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.”
Augur Launches. https://t.co/FUUqJKzptL
— Augur (@AugurProject) July 10, 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.
— golem (@golemproject) July 9, 2018
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.
Known UI issue (#1): When you make a trade, and it is your first trade, you will need to approve the Augur contracts. You should *only* sign the first two transactions. Reject the other ones. Issue w/ trades being submitted prior to approvals being confirmed.
— Augur (@AugurProject) July 10, 2018
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.
- Ethereum’s Buterin To Use Returned $100M From SHIB Donation For Covid Relief Projects Worldwide
- Shiba Inu (SHIB) Unfazed By Bitcoin Crash, Set To Launch Its Metaverse – ‘Shiberse’
- Hackers Siphon Off $80 Million in Cryptocurrency from Qubit DeFi platform
- Just-In: Bitcoin May Soon Be A Legal Tender in Arizona
- OpenSea Fixes Vulnerability, But Users Are Still Losing NFTs To Hackers
- Crypto Mining: Putin Says Russia Has a ‘Competitive Advantage’ – Wants to ‘Tax and Regulate,’ Not Ban It
- Goldman Sachs Says Mainstream Crypto Adoption Not Enough to Boost Bitcoin (BTC) Price
- Fidelity Eyes for ETFs Tied to Metaverse After the SEC Rejects Its Spot Bitcoin ETF
- Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?