Augur (REP) Blockchain Predictions Betting Platform Officially Launches Main Network
Augur Platform: Preparations Underway for Main Network Deployment
On July 9 at 11:01 PST, Augur, which is a peer-to-peer prediction market platform, will be launching its leading network.
By offering its token REP in a crowdsale, Augur managed to collect $5.5 million in 2015.The platform, which is one of the earliest ICOs in the Ethereum blockchain, has been under construction since.
Decentralized Prediction Markets
Users are able to predict markets based on the result of virtually any future event untrustingly on the platform. With a designated reporter, users can create markets for an event and thereafter can buy shares on the likely outcomes. The settlement fees are then disbursed based on the outcome at the end of the event. The platform has an integral conflict solving design and rewards REP token holders to correct any incorrect information available. The whole process is done in a peer-to-peer way without any consolidated party.
Prediction markets are seen as an efficient tool of decision making where information is obtained from a single source. Prediction markets allow obtaining of information from the intelligence of the public.
Granting people an opportunity to bet on an outcome would result in an efficient way to make decision since people have an opportunity to rebate capital from their own perceptions. Using blockchain technology to make the whole process effective would speed up the interest rates of prediction markets.
After starting the primary network, the smart contract holding the REP tokens currently will not be able to do transactions and the balances will be shifted to a new smart contract automatically. The shifting process should finish up smoothly a few hours after the launch.
Consumers with their tokens put on decentralized exchanges (DEX) like EthereumDelta and IDEX are advised to return their holdings to a separate wallet or a common exchange.
As stated in an authorized blog post,
“If you have REP in the Ether/ForkDelta or IDEX exchange contracts you must withdraw it in prior to the migration on Monday, July 9th at 11:01 AM PT to successfully receive new REP in the migration. Please help us disseminate the information as we near deployment day.”
Users without their tokens on decentralized exchanges should not do anything in for the launch.
The bug bounty for the Augur Project is under control by HackerOne, a security startup based in San Fransisco. A staggering amount of $200,000 will be rewarded to anyone who will repair important vulnerabilities. It is understood that Augur is with no doubt one of the most visionary projects in the Ethereum ecosystem.
The founder of Ethereum, Vitalik Buterin was one of the first advisors to participate. After the launch, it will be so exciting and insightful to see how the platform will perform.