Hello HODLers and Crypto addicts,
Today I would like to highlight the newly launch of Augur v2.
While it clearly seems that it might not be the consumer friendly app they wished it to be YET.
I wrote about this upcoming launch in a post more than 8 days ago ?? (Re)Discover the AUGUR project before its v2 Launch on July, 28th ! DeFi at its best !
They upgraded the UI and many other aspects of their product (0x, lower fees, oracles...).
I also like the fact that this DeFi (as a hype would say) project is old and addressing the special case of decentralizing predictive markets a.k.a potentially : betting.
It used to have a lot of competition but most of the other projects from the ICO crazyness left or died.
What is Augur?
Augur allows a user to create a prediction market. Augur runs on Ethereum.
Augur resolves these prediction markets in two stages: a prediction market stage and an arbitration stage.
In the market stage users are able to trade shares between each other, while in the arbitration stage, the markets outcome is decided. In the arbitration stage, fees are used to subsidize the arbitration process.
Augur uses crypto tokens called Reputation (REP) to incentivize reporters on its network to back their reports with tokens. The reputation token holders are entitled to a percentage of the trading fees generated on the platform.
DeepDive in Augur's Whitepaper by Blockchain at Berkeley
Now let's discover the new Augur UI ! ??
I created my account very easily thanks to Fortmatic Wallet provider (just using my email adress).
Digging into a "Predictive Market" that was just created
You have in this case 2 outcomes and BID/ask for every one of these. It is as if you were trading a crypto against another one or FIAT.
The UI is quite easy to navigate.
Indeed, on Augur; you buy or sell shares of a specific outcome.
They also added some Nice Social Widgets to share the predictive market you want to bet in. Well, it still needs some work on the format.
Well I think you see what is the issue.
Fees are going through the roof!
- After seeing a lot of users/developers chatting; it seems the fees you would pay are VERY MUCH lower than what the UI indicated.
- Nevertheless, Augur's team is aware that these gas fees are not sustainable for their users and are clearly looking into a lot of other ways to bring them down.
#Augur even communicated about it on its Twitter account
While I will not go into the reasons behind these issues on Gas/DAI fees. Here is a githu link explaining part of it.
What about Augur's Token: $REP?
So this is it! I would love to hear your thoughts on this project. ??
Resources
Augur's Offical v2 Launch Blog
Augur Whitepaper
Augur Github
Augur Discord
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