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The Augur (REP) Prediction Platform Is Finally Live after 2 Years

The Augur Prediction platform is finally live after 2 years in development. The Beta version of the platform has been available for almost a year now. Augur was initially built on the Ethereum platform and its ICO managed to raise $5 Million back in 2015 when crypto and ICOs were not as common as they are right now.

The new Augur Prediction protocol is still on the Ethereum platform but on a new smart contract different from the previous one. The announcement of the release was made by the team at Augur via medium.com and they had this to say about the launch:

The REP migration has been successfully completed. New production REP has been minted to all 56,338 unique accounts that held REP at the time of 11:01AM PT on July 9th, 2018.

The team at Augur also provided the transaction that froze the old REP contract indefinitely. The transaction can be found on Etherscan.

Binance, has also announced that they have finished deploying the updated smart contract address on the Ethereum Mainnet. The team at Binance has also notified its users that it has resumed deposits and withdrawal of the REP token on the exchange.

However, the market response to the release of the final version of the platform cannot be gauged with the entire crypto market in the red. The total market capitalization has dropped from $273 Billion to current levels of $254 Billion. BTC has also dropped 6% in the last 24 hours and is currently trading at $6,400. REP has consequently been affected by the market decline and is currently trading at $31.45 and down 8% in the last 24 hours.

What exactly is Augur?

Augur is an open-source platform available on Github that allows users to create and make bets on anything from elections, sports, even weather. What distinguishes Augur from the traditional betting markets is that no single entity controls the bets. The project’s whitepaper states that any user can create a market about any event and any user can participate in any open market on the platform.

A community member has already created a website called Prediction.Global which allows users to view the current markets on the Augur platform.

The 2 year delay has allowed the team at Augur to test their code to avoid any issues. There is also a bug bounty program worth $200,000 for any critical bugs that any developer finds on its platform.

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Augur (REP) Wages War On Critical Vulnerability, Sets Aside $200,000 USD

Augur (REP) has earmarked $200,000 USD to fight critical security vulnerabilities in order to keep the Augur protocol safe from malicious hackers who keep intruding into line of code of many blockchain projects.

The Forecast Foundation, which manages the Augur Platform sees the need to work with security experts to get the platform’s code strengthened.

The foundation urges interested security experts who find bugs in Augur codes to provide detailed reports with reproducible steps, discovered multiple vulnerabilities caused by one underlying issue will be awarded one bounty.

It however declared that social engineering like phishing, vishing, smishing is prohibited.

With mouthwatering bounties awaiting security experts who find vulnerability in Augur chain, the foundation says its rewards are based on the Common Vulnerability Scoring Standard. For critical security vulnerability, $200,000 is given to the expert, for high security vulnerability, $5000, while experts who discover medium and low vulnerability are given $2,500 and $1000 respectively.

The Forecast Foundation is majorly interested in contract code class of bugs that would either result in a loss of funds or the platform becoming broken or un-usable.

In the same line, finding an unusual way to manipulate Open Interest (OI) is frowned at. To this end, if anybody can find bugs that can give access to unauthorized manipulations, the person is to be compensated based on the reward plans.

However, the foundation does not welcome any bug on Clickjacking, attacks requiring MITM or physical access to a user’s device, previously known vulnerable libraries without a working Proof of Concept, missing best practices in SSL/TLS configuration, game theory attacks, among other common vulnerabilities.

First High Severity Bounty Paid.

Augur has declared that it has paid the first high severity bounty, amounting to $5,000. The reward was given to Edmund Edgar on Hacker One. Edmund, according to Augur, discovered an attack where a miner could manipulate the gas reporting bond, making it too expensive for honest users to create markets.

What Is Augur?

Augur is an open-source, decentralized, peer-to-peer oracle and prediction market platform built on the Ethereum blockchain. Augur gives users the opportunity to create prediction markets on the outcome of any future event.

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