Augur, the decentralized prediction platform is creating a much better way for predictors around the world to use their talent to make money through blockchain technology. Augur has been in development for the last two years, starting off as one of the very first Initial Coin Offerings on the Ethereum platform.
Augur’s migration occurred on July 9th at 11:01 Pacific Time (PST) just as they had planned which shows it’s sticking to its agenda and deadlines. An essential point in today’s main net launches is schedules being followed, EOS, for example, had not coordinated well and faced a lot of hiccups in the beginning.
The native token of Augur is REP, and the official blog highlighted that at the time of migration 56,338 tokens were minted to 56,338 unique accounts which already held the native token.
Tom Kysar, head of operations at Forecast Foundation explained about the Augur website with delight, “New users should check out the newly deployed Augur website, particularly the ‘Getting Started’ guide. For further experimentation, joining the Augur Discord or Reddit is a great choice as they can interact and learn from other Augur community members.”
What is Augur?
It is a platform which allows an event of future occurrences to be created, and this has shares that represent the probable outcomes. A person can purchase shares depending on the outcome they think will occur. Once the event is over and confirmed the settlement is paid depending on if the user has a winning result. Blockchain technology’s transparency and decentralized nature make it super easy and efficient to use.
Augur became insanely popular at the time of FIFA’s football World cup. On the 20th of July Augur made its first cash outs with a payout of a mouth-watering $20,000 worth of ether who took part in predictions and won.
All details of the prediction markets of Augur can be viewed on Predictions Global. According to the website, currently, there are 665 markets with $1,547,611 (3,209 ETH) at stake at the time of writing.
The most popular market as of now is the “Will price of Ethereum exceed $500 at the end of 2018?” with as many as 74% predicting yes. It has a total of $711,134.50 (1,474 ETH) at stake for this prediction.
Recently on the 24th of July, Augur announced through a tweet the destruction to their access to the fail-safe kill switch.
The tweet read-
Happy two weeks! 🎉 Ownership of the escape hatch has been transferred to the 0x000..0001 address.
— Augur (@AugurProject) July 24, 2018
The kill switch in their smart contract enabled developers to fix issues in any issues faced. Thus Augur team will now have no privilege to access the network.
Augur had a fantastic start being one of the most successful ICO’s at the time raising almost $5.5 million in 2015.
REP which is the ERC-20 token for Augur according to Coinmarketcap is ranked 40, with price levels of $30.93 at time of writing and has a total market cap of $340,230,000.
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