Hivemind allows users to use their Bitcoin to create and participate in markets for event derivatives (“prediction markets”). Like Bitcoin, Hivemind is a protocol, a set of P2P action-response relationships (like Bluetooth, spoken English, or the rules to Texas hold ‘em) for individuals to either use or ignore.
Although substantially more complex, Hivemind offers correspondingly substantial benefits, having potentially world-changing implications for science, taxation, corporate governance and politics.
Hivemind has users, just like Bitcoin, but it also has “employees”. These employees work for “Branches” (each Branch resembles a new InTrade), and vote on “Decisions” (election outcomes or price-feeds), which resolve “Markets” (the trading-arenas defined by one or more Decision). Users are free to create any Decisions or Markets they like, although they compete economically for scarce “Decision slots”.
- The first token – "Bitcoin" – is used for storing value, buying/selling in markets and paying transaction fees to miners - The second (less important) token, "VoteCoin", is used to track a smaller group of special users and reward them for providing reports to the blockchain on the status of the bet-upon events
Attention. There is a risk that unverified members are not actually members of the team
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