By
Mayowa Adebajo
March 12th, 2024
The main network of a long-awaited peer-to-peer prediction market platform called Augur will be launched on Monday, July 9th.
Augur, a peer-to-peer prediction market platform, that was one of the first ICOs in the history on the Ethereum blockchain, is all set to launch its main network on July 9th. In 2015, Augur offered its token REP for a crowdsale and successfully raised $5.5 million. Since that time the team has been working on the development of their platform.
The platform will enable users to create prediction markets that have proven to be more accurate than individuals or even small groups of experts at forecasting event results and consequences. Users have an opportunity to create markets for an event. Each event has a designated reporter and as a result, traders can purchase shares taking decisions on the base of the probable outcomes. 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. All the processes on the platform are conducted in a peer-to-peer manner without any centralization.
Prediction markets are considered to be a very effective tool for making decisions as they let to generate information from the knowledge and experience of the crowd. Nevertheless, when we speak about traditional decision making, the information is taken from a single source. And in such a situation, the results can be obviously less reliable and trustworthy.
As many people will have an opportunity to contribute to the project and bet on an outcome, it will lead to more efficient decision making. Moreover, people will get money for their unique insights which is a good incentive for them. Such an effective prediction market platform can help companies, scientific researchers, government organizations, and other institutions to be better prepared for the future.
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 company expects to complete the migration just in a few hours after the launch.
Nevertheless, those token holders who keep their deposits on decentralized exchanges need to withdraw their holdings to a centralized exchange or to a wallet. It will ensure successful migration. Users who don’t keep their tokens on decentralized exchanges do not need to do any preparatory work. It was known already in May, and CoinSpeaker has also already written about the upcoming launch of Augur.
The project has decided to launch its bug bounty which is to be managed by a San Francisco based security startup called HackerOne. Users who will fix some critical vulnerabilities on the platform will have a chance to get a reward up to $200,000.
The official launch of Augur is undoubtedly one of the most important events not only for the Augur team but for the entire ecosystem.