Augur, a peer-to-peer prediction market platform, is ready to deploy its main network on July 9th.
In 2015, Augur gathered $5.5 million by offering its token REP in a crowdsale. Augur is one of the initial ICO’s on the Ethereum blockchain and has been growing ever since.
The platform now permits users to make predictions on the market result of almost any future event. Users can develop markets for an event with a chosen reporter and then, traders get to buy shares on the probable outcome. At the end of the event, the settlement fees are paid out according to the result. The platform has an inherent conflict resolution model and it incentivizes REP token holders to adjust any misinformation to make certain the accuracy of the real world information at hand. The whole process is carried out in a peer-to-peer manner without any centralized party.
Prediction markets are considered as a successful strategy to make decisions since, in contrast to traditional decision making, where knowledge is obtained from a single source, these markets permit source information from the wisdom of the crowd. 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. With the use of blockchain technology, it will make the whole process decentralized and efficient would increase the use cases for prediction markets.
Following the launch of the main network, the present smart contract holding the REP tokens will be frozen and the balances will be immediately transferred to a new smart contract. The transfer is expected to be completed effectively following a few hours after the initiation.
Yet, users who have their tokens deposited on decentralized exchanges (DEX) including EtherDelta and IDEX are advised to remove their holdings to a different wallet or a centralized exchange.
They noted in an official blog post:
“If you have REP in the Ether/ForkDelta or IDEX exchange contracts — you must withdrawal it prior to the migration on Monday, July 9th at 11:01 AM PT to successfully receive new REP in the migration. Please help us get the word out as we approach deployment day.”
Users who do not have their tokens on decentralized exchanges do not need to do anything to get ready for the launch.
HackerOne, a San Francisco based security startup, is handling the bug bounty for the Augur Project. Handling serious vulnerabilities on the platform will be rewarded with about $200,000.
Augur is without doubts one of the most determined projects in the Ethereum ecosystem. Vitalik Buterin, founder of Ethereum was one of the first advisors to join. It will be fascinating and discerning to see how the platform will perform after initiation.