Tag : Roadmap

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Mainnet Launch of Augur Seeks to Decentralize Ethereum Prediction Markets


Augur is a protocol which has been made with the aim of decentralizing the prediction marketplace on Ethereum. Resulting from a very successful Initial Coin Offering back in 2015, Augur managed to raise $5.5 million worth of Ether for the project development fund.
The ICO which began in the August of 2015, allowed the developers of Augur to successfully create the protocol’s beta version which was launched just over two years ago on the testnet of Ethereum’s blockchain network. The security audit cleared the Augur protocol during that course of time and over the past few months, developers had been hard at work to remove all the kinks and fix all the bugs in order to prepare it for the mainnet launch scheduled for the 9th of July in 2018.
Disruption of Prediction Market
The main premise for Augur is that one can easily get an adequate reading of the probability of an outcome if you are going to give the right kind of incentive to users for the knowledge that they will receive. For instance, if someone is sure that it will rain today, they will be incentivized to a certain degree to continue buying shares in that particular market until it stops profiting them.
In this way, you will be able to get a reading on the probability by formulating a market around a certain event (like the rain in this case) based on the hypothesis that the markets are efficient.
The purpose for the protocol as defined by the development team is:
“Augur’s purpose is to democratize and decentralize finance. We’ll do this by enabling anyone, anywhere, at any time in the world to create and speculate on derivatives at a low cost for the first time.”
Looking Ahead
With all the kinks worked out and a successful beta phase on the testnet, Augur is looking to improve on the platform. It will lower the platform, making it easier for adoption and it is also
focusing on increasing the speed. There are several different types of markets and currencies on the Augur Roadmap and they have even taken the initiative to integrate the 0x protocol which will allow off-chain trading using the Augur platform, thereby tackling any possible scalability issue before it even has the chance to arise. The future looks bright in the context of prediction market disruption and decentralization on the Ethereum universe with Augur protocol’s mainnet launch.