In a nutshell, Augur is a blockchain based betting and prediction site, the first of its kind, and one that should prove massively popular. It had better – its creators Ethereum, have invested heavily into it!
The all-new prediction/betting app Augur has been described by co-founder Joey Krug as the “most complex decentralized application (dApp) on the Ethereum blockchain”, but that’s not putting off interested customers, judging by the $1 million-plus it has already taken in bets in just a few weeks.
Augur – A Glimpse Into The Future Of Betting?
Augur is a decentralized betting platform that exists on the Ethereum network. What sets Augur apart from bet365, William Hill, Paddy Power or any other online betting site is that because Augur is a decentralized betting platform, it uses smart contracts to autonomously settle all bets and predictions, and pay successful bettors their winnings. These same smart contracts mean that Augur can be used to bet on pretty much anything that involves an outcome.
Augur was only launched earlier this month, and yet it is already enjoying a ton of interest, which thus far has been converting into traffic – and bets. According to data provided by Predictions.Global, a platform which allows Augur clients to view various prediction markets on its network, around $1.5 million in bets have been placed on the Augur prediction market.
Augur’s Three Biggest Bets
The three largest bets currently featured on the Augur network account for almost 80% of the Ether at stake. In order of popularity, here are those three bets:
Bet No.1: “Will the price of Ethereum’s Ether coins exceed $500 at the end of 2018?” $685,000 worth of Ether has been wagered on this bet.
Bet No.2: “Will the REP token be trading above $32 come the end of 2018?” $479,115.72 has been wagered.
Bet No.3: “Will the Ethereum (ETH) market cap be higher than the Bitcoin (BTC) market cap on December 31, 2019 at 24:00 UTC ?” $27,097.03 has been placed on this bet.
The Augur platform is far more complex than any other project yet attempted on the Ethereum blockchain. As Augur creator Joey Krug says:
“Augur’s about 10x more complex than the second most complicated Ethereum project, MakerDAO, which has about 10 contracts vs augur’s 100. Such complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavor.”
Data verification is massively important to the functionality of Augur. For example, come the end of 2018, Augur will have to provide concise verification that the price of Ethereum is indeed in excess of $500, which – because of a wide range of variables including exchange premiums – it is extremely difficult to 100% verify that specific piece of information, but it will be achieved.
Brian Kelly Of CNBC’s Fast Money “Enthusiastic” About Augur
Brian Kelly is the founder of BKCM and is a well-known, highly-respected and long-standing contributor to CNBC’s Fast Money. This week Kelly took time out to express his enthusiasm about Augur and its impact on the Ethereum network.
As Kelly explained:
“Augur was one of the oldest ICOs [initial coin offerings] and the platform has been in development for about two to three years now. What’s interesting about this is probably going to be one of the biggest decentralized apps launched on top of Ethereum. If Augur doesn’t slow the system down [unlike CryptoKitties] that could generally be a positive for Ethereum.”
Emin Gun Sirer, a professor at the prestigious Cornell University, added that the launch of Augur is monumental for Ethereum, stating;
“Congrats to the Augur Project team, for getting rid of the crutches and delivering something that stands on its own.”