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Binance Analysis Report: Here’s What Wrong with Augur

Binance

A new report by Binance has highlighted the problems associated with Augur, the decentralized prediction market platform.

Binance Identify Problems On Augur

Researchers at Binance have pointed out a series of the issues associated with Augur. The researchers listed some general and technical issues that have been plaguing the prediction market platform.

Illiquidity

According to the report, users of a prediction platform usually participate in markets that typically have low spreads and high volumes. These parameters suggest that other users consider the market to be worthy of participation.

Read: Augur (REP) Surges 50 percent as Veil Prediction Platform Launches

To entice users, manipulators alter the market data to make it look like other users are interested. “For the cost of a couple Ethereum transactions’ gas payments, a manipulator could utilize two Ethereum accounts to make fake transactions in order to provide initial padding of volume that attracts potential traders,” the report added. The researchers concluded that for most of the markets on Augur, the predictions rates are low, which leads to higher participation in markets that have high volumes.

Incentive Issues

The Augur network currently has incentive problems. The researchers noted that at the moment, the validity bond, or the amount staked by the market creator that is seized if the market created is marked invalid and it does not adjust with the size of the market. This allows users to develop bogus markets repeatedly at a fixed price. Most of the users don’t have trust in the validity of the markets, and this makes it very difficult for them to participate in such predictions. This ultimately hampers the growth of Augur in general.

Voting And Fork Problems

In the Augur market, any dispute on a particular market is settled via a vote. Users that stake on the right decision receives a share of the wrong stake. However, if multiple outcomes pass the required threshold and one of them reaches 2.5 percent of Augur’s total supply, the chain will undergo a fork. The number of free tokens that may vote right away may be lower than required to maintain an efficient reporting and settlement for any Augur market.

The report points out that “with many tokens held in a wallet that users do not control or custody themselves, an inactive token holder body may be potentially harmful to the entire Augur ecosystem. Yet it remains unclear whether large token holders, such as exchanges, should – or even can – vote and whether or not the voting ability can be taken away from users who do not hold custody of their own coins.”

Invalid Markets Cause Design Flaw Attack on Augur

Binance researchers analyzed the ‘price of Ethereum at the end of March 2019’ market on the Augur platform. The market has a volume that is above 3500 ETH and is set to expire today, April 1, 2019. The disclosure section of the market stipulated that the “General Price of Ethereum Cryptocurrency at the end of day March 31st, 2019 UTC” would be measured. Since the contract expired before the stated time on UTC, the market could end up being marked invalid.

Also Read: $1.6 Million in Bets Handled on the Augur (REP) Network During the US Midterm Elections

These type of issues are known as “design flaw attack” and are causing harm to the network. The design flaw attacks have happened previously on the Augur network.

Improvements Could Be Made On The Augur Platform

With dwindling volumes on Augur, the researchers gave some suggestions they believe would help improve the prediction market platform.

The Augur developers were advised to adopt a price-based refunding mechanism while providing explicit references in every market. They are also encouraged to create market validators that would be tasked with handling nontrivial stakes before a new market is launched.

The post Binance Analysis Report: Here’s What Wrong with Augur appeared first on Ethereum World News.

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Research: Ethereum-Based Prediction Market Augur Currently Faces a Design Flaw Attack

Ethereum-based prediction market Augur is reportedly currently facing a design flaw attack, according to the research.

Ethereum-based (ETH) prediction market Augur is currently facing a design flaw attack, according to research by cryptocurrency exchange Binance released on April 1.

The aforementioned attack involves a controversial market described as betting on the price of ETH at the end of March, which expired on April 1, 2019, 1:59 AM (UTC +8), a few hours off from the actual end of March 31.

Since the contract expires before that tie, it may be deemed invalid in what Binance researchers call a design flaw attack. The market has also been reportedly wash traded by a few wallets, presumably to inflate the volume.

Reddit users had already brought up this expiration issue on March 20, with Augur core developer Joey Krug noting at the time that the crypto community had exaggerated the scope of the scam, while admitting that a safeguard against such activity is currently malfunctioning and should be updated in Augur version 2.

