Augur Platform Prepares for Main Network Deployment

Irving Hamilton
July 12, 2018

Augur [REP], a decentralized, open-source, peer-to-peer network-based prediction market platform built on the Ethereum [ETH] blockchain, will launch its new smart contracts on the Ethereum platform.

By offering its token REP in a crowdsale, Augur managed to collect $5.5 million in 2015.The platform, which is one of the earliest ICOs in the Ethereum blockchain, has been under construction since. Since that time the team has been working on the development of their platform.

Augur is an open-source platform available on Github that allows users to create and make bets on anything from elections, sports, even weather.

The platform allows users to trustlessly create prediction markets on the outcome of virtually any future event. The whole procedure is conducted in a peer-to-peer manner without any centralized party.

Augur leverages real-world, crowd-sourced information to enable the creation of decentralized, peer-to-peer prediction markets. And in such a situation, the results can be obviously less reliable and trustworthy.

Granting people an opportunity to bet on an outcome would result in an efficient way to make decision since people have an opportunity to rebate capital from their own perceptions. Moreover, people will get money for their unique insights which is a good incentive for them.

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Augur has previously shared the type of markets users might expect when the platform is live, including propositions like, "Will SpaceX successfully complete a manned flight to the International Space Station by the end of 2018". And all the balances will be migrated to a new smart contract which will be done automatically. It will be smooth sailing in a few hours after the main network launch.

However, users who have their tokens deposited on decentralized exchanges (DEX) such as EtherDelta and IDEX are urged to withdraw their holdings to a different wallet or a centralized exchange. It will ensure successful migration.

Users who do not hold their tokens on decentralized exchanges are not required to do anything to prepare for the launch.

HackerOne, a San Francisco based security startup, is managing the bug bounty for the Augur Project. It was known already in May, and CoinSpeaker has also already written about the upcoming launch of Augur.

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.

The official launch of Augur is undoubtedly one of the most important events not only for the Augur team but for the entire ecosystem.

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