Augur (REP) Coin Market Cap Is $148 Million With Less Than 40 Active Users
Why Dapp With $153M Market Cap Is Facing Users Problem?
Despite the fact that gambling industry is a multi-billion dollar sector with multitude of users, betting has been strictly pegged as an illegal activity in many county around the world.
In the Middle-East for example, betting is being prohibited based on religious ground, and the likes of USA have many of its states placing embargo on it while it is only allowed in the frontier of China like Macau. Similarly, at the moment, Australia which is formerly a favorable ground for gambling has begun placing restriction on online gambling since last year.
Despite all the glitches which the gambling sector is experiencing lately, the Augur decentralized betting platform continues to strive for success.
Augur (REP) Betting Platform
Augur (REP), is a platform that allows people to predict and bet in a decentralized way that makes betting more secured. Launched in 2014, the project was able to launch its DApp on Ethereum network years later.
With Augur, decentralization helps users to stay off regulation while betting. It enables users to place any bets they want without been stopped by regulators. Augur is a blockchain technology that allows user to avoid state authorities.
The launch of the DApp which took place in July saw a spike in Augur users, making the application the most popular on Ethereum network at that time. This Dapp immediately placed the value of the Cryptocurrency on upside with $40 value rise.
Compared to the high ‘Augur’ and ‘REP token’ search rate which was obtained at the beginning of the year, the cryptocurrency, at the moment, received its lowest search rate of the year.
Shrimp Farming Is More Popular Than Betting
People seems to be developing more love for Shrimp Farming. Since summertime, Augur has witnessed reduction the number of its users. While the likes of CryptoKitties and Bancor are having 557 and 315 users respectively, DappRadar revealed that Augur had 26 users in the last 24hrs, a number far for the formers’.
Similarly, the predictions DApp has lesser users compared to Ether Shrimp Farm which has 36 in the last 24hrs. The Ether Shrimp Farm is a decentralized application that allows people to guess being a shrimp farmer.
The Problem Of Augur (REP)
The popularity and usage of Augur is gradually dropping, and the market is becoming moribund.
Due to the fall, many have issued out their views about the likely cause. Some averred that the main purpose of the project –prediction, is the major problem as people were awakened to criticize the project at the launch, stating that it allows anyone to place gruesome bet about the death of famous people, and this could lead to creating a functioning death markets that motivates hired assassins to kill targets, claiming it had been predicted earlier.
The United State president’s death was sometime predicted and was published on popular media channels. This could have created ruckus if it came to past.
On the other side, the project has been a viable one in the prediction of crypto price as this stands as its most known usage.
The major setback of the project has been viewed as its usage barrier. To place bet with Augur, users must first download the app. This would have not been a problem if not for the report that redownloading for update may take up to 2hours.
Added to the complexity, users are required to also download an Ether wallet service like Metamask to connect with the platform or a cold storage wallet, before a bet can be placed.
Complaints have also disclosed that there are still unfixed bugs Augur, and this prevent users from betting.
The Pathways To Augur’s Users Upside.
Beyond Augur, there are a number of decentralized platforms like Gnosis and Stox amongst other which offer betting service. Evident of this Augur, although have been tagged to have better potential than its competitors, needs to tackle some of its challenges to stay atop in the betting market.
Augur should tackle the challenge of difficulty in accessing its platform for betting. User should be able to access augur through internet to place bet. This will crush the difficulty of accessibility and skyrocket the project’s users.
While gambling remains a very popular and profitable market, even though it is frowned at by some regulation, if Augur reduces its entry barrier, beyond the sky will be its limit.