MYRIAD: The Next Generation of Media

Throughout history, technology has continually reshaped the way we create, distribute and consume media. Each epoch has brought with it a transformative shift, redefining the relationship between creators, distributors and audiences.

The printing press revolutionized traditional media, centralizing power in the hands of a few distributors who controlled the flow of information. This era laid the foundation for mass communication, but also limited the diversity of voices in the public sphere.

The rise of social media marked the next significant leap, democratizing discourse and amplifying public opinion. While still dominated by a handful of platforms, this era introduced a dynamic interplay between creators and consumers, fostering unprecedented levels of engagement and interaction.

More recently, prediction markets have emerged as a novel form of media, blending information dissemination with forecasting. These platforms empower many distributors to share insights, and when paired with blockchain technology, create a decentralized ecosystem where data and speculation converge.

The transformation of media through technology has continuously pushed away from centralized communications in favor of the voices and opinions of the masses. Blockchain technology is set to usher in the next generation of media by building on the foundation laid before it and better amplifying the truth by breaking down the barriers between creators and consumers.

The next generation of media is happening now on MYRIAD.

The Past: From the printing press to modern traditional media

Johannes Gutenberg’s invention of the printing press in the 15th century is widely held to be one of the most significant inventions in human history and the bedrock of media distribution. For the first time, information could be mass-produced and disseminated to a wide audience without physical limitations.

Though transformative, this innovation centralized power in the hands of a few distributors (ex. publishers, newspapers) who controlled the flow of information and determined the validity and noteworthiness of the information they received. This model extended beyond print media over several generations to include even more accessible, yet centralized, mass-disseminated media through the likes of television and radio broadcasters.

This traditional form of media lacked in its diversity of voices. Consumers were passive recipients of information, with little opportunity to contribute or challenge the narratives presented to them. Bias often went unchecked, as the gatekeepers of information held significant sway over public opinion.

Though opinions and narratives surrounding the media could be discussed among those around the consumer, they lacked the ability to disseminate their voices to a broader audience.

The Present: Social media and mass forecasting

The rise of social media in the 21st century marked the next significant leap in media evolution. Platforms like X, YouTube and TikTok democratized discourse – giving a voice to millions of individuals who were previously excluded from the conversation and a real-time environment to disseminate ideas.

For the first time, individuals could bypass traditional gatekeepers and share their perspectives with a global audience. This shift not only empowered creators, but also allowed consumers to engage directly with content, fostering a more participatory media ecosystem. However, this era is still dominated by centralization issues.

Social media platforms, while amplifying public opinion, still maintain control over voices and have the ability to make certain voices louder than others. Algorithms, designed to maximize engagement, often prioritize sensational or self-affirming content, minimizing the reach of contrasting voices and limiting public discourse. Evolving from traditional media, social platforms now act as both distributors and consumers of the total sum of opinions, curating and monetizing information without providing back to their users.

This new system of media has turned the platforms into the primary consumers of public opinion, while simultaneously preventing users from accessing the full picture of information. Forecasting, the process of predicting future events based on current data and trends, is one area where this limitation becomes evident.

While social media platforms aggregate vast amounts of data, they often fail to provide users with a comprehensive or unbiased view of potential outcomes. Instead, they prioritize content that aligns with their algorithms' goals, such as maximizing ad revenue or user engagement. As a result, consumers are left with fragmented and often skewed perspectives, unable to fully leverage the wisdom of crowds or make informed decisions based on accurate forecasting.

The Future: Blockchain and prediction markets

As we look to the future, the next generation of media is poised to address the limitations of centralized platforms by leveraging the power of prediction markets and blockchain technology. This shift represents a fundamental change in how information is distributed, consumed and validated.

Unlike traditional media or social platforms, which act as gatekeepers and curators of public opinion, prediction markets democratize forecasting by enabling many distributors and consumers to participate in a decentralized ecosystem. Through the use of blockchain technology, this information is not only made more transparent, but allows for markets to incentivize behavior in order to provide the most effective and accurate form of media to date.

Prediction markets operate on the principle of the "wisdom of crowds," where the collective intelligence of many individuals often outperforms that of a single expert. This concept, similar to the “dumb agent theory,” demonstrates how even non-experts can contribute to accurate forecasting when their insights are aggregated.

Large groups of individuals, rather than a small group of experts, are the best indicator of future events. When financial incentives are introduced to these large groups, like those inherent in prediction markets, the results far outweigh traditional polling. Participants are motivated to bet on what they believe will happen, not what others want to hear, leading to more accurate and unbiased forecasts.

Blockchain technology further enhances this system by ensuring that all transactions are transparent and tamper-proof, reducing visible bias and fostering trust. This combination of decentralized forecasting and blockchain transparency creates a media ecosystem where the full picture of information is accessible to all and free from the centralization issues of past generations.

Related: Forecasting, Prediction Markets and the Age of Better Information

MYRIAD: The next generation of media

MYRIAD represents the culmination of the media evolution, building on the foundations laid by traditional media, social platforms and prediction markets. As the next generation of media, MYRIAD integrates on-chain prediction markets into a dynamic ecosystem of news stories and creator content.

Born from the interconnected media ecosystems of Decrypt and Rug Radio, MYRIAD is not just a tool for forecasting – it’s a paradigm shift in how we create, consume and interact with media.

Augmenting narratives and headlines

MYRIAD’s approach is rooted in the belief that technology should augment, not replace, the principles of journalism and storytelling. Far too often, Web3 companies seek to disrupt traditional and Web2 frameworks by diverging from them entirely. While many existing Web2 systems are overdue for change, MYRIAD provides an upgrade – not a replacement.

Instead, it enhances the fidelity of narratives by integrating on-chain prediction markets into the storytelling process. This augmentation allows journalists and creators to provide a richer, more nuanced picture of events, combining expert commentary with the collective wisdom of the crowd. The result is a media ecosystem where information is not only more accurate, but also more engaging and actionable.

Collective wisdom through on-chain prediction markets

At the core of MYRIAD lies its on-chain prediction markets, covering a wide range of topics including sports, gaming, politics and crypto.

Through incentivizing participation, MYRIAD creates a decentralized space for forecasting where users financially benefit from the contribution of accurate and well-researched insights. In turn, this creates a positive feedback loop where the wisdom of the crowd enhances the quality of information, provides more informed commentary from experts and encourages additional users to participate.

Kickstarting this loop is the Rug Radio community: a deeply engaged, Web3-native audience with highly specialized knowledge on crypto and NFT markets and a passion for contributing to the community discourse. Through its involvement, MYRIAD is able to gain valuable insights on the current state of the market, and the community benefits financially through their participation in these markets.

Get involved

MYRIAD first launched on Abstract in a decision to align with the Abstract team’s ability to tell compelling narratives and attract a massive consumer audience that goes beyond the bounds of Web3. Though the protocol is only available on Abstract right now, its involvement in the ecosystem doesn’t limit its ability to grow in the future. MYRIAD is designed to be chain-agnostic and can adapt to the evolving needs of various ecosystems and consumers.

MYRIAD presents the next generation of media. Through its combination of efficient market forecasting with expert commentary, MYRIAD provides the fullest picture of events, empowering users to make informed decisions and engage with content in meaningful ways.

Shifting away from the centralized control of the previous generations of media, MYRIAD stands to change not just how we consume information, but the entire relationship that exists between platforms, publishers and consumers.