Decentralized Prediction Market Platform Augur Goes Live

After undergoing beta testing for more than two years, decentralized prediction platform Augur has gone live. The Ethereum based blockchain platform announced July 10, 2018, that migration of REP tokens has been successfully completed. The application has now also been released on GitHub.

Augur, decentralized oracle and prediction market platform

Augur is a decentralized prediction platform which allows users to bet on real world outcomes. The platform is built on Ethereum blockchain. It was launched by Jack Peterson and Joey Krug in 2014 and was one of the earliest dapps. The platform then raised $15 million through an ICO in 2015. It was soon followed by a public beta in the next year.

The platform has now been launched after undergoing extensive testing for more than two years. The not for profit Forecast Foundation which is developing Augur announced that the successful migration of all REP tokens was completed on July 09, 2018. The final version of Augur is now available for users to download from the Augur GitHub repository.

Another Cryptokitties?

Augur has been under development since a long time and REP token holders have been patient enough to hold them for more than three years. It is a completely decentralized platform where users can place bets on the outcome of real world events. They can place bets on any future event or hedge against catastrophic disasters.

Any user can choose an event on which he wants to place his bet. Then he can check to see if the event is already listed under an existing market or not. If its listed then he can trade shares of the event. Once the event has occurred then it needs to be reported. Other users can dispute the outcome. The ones who placed the winning bet will then receive their funds in their wallet.

All these steps are completed on the Ethereum blockchain and programmed as a smart contract. The smart contract is written in Solidity, a programming language for Ethereum blockchain. It could become the most popular dapp since Cryptokitties.

Image provided by Wikimedia Commons.