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,
The first markets have successfully resolved on Augur!
— Augur (@AugurProject) July 19, 2018
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.
REP migration is planned to begin at 11:01AM PT tomorrow, July 9th. At that time, the current REP contract will be frozen indefinitely. The migration will take place over the rest of the day.
— Augur (@AugurProject) July 9, 2018
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