craschworks

http://www.ideosphere.com/

PRESS RELEASE:
Popular Prediction Market Software Becomes Open Source
Code Release Promotes Wider Developer Participation and Commercial Adoption

Calgary, Alberta (August 29, 2005) – Responding to the strong interest in prediction market software, Foresight Technologies today announced that it is contributing the complete Idea Futures source code to the Open Source community. Releasing the code will encourage further innovation around prediction markets and empower more firms to use this emerging technology. The software is available under Reciprocal Public License (RPL) V1.1.

Idea Futures helped birth the prediction market industry when it was first developed over a decade ago. The platform continues to power the web's first and longest-running prediction market, the Foresight Exchange. Located at ideosphere.com, the Foresight Exchange gained notoriety by accurately predicting events such as US Presidential elections, major scientific advances and the future price of gasoline.

Ken Kittlitz, administrator of ideosphere.com, comments, “I'm thrilled that other developers now have the freedom to use Idea Futures. I strongly believe that the extended availability of the source code will foster the creativity needed to open a new vista of opportunities for prediction markets.”

The Idea Futures software is currently being used by many organizations in the telephony, energy, industrial, research and political sectors to forecast events like product sales, corporate earnings, and advertising effectiveness. The most recent addition to the client roster is the Washington Stock Exchange (WSX), a market research firm which plans to launch a series of prediction markets, beginning later this year. David Perry, WSX founder, says, “We couldn't be more pleased with the decision to open source. With access to this powerful technology, the Washington Stock Exchange will be able to achieve a major competitive advantage.”

Licensing and Availability

Idea Futures can be downloaded today at http://sourceforge.net/projects/ideafutures. Commercial licenses are also available, which eliminate the need for in-house installation and customization. Additionally, Foresight Technologies offers dedicated hosting services in a secure, managed facility.

About Foresight Technologies

Foresight Technologies was founded by industry pioneer Ken Kittlitz in response to the surging interest in prediction markets. Mr. Kittlitz's ten years of experience allows Foresight Technologies to offer comprehensive prediction market solutions that cost less than proprietary closed-source systems, while offering an extensible software platform that can be customized for specific applications.

For more information – call +1 403-701-1323 or email [email protected].