Augur Prediction Market Confirms First $20K in Bets Have Paid Out

One of the most complex DApps to run on the Ethereum blockchain, Augur, is a decentralized prediction market enabling users to bet on almost anything. On July 18, 2018, Augur announced on Twitter that the first market on its platform confirmed $20K in payouts to users.

World Cup Bets Pay Out $20K

Three years after its $5.5 million ICO, Augur has proved to be a functional prediction market controlled and operated solely by its users. Taking to Twitter, Augur announced its milestone and confirmed user pay-outs,

A peer-to-peer platform, Augur allows anyone to pose virtually any question for other users to bet on, ranging from the outcome of upcoming elections to weather predictions and natural disasters.

After going live on the Ethereum network in mid-July, Augur settled its first markets – the most valuable being the outcome of the France-Belgium World Cup semifinal game. After France won, those who voted correctly and bet on the prediction market were paid out in ether.

Augur uses ether and its REP tokens to stake bets and incentivize users to report correct outcomes. Users lose their REP tokens if they report incorrect outcomes, working in complement with the ability of any user to report that a prediction market failed to resolve accurately.

Using Smart Contracts to Bet on Anything

After two years of beta testing, Augur’s mainnet went live on the Ethereum network July 9, 2018.

Augur Mainnet Launch Seeks to Decentralize Prediction Markets on Ethereum
Related:  Augur Mainnet Launch Seeks to Decentralize Prediction Markets on Ethereum

In an innovative approach to finance, Augur sought out to take full advantage of trustless, peer-to-peer smart contracts and make betting on anything a real way for people to earn an income.

Running on Ethereum, Augur is able to provide lower-cost transaction fees while running transparently and securely.

In a blog post released June 9, the Augur development team shared their mission:

“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.”

According to Predictions.Global– a website that tracks Augur betting markets – about $932,000 in ether are currently staked across 474 Augur markets. For more information about Augur, including price, market cap, founders and technical information, please see the CryptoSlate Augur coin profile.

Cover Photo by Anastasia Petrova on Unsplash

Posted In: , Adoption, Altcoins
Invest with AMFEIX

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
Jonathan Kim

Jonathan Kim

Former Journalist @ CryptoSlate

Jonathan Kim is a University of Washington student of Finance and cryptocurrency investor with a deep interest in the emerging industry of blockchain applications and cryptocurrency trading. His past experiences involve publishing original daily content for blockchain startups and trading cryptocurrencies using technical analysis principles.

View author profile

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.