Described as the most complex decentralized application (dApp) by its co-founder Joey Krug, Augur is an application running on the Ethereum blockchain which recently surpassed million dollars at stake – demonstrating a rapid growth over the last few weeks.
Since Augur exists on the Ethereum network, it utilizes smart contracts and therefore settles bets and pays out users about any subject, topic or an event they betted.
The launch of Augur took place in mid-July when the platform demonstrated a rapid rate of growth and increased its user base, daily volume and amount of stake on the platform. As of July 25th, around $1.5 million are at stake on the Augur prediction market.
The three largest bets on the network account for about 80% of the ether at stake, which include:
- Will the price of Ethereum exceed $500 by the end of 2018 ($685,000 at stake, biggest bet)
- Will REP token trade above $32 at the end of 2018? ($479,115.72 at stake)
- Will the Ethereum (ETH) marketcap be higher than the Bitcoin (BTC) marketcap on December 31, 2019 at 24:00 UTC ? ($27,097.03 at stake)
The Augur platform its known for its data verification, which is exactly where its complexity lies. For example, if we take the largest bet on Augur (mentioned above), the platform would have to verify that the price of Ethereum is actually larger than $500. However, there are many variables surrounding it which is why it is difficult to verify the specific piece of information in an accurate way.
As the creator of Augur and the co-chief Information Officer at Pantera Capital Joey Krug mentioned:
“Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavor].”
The long-time contributor to CNBC’s Fast Money show, Brian Kelly, also pointed towards Augur and its impact on the Ethereum network in the live show, explaining:
“Augur was one of the oldest ICOs [initial coin offerings] and the platform has been in development for about two to three years now. What’s interesting about this is probably going to be one of the biggest decentralized apps launched on top of Ethereum. If Augur doesn’t slow the system down [unlike CryptoKitties] that could generally be a positive for Ethereum.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post