Hivemind is a Peer-to-Peer Oracle Protocol which absorbs accurate data into a blockchain so that Bitcoin-users can speculate in Prediction Markets. These markets have the potential to revolutionize the emergence and diffusion of knowledge in society. Hivemind is a real project with interesting use cases. It’s great to see them using sidechains - anyone with Bitcoin can participate in their markets. 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”. Hivemind, unlike all other 2.0 projects, proceeds as though its creators actually believe in it. We pay for everything upfront (design, development, review, testing), with no guarantee that the project will even make it through all of these (risky) phases without encountering a fatal problem. As a result of this, you know that we literally can’t be dishonest with you (we have nothing to gain either way).