On July 9 at 11:01 PST, Augur, which is a peer-to-peer prediction market platform, will be launching its leading network.
In 2015, Augur gathered $5.5 million by offering its token REP in a crowdsale.
The Forecast Foundation's mission is to support the development of open-source trading platforms, oracle systems and related technologies that advance transparent, open, and financially sound markets, as well as their underlying protocols and tooling.
The platform, one of the very first DApps to be built using Ethereum's blockchain, allows users to create a prediction market for any real-world event and bet on the event by using ETH to buy "shares" in the outcome of an event.
While the project on paper looks very promising, time will tell if the platform can attract the kind of users it is aiming for and create a truly original means of prediction. When the event is over, the settlement fees are paid out proportionally according to the outcome.
The developers have incorporated a conflict resolution model to the platform which is aimed at encouraging REP token holders to correct any misinformation to ensure the accuracy of all the information provided. The whole process is carried out in a peer-to-peer manner without any centralized party.
Prediction markets are viewed as an effective tool to make decisions because, unlike traditional decision making, where knowledge is sourced from a single source, these markets allow to source information from the wisdom of the crowd. And in such a situation, the results can be obviously less reliable and trustworthy. Allowing people to bet on an outcome would result in efficient decision making because people have an opportunity to make money off their unique insights.
After the launch of the main network, the current smart contract that holds the REP tokens will be frozen. And all the balances will be migrated to a new smart contract which will be done automatically. The team at Binance has also notified its users that it has resumed deposits and withdrawal of the REP token on the exchange. It will ensure successful migration.
Users who do not have their tokens on decentralized exchanges do not need to do anything to get ready for the launch.
HackerOne, a San Francisco based security startup, is handling the bug bounty for the Augur Project.
The Augur launch has come at a time when the rulings on sports betting industry have also become somewhat friendlier.
A bug bounty was launched on April 4th offering rewards up to $200 thousand dollars to a person who finds critical bugs in the code.
Augur is without doubts one of the most determined projects in the Ethereum ecosystem.
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