Augur (REP) Blockchain Predictions Betting Platform Officially Launches Main Network

Marco Green
July 12, 2018

Augur, a peer-to-peer prediction market platform, is ready to deploy its main network on July 9th. Augur was initially built on the Ethereum platform and its ICO managed to raise $5 Million back in 2015 when crypto and ICOs were not as common as they are right now. Since that time the team has been working on the development of their platform.

The decentralisation comes in, however, in that the true reporting of the outcome of the event is vetted by a "reporter" who is paid in fees to create the market and moderate but can lose a deposit of REP tokens if they incorrectly report the outcome and are challenged by other REP holders.

Users are able to predict markets based on the result of virtually any future event untrustingly on the platform. All the processes on the platform are conducted in a peer-to-peer manner without any centralization.

Augur leverages real-world, crowd-sourced information to enable the creation of decentralized, peer-to-peer prediction markets.

While the project on paper looks very promising, time will tell if the platform can attract the kind of users it is aiming for and create a truly original means of prediction. And in such a situation, the results can be obviously less reliable and trustworthy. Letting people to bet on an outcome might lead to efficient decision making given that people have the chance to make money off their unique insights.

A community member has already created a website called Prediction.Global which allows users to view the current markets on the Augur platform.

The post will include the final release of Augur App, the new production REP token contract address, and the Augur contract addresses. And all the balances will be migrated to a new smart contract which will be done automatically.

The REP migration has been successfully completed.

The official blog of Augur highlighted safety precautions for users who have tokens in decentralized exchanges. It will ensure successful migration. Users who don't keep their tokens on decentralized exchanges do not need to do any preparatory work.

The project has chose to launch its bug bounty which is to be managed by a San Francisco based security startup called HackerOne.

The Augur launch has come at a time when the rulings on sports betting industry have also become somewhat friendlier. There is also a bug bounty program worth $200,000 for any critical bugs that any developer finds on its platform.

Augur is without doubts one of the most determined projects in the Ethereum ecosystem.

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