As reported by Ethereum World News last week, the long-awaited Augur prediction platform has finally gone live, after nearly three years in development.
What is Augur?
For the uninitiated, Augur is a decentralized predictions platform based on the Ethereum network, that allows for users to create and place bets on any event. Whether it be the next American president or the weather in New York tomorrow, users of the platform will be able to place their hard-earned cryptocurrency funds on an outcome.
The prediction platform utilizes Ethereum and its in-house token to facilitate markets, rewarding users who ‘stake’ their REP tokens on a market, only if they correctly report the outcome of an event. Inversely, if a user reports an incorrect outcome, they will be subject to lose their REP tokens.
Augur was one of the first successful ICOs in the cryptocurrency space, raising upwards of $5.5 million in 2015. However, since then, Augur’s in-house REP ERC-20 tokens has ballooned to become the 43rd largest cryptocurrency, at a collective value of $330 million.
The project’s team, from the Forecast Foundation firm, released a statement alongside the official platform release that encapsulates their mission, with the mission statement reading:
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 Finalizes First Prediction Markets
On Wednesday, the team behind the Augur project announced that a milestone had been reached, pointing out that the “first markets have successfully resolved.”
The first markets have successfully resolved on Augur!
— Augur (@AugurProject) July 19, 2018
It quickly became apparent that the first prediction market was the result of the France/Belgium semifinals soccer match from the recent World Cup event. Augur co-founder Joey Krug told CoinDesk that the users who selected France to win have won approximately $20,000 in Ether collectively, indicating that the first market resolution was an outstanding success.
Many Twitter users were quick to congratulate the project on achieving this milestone. Bryan Rathouz summed up the community’s thoughts on this news, issuing the follow kind words to the team at Forecast Foundation:
Congratulations! I’ve been following Augur since before the ICO. You guys have been impressive every step of the way, and now with the mainnet release and first markets resolving I’m even more excited. The future ain’t what it used to be!
Total Money At Stake Is Now Over $1 Million
Despite only launching last week, Augur has already gained traction from many in the cryptocurrency industry, with information from Predictions.Global showing that over $1.1 million in Ether has been staked across 508 markets at the time of press.
Augur’s getting close to $1MM open interest. Launched a week and a half ago, and now two one-hundred-thousandths of all ETH is escrowed in Augur prediction markets. pic.twitter.com/uDTJQtzjFd
— Predictions.Global (@PredictionsGlbl) July 19, 2018
These figures show that the project is beginning to spread to all corners of the industry, with many users wanting in on the prediction market action.
The aforementioned co-founder of Augur, staying ambitious with his vision for the platform, expects for the platform to expand even further, stating that “next week should be bigger.”