According to Binance research, the attacker also reportedly sent a limit sell order for the more realistic outcome (that the price will be between $100 and $1,000) “at a quote that is above what would be rewarded by an invalid result, but quite below that which an unsuspecting participant may consider as a good deal” in order to lure in a newcomer.

If the market is deemed invalid, then all users that contributed will see their shares valued at one-third of their initial value.

The report also further notes that the market — already covered by Cointelegraph — “Which party will control the House after 2018 U.S. mid-term [sic] election?” was another instance of such an attack. This market, which reportedly exhibited a total volume of more than $2 million, featured a market settlement date was on Dec. 11, 2018, while the change in the U.S. house was effective as of Jan. 3, 2019.

In this case, users did not deem the market as invalid and settled for the Democrats’ win as the outcome. The research also suggests potential solutions to the exploitable nature of Augur’s mechanics, such as a price-based refunding mechanism, clearer references and market validators with non-trivial stakes.

Per the report, prediction markets appear to be one of the best blockchain use cases, since they necessitate trustlessness and decentralization to work correctly, protecting themselves from both governmental actions and censorship.

However, according to Binance, Augur presents other substantial flaws, including low liquidity, barebones functionality, complex mechanics, an unclear approach to governance and the aforementioned ongoing attack.

Prediction market regulation is particularly unclear, as a centralized prediction market can fall under the scrutiny of the regulators of multiple states. For instance, Ireland-based prediction Markets Intrade and TEN have seen the United States Commodity Futures Trading Commission (CFTC) file a civil complaint over their violation of the off-exchange options trading ban.

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Jimmy Song Highlights Decentralization as Key to Success of Bitcoin Over Altcoins

An analysis of 2018 price performance and the slowdown of the ICO sector demonstrates the pitfalls of centralization, Jimmy Song says.

Perceptions of Bitcoin (BTC) versus altcoins changed forever in 2018, as the largest cryptocurrency separated itself from the rest, Bitcoin developer Jimmy Song wrote in a blog post on Dec. 31.

An ardent defender of Bitcoin’s decentralized values, Song, who is also a frequent social media commentator, argued that last year “showed […] what Bitcoin Maximalists have been saying all along.”

“Bitcoin is different because Bitcoin is decentralized,” he summarized, adding:

“The advantages of decentralization are often subtle and easy to dismiss, but they are real benefits.”

One of many sources to have criticized the initial coin offerings (ICO) market in 2018, Song noted that the huge amounts of money raised by projects contrasted with the small number that launched, while fewer still delivered a product that the market would want or need.

The mismatch between fundraising and product success was due to centralized operation, he suggested, continuing:

“What we saw in 2018 is that having lots of ‘developer activity’ is not the same thing as producing something the market wants. Bitcoin has distinguished itself by releasing features that are actually used, and not duds that aren’t like so many altcoins.”

Song used the example of prediction market Augur as one of the success stories of the ICO space, despite the platform currently averaging a mere 25 daily users, each corresponding to $3.65 million in market cap.

The perspective on ICOs contrasts with predictions from trading platform BitMEX CEO Arthur Hayes, who last week told Cointelegraph the industry was set for a rebirth within the next 18 months.

In a separate interview on Monday meanwhile, Jed McCaleb, co-founder of payment platform and associated altcoin Stellar (XLM), told Yahoo! Finance that financial institutions would not end up using Bitcoin in the future.

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The Weirdest Prediction Markets on Augur Right Now

Do you believe in God? Would you put your cryptocurrency holdings on it?

Augur, an ethereum-based platform for betting on the outcome of real-world events, aims to be a repository of crowd-sourced knowledge for journalists, investors and policymakers, as well as an effective tool for hedging against adverse outcomes.

But it’s also become one other thing: a hilarious place to troll.

Forums for questioning a higher power are just one of many markets that currently exist on the decentralized prediction market, developed by the non-profit Forecast Foundation and funded with one of the world’s first token sales in 2015.

That token sale took place before people were even using the word initial coin offering, or ICO, to refer to these types of crypto fundraising schemes, and the project went through the ICO boom in beta – with the developers testing and vetting one of the most hotly-anticipated launches in crypto history.

