Prediction Market Platform Augur [REP] Mainnet Makes a Slow & Steady Launch

The decentralized prediction market platform, Augur has finally released its mainnet on Ethereum blockchain after two years of its betanet launch. The much-awaited betting platform is officially here and the crypto community has joined them in their celebration.

Augur Mainnet goes live

The decentralized oracle and prediction market platform Augur (REP) has finally launched its mainnet after over two years since its first beta version was released in March 2016. Augur announced the launch by confirming that REP migration has been successfully completed.

Also, it stated on its official blog that,

“New production REP has been minted to all 56,338 unique accounts that held REP at the time of 11:01 AM PT on July 9th, 2018.”

Build on Ethereum blockchain, in 2015 its Reputation (REP) tokens were sold at over $5 million. Augur was one of the earliest projects that have been built on Ethereum blockchain and even once tweeted as “Uber for Knowledge” by Vitalik Buterin, the co-founder of Ethereum.

A prediction market platform, it allows the users to make bets on anything, from who is going to lift the FIFA World Cup to the result of next presidential run. In this market, Augur creates its presence by offering lower fees and allowing the users to create their own bets.

Previously, Buterin has shared his excitement on Augur project with,

“I have been excited about the possibility of prediction markets on Ethereum for a long time.”

He retweeted the Augur’s mainnet launch on Ethereum.

Golem, another one of the earliest projects on Ethereum blockchain, also congratulated Augur for this achievement.

Also, read: Ontology Token Swap Begins as the Project Moves to MainNet

Decentralized betting market is here

After years of delay during which the team conducted internal audits and even introduced $200,000 bug bounty program for critical bugs, the not-for-profit organization behind Augur, Forecast Foundation has launched the program.

The Augur launch has come at a time when the rulings on sports betting industry have also become somewhat friendlier. However, the law doesn’t affect the platform as the Kyle Samani of Multicoin Capital says it is an open-sourced and decentralized platform that can’t be shut down.

Augur also shared a thread on Twitter that addresses and explains the UI issue, gas estimates and much more as the community gets ready to use the system.

However, the point of concern here is as the demand will increase, it will become difficult for EEthereum blockchain to handle as it has experienced issues in the past with CryptoKitties. For now, Augur has made an official slow and steady entry but only time will tell if it will turn loud and crazy once it’s popularity and demand rises.