Polymarket, a decentralized prediction market platform operating on the Polygon blockchain, recently announced a strategic alliance with Chainlink in order to enhance both accuracy and speed of its market resolution processes. This collaboration seeks to integrate Chainlink’s decentralized oracle network into Polymarket’s infrastructure for more reliable settlement of prediction markets. “Tamper-proof settlement of prediction markets should result in higher returns,” according to Cointelegraph.
Enhancing market integrity

Chainlink’s oracles will give Polymarket access to high-quality real-world data which will aid it in accurately resolving prediction markets. Furthermore, by taking advantage of Chainlink’s decentralized network and its oracles, Polymarket can minimize risks of manipulation while improving trustworthiness of its platform, especially at a time when scrutiny over market resolution integrity has increased considerably. DL News reported on this matter on August 23, 2016.
Expanding Beyond Pricing Predictions

Polymarket and Chainlink’s initial focus of their partnership is to enhance pricing prediction markets; however, as part of an expanded scope they are exploring how oracles could apply to more subjective prediction markets that rely on social voting mechanisms and could benefit from objectivity and reliability provided by Chainlink’s decentralized oracles – this way minimizing bias while strengthening market resolution integrity across a broader array of topics. Cointelegraph reports.
Addressing Past Challenges

Polymarket hopes this partnership with Chainlink’s decentralized oracle network can address previous difficulties it had faced when resolving market resolution disputes. Bettor allegations that prediction outcomes are being altered caused disputes and raised doubts about platform reliability; by using it Polymarket hopes to reduce such issues and enhance credibility of its market resolutions. [DL News]
Future Prospects
Going forward, Polymarket and Chainlink’s collaboration should pave the way for more secure and dependable prediction markets. Once integration begins, users should experience more seamless and reliable interactions when participating in prediction markets hosted on Polymarket’s platform. Furthermore, this partnership highlights decentralized oracle networks’ growing significance in maintaining blockchain applications’ integrity and accuracy.

Conclusion The partnership between Polymarket and Chainlink marks an important advancement in decentralized prediction markets. By tapping Chainlink’s oracle network, Polymarket aims to enhance accuracy, speed, and integrity of market resolutions on its platform while creating greater trust and participation for its platform users.