As such, when it launched on ethereum’s live blockchain last month, it briefly surpassed the most famous decentralized application, CryptoKitties, in terms of the number of users. Although enthusiasm has since dipped markedly.

So far, most of Augur’s markets – and the vast majority of the trades on the platform – deal with relatively vanilla topics like the outcomes of sporting events or the prices of crypto assets. But a few take a truly dark turn, gauging the likelihood that prominent figures will be assassinated or that terrorist attacks and mass shootings will occur.

Others, though, are just goofy, evoking the cryptocurrency community’s peculiar obsessions, wild rumors and the sorts of riddles a bridge troll might ask before letting you pass.

So here’s to the Augur users who have selflessly donated their time and potentially their funds – market creators post a bond in the platform’s native REP tokens, which they lose if a market is deemed “invalid” because the outcome cannot be verified – all just to brighten their fellow users’ days.

In no particular order, here are a few of the weirdest markets on Augur today.

Vitalik’s girlfriend

Vitalik Buterin, creator of ethereum, the world’s second-most valuable blockchain, enjoys the kind of wealth and notoriety few 24-year-olds have.

But does he have a girlfriend? And if not now, when?

These questions have vexed the crypto community enough to spawn a dedicated article – one that’s apparently been viewed over 18,000 times. And now, indelibly etched into Buterin’s own creation, there’s an Augur market for it too.

Buterin himself must confirm the relationship, according to the market’s terms, and the couple must have been together for at least one full day.

It’s worth noting here that (as with many Augur markets) nobody has bet on this one at the time of writing.

Are you there, God?

Ostensibly, Augur markets must be based on verifiable events, but Augur is a platform without moderators, so that’s become more of a guideline.

As mentioned above, the perfect example: someone has posed the question, “Does god exist?”

They’re apparently in no hurry to find out, as the market expires at the beginning of 2020. And the resolution source must be the “news media.”

The heathen users that initiated the market give the creator of the universe a 10 percent chance of existing. No money is at stake at the time of writing.

SAFU or not SAFU

Naturally, Augur users haven’t passed up on the chance to sprinkle the platform with their particular flavor of memes.

Titled “FUNDS ARE SAFU?” one market references a bizarre – but popular – YouTube send-up of Binance CEO Changpeng “CZ” Zhao’s attempt to reassure users that their crypto holdings on the platform were safe.

Looking at the market’s details, however, it appears not to be a joke, but a serious – if vaguely worded – question about whether Binance will be hacked: “Will the security of https://www.binance.com/ be negatively affected such that there is a newsworthy loss of money?”

The market expired without any bets having been placed.

Does not compute

Competition is stiff, but the trolliest market currently active on Augur may well be this restatement of the liar paradox – the sort of query one might use to incapacitate a murderous supercomputer.

For the uninitiated, the statement “this sentence is false” is a paradox because, if the statement is, in fact, false, that means it checks out. So it’s true.

If the statement is true – by being false – then it violates its own premise: it has to be false.

Thinking about this paradox goes back to at least the fourth century BCE, making it one of humanity’s longest-running time wasters. Adding a pinch of circular meta-salt to this concoction, the market creator made the point of reference for this market Predictions.Global, a site that scrapes data from Augur.

The pee tape

The allegation that Russian authorities possess compromising material on U.S. president Donald Trump is one of the stranger stories to emerge from the 2016 election.

The existence of this compromising material – originating from a collection of documents prepared by a former British intelligence officer working (indirectly) on behalf of Democrats – is often known as the “pee tape” due to its alleged content.

But it hasn’t been proven.

Judging by an Augur market on the topic, though, chances are around one in four that such a tape will emerge before the end of Trump’s first term.

Betting volume on the market has been very low, however, at the equivalent of less than $60.

McAfee’s bold prediction

Many of the most liquid and valuable markets on Augur deal with the prices of cryptocurrencies.

So at first glance, it’s hard to see what’s remarkable about one particular market predicting that the price of bitcoin will pass $1 million before 2020.

