Augur beta test has finally launched after 2 years of waiting
【Published by Block Sis (區塊妹)】
The non-profit organization Forecast Foundation announced the 10th of July in 2018 that it has officially launched the highly anticipated Augur platform and released the final version of the open source application of Augur. The Augur Decentralized Platform is primarily used for betting event prediction and is the first application built on the Ethereum blockchain.
Created by the Forecast Foundation in 2015, the crowdsourced prediction protocol raised $5.5 million by selling REP tokens long before the term initial coin offering (ICO) had taken hold. And with the first beta version released in March 2016.
For over two years, the platform was just a concept with no official product. However, the Augur team was able to refine the program code through internal review and vulnerability bounty program during this time.
The Forecast Foundation’s operations lead, Tom Kysar, added:
“We may deploy the largest and most complex application on Ethereum. Once Augur is on the chain, we can’t be able to control it anymore.”
As a result, serious vulnerabilities can pose risks for complex DApps such as Augur, which is not limited by the technical field. After all, a series of large-scale events, such as the rise of DAO, ICO, hacking incidents, and the forks of Ethereum, have already caused a storm in the blockchain industry.
Operation Mode
Augur is a decentralized protocol that can bet on predictive events, creating a predictive event platform that does not require trusted intermediaries, peer-to-peer transactions, and provides participants with economic incentives.
As long as the forecast results can be verified in the actual world, users can create a forecast market with the price of the currency, whether it is a Brazilian election or a World Cup result.
The difference between Augur and the traditional betting market is the elimination of intermediaries, which means users only pay a lower price. However, to remove the intermediary from the gaming market, there will be a problem: “How can the parties with financial interests reach a consensus in the decentralized environment in response to the predicted outcome?”
In Augur’s system, the creator of the forecasting market must specify a “reporter” to review the results and deposit the REP tokens, if they are found to misreport the forecast and are questioned by other REP holders, then REP will be confiscated.
It’s not just cheap bets
Augur’s white paper points out that the cost of the platform will be “low to the market’s controllable level”, providing a very attractive alternative for people who bet.
Assuming Kysar said it is correct, no one can control after Augur goes online, no matter the Forecast Foundation, even the government can hardly stop or review the platform. Therefore, this may cause Augur to be sued in countries where gambling is illegal.
Nonetheless, Joey Krug, co-founder and senior developer of Forecast Foundation, demonstrated the team’s ambitions last year, he wrote:
“If Bitcoin provides us with a decentralized currency; Ethereum brings decentralized computing power, then Augur will implement a decentralized financial system.”
■ Source: blockcast.it
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