Augur v2 — Faster Oracle & Market Resolution System
Augur v2 will feature much improved oracle speed, and thus, trader experience. Here are a few of the key changes:
- 24 Hour Designated Reporting Window — Once a market enters reporting in v2, the Designated Reporter (DR) has 24 hours to submit a report on the market’s outcome, as opposed to 72 hours in v1.
- 24 Hour Initial Dispute Window — Once the Initial Reporting window is complete, users have 24 hours to dispute. If the Dispute Bond is not filled in that window, the market resolves to the initially reported outcome. In v1, there was no 24 hour dispute window. Markets entered 7-day windows right away.
- Immediate Disputes — In V2, users can dispute outcomes immediately, rather than having to wait up to 7 days as in v1. Markets still must remain undisputed for an entire seven-day window in order to finalize to the Tentative Winning Outcome, but anyone may dispute an outcome at any time, regardless of when it won or when the next window begins.
- Pre-Staking — Users can add extra support for a Tentative Winning Outcome by pre-staking REP that will be used to dispute in that outcome’s favor in the event that is no longer the Tentative Winning Outcome. Pre-staking can help accelerate a market’s resolution by advancing to a further round and deterring other users from needlessly disputing. In theory, one could slice months off resolution time by making one large pre-contribution.
- Less Ambiguity — One of the causes of long disputes in v1 was ambiguous market terms. In v2, markets will likely have stronger terms due to better guidance and a robust template system for market creators, along with stronger incentives to create valid markets.
- Instant Settlement — The good news is that even if a market takes some time to resolve, traders will likely be able to settle their positions at minimal cost via overlays or other independent settlement products. STLD, for example, will offer instant settlement, letting traders cash out their positions as soon as markets enter reporting.
- Forking — In v2, a maximum of 20 dispute rounds will occur before a fork. 2.5% or more of the total REP supply being filled in a single Dispute Bond will trigger a fork. We’ll cover forking in-depth in another post.
Augur Metrics:
All-Time Finalized Markets: 2,257
CASH Contract: $666,279.08 USD (3,247 ETH)
ETH Price: $205.15
The Forecast Foundation has no role in the operation of markets, trades or actions created or performed on the Augur protocol, nor does it have the ability to censor, restrict, control, modify, change, revoke, terminate or make any changes to markets created on the Augur protocol. The Forecast Foundation has no more control over the Augur protocol than anyone else using Ethereum.
Thus, we do not seek to advise others on how to use the protocol. We encourage those in the community that are well educated on Augur to pay it forward and share their ideas for best practices, tips, fixes and etc with the larger community via Twitter, Reddit, Github and other community channels.For more information regarding the role of the Forecast Foundation, checkout the FAQ.
Cheers,
The Forecast Foundation OU