But there’s a clue in the fact that it’s tagged “McAfee.”

The anti-virus-software-creator-turned-cryptocurrency-hype-man has published many inadvisable tweets. Topping the list, however, is one from late 2017, when he predicted that bitcoin would hit $1 million and reiterated a promise he’d made earlier to “eat my dick on national television” if he proved incorrect.

Yet another Augur market gets to the, um, meat of the story.

And that’s probably enough Augur for today.

Monkey with banana image via Jeremy Bishop on Unsplash

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Where Have All the Augur Users Gone?

The day Augur launched it breezed into the rankings of top ethereum dapps by daily active users – but the momentum didn’t last long.

Released on July 10, Augur allows users to create and bet on prediction markets tied to real-world events, such as World Cup games, elections and – unfortunately – murders. Having waited three years for Augur to be developed and tested, users rushed to try it out, briefly pushing it past the most famous dapp, CryptoKitties, in terms of users. It’s worth noting that dapp userbases are uniformly tiny, though, with Augur and CryptoKitties each boasting around 300 users on the day in question.

Over the following weeks, however, Augur has shed users and slipped in the rankings.

At the time of writing, it’s had 66 users over the past 24 hours, putting it in an uninspiring 22nd place, according to data provider DappRadar.

The dwindling userbase has also raised some uncomfortable questions about the valuation of Augur’s native REP tokens, which are used to create markets and challenge reported outcomes (bets are placed and paid out in ether).

“I like Augur and what it represents,” Edan Yago, founder and CEO of the bitcoin-focused software company Epiphyte, tweeted. “BUT,” he continued:

“The protocol is valued at $308 million and has 64 daily users. That’s $4.8 million per user.”

It’s up for debate how useful that metric is (the valuation could reflect expectations of future user growth, or not be directly connected to users at all), but the Augur community plainly has user numbers on its mind. The project’s Discord forum was mulling the topic at the time of writing, and the question of whether Augur has “failed” was broached at least once.

Joey Krug, the project’s co-founder, put on a brave face, telling CoinDesk he’s “not super concerned” about user numbers “as long as markets are getting resolved correctly.”

He cited short-term factors that could have fed the decline, including the end of the World Cup (which dominated betting volumes early on) and the fact that user experience is still clunky.

“I imagine lots of people tried it and decided they’d come back in six months to a year when it’s more mature,” Krug said.

The liquidity problem

However, Ryan Berckmans, co-founder of Predictions.Global, a site that displays Augur markets and data, thinks the issue goes deeper than UX or FIFA’s schedule.

“Pretty much no one is using Augur,” he said bluntly, continuing: “A big reason why is it’s difficult to find markets with liquidity.”

To illustrate what he means, Berckmans compared markets to grocery stores. Customers go shopping at a grocery store because they expect to find shelves full of food. Grocery stores, in turn, stock their shelves with food because they expect shoppers to come buy it. If one or the other is missing, the store is no good to anyone.

It’s the age-old “chicken-and-egg problem,” he said.

As a first step towards solving that problem, Predictions.Global has rolled out a new feature, which lets users sort through open Augur markets by liquidity.

“Traders will be able to discover a short list of desirable markets to trade in,” Berckmans told CoinDesk, which may encourage trading and boost liquidity.

According to the feature – which is based on a closed-sourced algorithm – 33 open Augur prediction markets currently have at least 10 ether in liquidity and four have at least 250 ether in liquidity (the exact liquidity figures for each market are not shown).

The most liquid market at the time of writing deals with the price of ether at the end of the year:

Whatever the current trends in user numbers, Augur has been live for less than a month, and Krug, for one, is willing to be patient.

“I think it’ll be a two-to-three-year process before this is usable from an average user standpoint,” he told CoinDesk.

Desert image via Unsplash

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Pantera Capital Posts 10,000% Gain Over 5 Years, Calls For Bitcoin To Head Higher

Pantera Capital, one of the foremost cryptocurrency and blockchain-centric investment firms, recently announced that it has reached its five-year anniversary, issuing a report on the progress it had made in that span of time.

