Prediction markets are evolving through three primary approaches: on-chain, compliant, and hybrid. The on-chain approach, exemplified by Polymarket, utilizes USDC for decentralized predictions, emphasizing blockchain transparency and global access. The compliant path, as seen with Kalshi, adheres to regulatory requirements, focusing on legal event predictions to ensure platform stability and user protection. The hybrid approach, adopted by platforms like Limitless and XO Market, combines on-chain and compliance elements, leveraging AI and modular design to enhance efficiency and dispute resolution. These methods aggregate collective intelligence to address uncertainties in fields such as politics and finance. Emerging projects like Flipr are gaining attention, with future challenges including regulatory compliance and information accuracy.