Augur (REP) Pays First Bets on Decentralized Prediction Market Platform


Augur Announces That Its First Bets Just Paid Out

Open-source decentralized, peer-to-peer prediction market platform Augur just announced an achievement of a major milestone. Exceeding critics expectations, payments of ether worth around $20,000 are now going out to the first brave crop of users, who used the betting platform without knowing for sure whether it would work as advertised.

This fee window only included a few markets with active open interest, due to the time of when Augur launched and when the fee window closes (5PM PT on Wednesdays, currently), resolving to about $20,000 USD. A community member made a calculator where you can see all details about reporting, staking REP, fees earned, and a timer for the current fee window.

Augur went live on Ethereum last week, nearly three years after the initial coin offering (ICO) that funded its development concluded. Two of those years were spent in rigorous beta testing, which so far appears to have paid off since the application has experienced only minor hiccups.

Only a couple of the markets that have now settled had any money staked on their outcomes. The most valuable market was for the outcome of the France-Belgium World Cup semifinal game.

Augur is just getting started. The first round of market settlements on Augur was relatively small, A spokesperson said, because “it was basically only markets where the event actually happened in the first 17 hours or so after launch.”

Further, the development team has been absorbing feedback and cranking out releases at a rapid pace. The Forecast Foundation pushed v1.0.3 and v1.0.4, with v1.0.5 coming out in the next few days.

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