Humble Origins: The 2013 $5k Bitcoin Call 

Shortly after the grand opening of Pantera, Dan Morehead, the firm’s fervent leader and CEO, released an email to his investors, highlighting the first price prediction they made for the foremost, and most successful digital asset. In the email, titled “Bitcoin Forecast V” on August 21, 2013, Morehead wrote:

I was discussing bitcoin with an investor yesterday and he replied somewhat dismissively “It’s just like buying gold”. No, it’s like buying gold in 1000 B.C. 99% of the financial wealth has yet to address bitcoin. When they do, bitcoin is either going to be worth zero or $5,000 /BTC.

The Pantera CEO went on to talk about how there is a “north of 50% chance” that the world will adopt a cryptography-based payment system, replacing the high fees charged by traditional institutions. Dan also noted that if a cryptocurrency, whether it may be Bitcoin or not, can succeed, it will become the first global currency since gold and the first borderless payment system.

It is important to note that at the time this email was released, Bitcoin was a mere $104, with a $1.4 billion market capitalization. While it wasn’t clear what time frame the CEO was allotting to the prediction, looking back, we can clearly see that Bitcoin had surpassed his original price prediction.

However, despite going above and beyond the $5,000 mark, the “July Blockchain Letter” noted that this logic remains true to this day.

Pantera’s Lifetime Return = 10,000%

According to the aforementioned report, the fund now has a return of just around 10,135.15% net of fees and expenses, a gargantuan feat that goes without saying.

The success of the firm can be attributed to a variety of investments made into an array of crypto firms and projects, including Augur, Brave, ShapeShift, 0x, Circle, Earn, Xapo and Ripple. It was also noted that the investment fund has a close relationship with Augur, as Joey Krug, the Co-Chief Investment Officer at Pantera, co-founded Augur just four years ago.

Pantera plans to continue investing in innovative new startups through the firm’s third venture round, which is set to occur within the upcoming months after a series of lunches held all across the world.

Bitcoin To Hit 21k By The End of 2018, And $67.5k By The End of 2019

To the minds of many, a highlight of the report was the firm’s Bitcoin price prediction, which forecasted Bitcoin hitting $21,000 by the start of 2019, and seeing a further three-fold gain to reach $67,500 by December 2019. While this may not be the most outlandish prediction, it still stands above and beyond the current expectations of many industry leaders. 

Releasing a statement alongside the chart seen above, the firm wrote:

This chart plots bitcoin’s price history since July 2010 in log scale to show its very consistent exponential growth. The gold line is the trend line during this period. Projecting price through the end of 2019 using this historical trend line as a guide would put the price of bitcoin at around $21,000 by the end of 2018, and $67,500 at the end of 2019. Seems eminently reasonable to me. Those are our current bitcoin price forecasts.

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Blockchain-Based Betting Platform Augur Now Features ‘Assassination Markets’

So-called “assassination markets” have now popped up on blockchain event betting platform Augur, Mashable media outlet reported July 24. Users are now betting on when certain public figures will die.

Created by the non-profit Forecast Foundation, Augur launched its Ethereum (ETH) mainnet-powered predictions platform on July 9, according to Fortune. On the platform, users can make a prediction about the outcome of any event.

If a user believes the outcome will happen, they buy shares with ETH. If a user believes the event will not occur, they can short the bet by selling shares. In either case, should a user’s prediction come true, they can profit from the result.

Users have recently posted bets on Augur regarding the deaths of a number of public figures, such as the U.S. president Donald Trump and CEO at Berkshire Hathaway Warren Buffett. The bet “Will Donald Trump (President of The USA) be killed at any point during 2018,” has acquired 50.3 shares as of July 23.

Augur “Assassination Market” Screenshot. Source: Mashable

Augur “Assassination Market” Screenshot. Source: Mashable

To ensure that a bet is settled properly, Augur has created a system of “reporters” who state the truthful outcome of a posited event. Reporters are essentially holders of Augur’s own REP token.

