Augur Mainnet Launch Seeks to Decentralize Prediction Markets on Ethereum

Augur, a protocol aiming to create a decentralized prediction marketplace, was successfully funded through an ICO that began in August 2015 and generated $5.5 million of ETH.

After launching their beta on the Ethereum testnet over two years ago, successfully completing a security audit, and spending the last four months finding and fixing bugs, Augur is migrating to its mainnet on July 9th, 2018, at 11:01 PST.

Augur looks to disrupt the current prediction markets and solve the issue of communal trust.

Augur is based on the principle that you can get a good reading of the probability of an outcome if you incentivize users to use their knowledge. For example, if someone knows with a 90% certainty that it will rain today they will be incentivized up to a point to continue buying shares in the market until it no longer becomes profitable.

Through this method, you could get a probability reading by creating a market around a certain event due to the hypothesis that markets are efficient.

The purpose of Augur according to the development team:

“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.”

Augur Completes Security Audit and Releases New Bug Bounties

In an update on March 12, 2018, Augur announced the completion of their security audit with Zeppelin – a smart contract security audit business that also performed audits of platforms such as Golem and Basic Attention Token. They subsequently announced the mainnet conversion and a $200,000 bounty for critical bugs.

Looking to the Future

With the launch of the mainnet, Augur looks to improve the platform by pushing adoption, lowering fees, and increasing speed. There are now more market types and currencies are on the Augur roadmap as well as an integration of the 0x protocol to allow for off-chain trading on Augur.

For more information about Augur, including price, market cap, founders and technical information, please see our Augur coin profile.

Cover Photo by Jorge Barahona on Unsplash

Posted In: Adoption, Altcoins
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Duggan Burke

Duggan Burke is a student at the University of Washington, an early member of the Blockchain Society at the UW, and is interested in the impact that blockchain can bring to new markets and automation of trust. With a history of software development and value-based trading, he looks into why projects are valuable and how they will impact a market. He looks to work in the blockchain industry after graduating from the University of Washington.

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