- Blockchain betting platform, Augur, successfully launches its REPV2 upgrade.
- The upgrade comes with a host of new features across DeFi platforms.
- REPv1 is optional for now
In a blog post this Tuesday, Augur, a blockchain predictions market, announced the launch of its upgraded REPv2, which comes five years since the launch of v1. The new upgrades, though delayed, introduce a host of new features on the platform, including a faster and bugless platform, introduction of DAI stablecoin to the markets, DeFi platforms integration, and a shorter betting settlement period. The statement reads,
“The Augur v2 protocol contracts have been successfully deployed to the Ethereum Mainnet. The contracts have been verified on Etherscan, and the deployers address can be found here.”
Augur is a blockchain oracle on the Ethereum blockchain that provides decentralized prediction markets. The platform was founded back in 2015 shortly after Ethereum growing as one of the most popular betting markets in the space.
However, the first version faced several challenges forcing the developers to work on a better predictions market, hence the release of REPv2.
Augur v2 Launcheshttps://t.co/FVXKp6tksX
— Augur (@AugurProject) July 28, 2020
Augur’s REPv2 brings a host of new features
One of the biggest upgrades on the new REPv2 update is the debugging of the v1 platform, improving the speeds on the platform, replacing a once clunky and slow betting market.
Notwithstanding, the update is a permissionless platform (no admin keys provided) and built on the Interplanetary File System (IPFS), a distributed peer-to-peer network for storing and sharing data – a decentralized internet. This makes the platform fully decentralized as no authority or government can shut it down.
Augur’s betting market will also include “an invalid wager option” to its markets. Previously, gamblers only had three markets to bet on – Yes/No market, a categorical market with up to eight choices, and a scalar market between zero and 100. If a betting market did not fall in any of these categories, then the bet would be invalid, wasting the bet. Now users can bet if a market can be invalid on the wager option.
DAI stablecoin introduced alongside DeFi markets
As a DeFi platform itself and the growth of similar apps in 2020, Augur will integrate a number of decentralized finance platforms, including Kyber Network, OxMesh, and Uniswap. The latter will act as a price oracle service to REPv2 connecting off-chain data to the blockchain.
Additionally, the REPv2 update adds the DAI stablecoin to its market, allowing users to make bets using the token. The platform majorly used ETH as the main betting token in its markets. Still, due to volatility associated with the coin, DAI will offer a better option for less risky gamblers.
Other features added to REPv2 include a reduction in the settlement period from seven days to approximately 24-72 hours.
REP holders are urged to switch their REPv1 tokens to the updated version to enjoy the perks above. However, the migration is not compulsory as the v1 tokens will remain freely transferable forever. Only it will retain no functional use within Augur v2 without migration.