markets".
The white paper answers this
https://pareto.network/download/Pareto-Technical-White-Paper.pdf"Prediction markets rely on the wisdom of the crowd, promoting a binary side
bet that something will or will not happen, or that opposites will happen. It is
meant to aggregate all available information to determine what team will win,
who will win an election, and other forms of binary events. The purpose is to
create a limited incentive for people to put money behind a decision they
believe in. The limitation comes from both the kinds of information that can
be applicable to a prediction market, and the information available to the crowd
to begin with. Finally, markets may not form at all outside of the biggest events
already in the collective conscious, exacerbating an already irreconcilable
liquidity problem.
There are many circumstances to suggest that there is no wisdom of the crowd,
such as in the options markets and in elections, yet prediction markets do not
provide a liquid enough venue to make contrarian decisions. The liquidity
concern is proportionate to the funds available to other bettors, whereas expert
provided information is the only form of liquidity in the Pareto Network. The
cryptocurrency financial markets are not transparent enough for the whole
market to make rational decisions, and the market participants are not rational
to begin with.
The market consistently discounts improbable situations, and this is reflected in
prediction markets.
The Pareto Network provides an incentive to disclose the improbable. This
results in enabling as many people as possible to make profitable investment
decisions in the relevant markets before non-users, based on real-time
information they obtain from the Pareto Network. The users are in turn
incentivized to compensate the Content Contributors with Pareto tokens, as
that action improves their ranking on the Pareto leaderboard and allows those
people to get the next information disclosure sooner."
