Ethereum Based Augur Enhancement App Veil Shuts Down Its Shop

The Ethereum based predictions platform named Veil is shutting down, as an official Medium post published on July 11 shows. The latest cryptocurrency news show that as of July 11, no new markets will be added to the Veil platform and trading will be disabled entirely on July 24.

The co-founder of the Ethereum based platform, Paul Fletcher Hill, recently recommended that users should redeem their open positions, withdraw their positions from the active markets and withdraw Veil Ether and convert it to Ether.

For those of you who don’t follow our altcoin news, Veil was a type of extension to the Ethereum based predictions market Augur. Meanwhile, Augur is a prediction market (which still exists) and which uses smart contracts  to let users create and bet on the outcome of any event with the Ethereum cryptocurrency.

For example, the top three bets listed on the Augur market right now (as shown on many best cryptocurrency news sites) are:

“Will Novak Djokovic be the 2019 Wimbledon Men’s Singles winner?,” “Who will Win the The First Democratic Primary Debate?,” and “Will Serena Williams be the 2019 Wimbledon Women’s Singles winner?”

Before the Ethereum based predictions platform closed, Augur also added the option to use the stablecoin by MakerDAO, DAI, on its platform. As the website showed, Veil was intended to “bring Augur to the mainstream” and improve the user experience by speeding up its transaction processes. Veil reportedly lets users trade on the Augur marketplace faster through the 0x protocol – and provided instant settlement by allowing users to sell their shares to Veil before the native finalization of Augur transactions on the blockchain.

When discussing the reasons why the Ethereum based platform Veil did not meet its success goals, Fletcher Hill noted a number of issues – one of which is the possibility that the platform may not have been friendly enough to crypto novices.

“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started,” the statement said.

Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.

“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future,” Fletcher-Hill wrote in the altcoin news.