Bet in cryptocurrency on anything and everything - Augur launches its V2!

Bet in cryptocurrency on anything and everything - Augur launches its V2!

By NassiroV | CryptoPress360 | 1 Aug 2020


Augur v2 Is Live: Massive Increase Of Active Addresses During Day One

Image Source

Let's play a little and take some risks - Augur is a decentralized predictive market platform built on the Ethereum blockchain. The new version brings many improvements, ranging from the user interface to the change of its token, the REP.

Augur: a predictive market platform on Ethereum

Augur was born in 2015 and was funded by its successful ICO. This is one of the very first projects deployed on Ethereum. Vitalik Buterin had even invested funds there to support him.

Augur is an online platform for creating predictive markets . This type of market allows you to bet on the realization of an event . The different bets are aggregated and therefore provide a forecast on the outcome of the event. The winners pocket the money wagered by the losers if their prediction is wrong. The idea is to obtain predictive analysis , which will be less biased than a simple survey. The sums involved indeed encourage market participants to provide an honest opinion.

The particularity of Augur, which works via Ethereum, is that the platform is perfectly resistant to censorship . Even the project developers do not have the power to refuse a bet or intervene in its outcome. Thus, the project has regularly caused controversy , because it is really possible to bet on anything and everything.

If there are "classic" bets , such as the outcome of a football match or an election, it is also possible to bet on someone's death , for example. The possibilities are endless , and smart contracts do not care about the morality or the legality of the bets taken.

Augur assassination market During 2018, assassination contracts against Donald Trump issued on Augur had made the headlines of the crypto-press.

The Version 2 of the platform was announced this Tuesday, July 28 . Many updates are waiting for you.

Augur V2: improvements

1- User interface

First of all, the user interface has been greatly improved for more ergonomics . It is now possible to use Augur through its browser only . The old version required the installation of a desktop application.

The curation of bets is also better. In fact, invalid bets are ruled out: no expiration date, unclear explanations, etc.

2- Integration of IPFS

Augur operates without servers. Customer data is hosted through the Interplanetary File System , a peer-to-peer content distribution system .

3- Redesign of the REP token

The REP token is at the heart of the Augur platform. Indeed, it serves as a governance token and allows arbitration of any conflicts . REP staking is necessary to create predictive markets.

Augur REP token Flow of a predictive market on Augur - Source: Whitepaper

4- Integration of 0x Mesh

Augur now integrates the on-chain order book system developed by 0x, called 0x Mesh . This greatly improves the fluidity of settlement of trades / bets made on the platform.

5- Denomination of bets in dollars

This change was eagerly awaited. Augur will now use the DAI stablecoin to denominate bets. The volatility of the ether caused problems on the old version.

6- Integration of Uniswap as a price oracle

Augur of course requires obtaining external data , including prices. The platform now integrates the decentralized oracles of Uniswap .

Decentralized predictive markets are some of Ethereum's most interesting dApps. The users of the network greatly appreciate them, the ICOs of Augur and its competitor Gnosis have been a resounding success. Some bets are very controversial. Thus, Augur implements one of the fundamental properties of decentralized protocols: resistance to censorship.


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NassiroV
NassiroV

Hi, and welcome to my blogs :)! ​I’m Nassir, a thirty-something guy who loves to travel and write, especially about Crypto and Blockchain. I have been blogging and trading cryptocurrencies for a while. I hope that you find my articles beneficial to you.


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