In order to report an event, users must stake REP on an event’s correct outcome to receive any of the settlement fees. If REP holders incorrectly report a result, they lose their tokens. If they do not participate in a ‘fork,’ or a highly disputed outcome to an event, they lose five percent of their REP. Passive holders of REP who do not participate in the bet settlement process are also penalized.

REP is trading at $30.16 at press time, having hit its peak of over $107 in January 2018 according to Coinmarketcap.

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The First Augur Assassination Markets Have Arrived

“Killed, not die of natural causes or accidents.”

Pretty much everyone saw them coming, but it was no less disturbing when assassination markets actually began to appear on Augur, a decentralized protocol for betting on the outcomes of real-world events and that launched two weeks ago on ethereum.

The markets – which allow users to bet on the fates of prominent politicians, entrepreneurs and celebrities – in some cases explicitly specify assassination, as the quote above shows. (CoinDesk is intentionally not providing links to these markets or naming the individuals concerned.)

In addition to targeting individuals, some markets offer bets on whether mass shootings and terrorist attacks with certain minimum numbers of casualties will occur.

Augur was created by the Forecast Foundation and funded through an ICO in 2015. It is an uncensorable platform where users can create prediction markets based on the outcome of any verifiable event, from World Cup games to elections to cryptocurrency prices to the weather.

Augur became one of the most popular applications on ethereum shortly after launch. At the time of writing, it has nearly $1.5 million staked on over 600 markets, according to Predictions.Global, a site that displays data on Augur markets (and has censored the assassination markets).

Since Augur consists of smart contracts on ethereum, a blockchain network that is not controlled by any single party, users from around the world can place bets on its prediction markets – without governments being able to stop them.

This quality appeals to gamblers in jurisdictions where sports betting isn’t allowed. It could also appeal to people who want to incentivize – or simply purchase – the assassination of a public figure.

By creating a market for an assassination and placing a large “no” bet (actually, selling shares in the outcome), an individual or group could in effect place a bounty on the targeted person. The would-be assassin could then place a bet on “yes” (buy shares) and manipulate the outcome, to put it delicately.

What’s next?

Long before the first assassination markets appeared, users on Augur community forums frequently discussed their eventual creation, as well as potential responses by the community and the authorities.

One response would be for Augur’s “reporters” – the users designated by market creators to determine the outcome of the event being wagered on – to step in and quash the markets.

“The Augur Reporter community has a powerful tool in their ability to mark a market as ‘invalid,'” said Predictions.Global co-founder Ryan Berckmans.

Holders of Augur’s “reputation” or REP token could dispute the decision to call these markets invalid, Berckmans continued. In other words, they could insist that the markets be settled (users bet in and are paid out in ether, not REP tokens).

But ultimately, he added, reporters “are incentivized to report in a way with which they expect the REP-holding community will agree.” In other words, it’s up to token holders’ consensus to decide whether taking out life insurance on other people is acceptable on Augur.

That opens the possibility that Augur could fork into two platforms, one – call it Augur Dark – that tolerates assassination markets, and one that doesn’t. The white paper describes the procedure for forking when REP holders cannot agree on how to report an event.

Judging by Reddit commentary, the consensus appears to be that incentivizing murder is “100 percent immoral.”

Then again, one user wrote: “I think you’re overestimating the number of people who would seriously put money down to see another person killed unless said person REALLY did something nasty and wasn’t going to be brought to justice otherwise.”

No control

Another potential route to shutting down the death markets appears to have closed. Augur’s developers announced Monday night that they had given up ownership over the “escape hatch” function, which would allow a designated party to shut the system down.

“If the Forecast Foundation is compromised by a state agency,” Micah Zoltu, a developer working on the platform, remarked, “the system can’t be turned off.”

In other words, governments may not be able to threaten Augur’s creators with prosecution in order to alter or shut the platform down (they could of course threaten them with prosecution anyway).

The individuals facing the most immediate legal risks may be the users who created these assassination markets. Someone, according to a person with close knowledge of Augur, used a wallet funded through Binance, an exchange, to set one market up.

They can almost certainly be traced and identified, the person added.

Gun image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Augur Platform Pays Out First Prediction Rewards, Totaling to 20k

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.”

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.

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.”

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