Most Complex dApp on Ethereum Already Has Millions of Dollars at Stake
Augur, which its co-founder Joey Krug until now described as the most complex decentralized application (dApp) on the Ethereum blockchain, has surpassed a million greenbacks at stake and confirmed a fast boom charge over the previous few weeks.
Future of Decentralized Betting
In essence, Augur is a decentralized betting platform that exists on the Ethereum network. Because it makes use of smart contracts to autonomously settle bets and payout users, customers can virtually bet on any subject, topic, or an event.
Since its launch in mid-July, the decentralized prediction platform has verified a rapid fee of growth, portrayed by using the make bigger in its consumer base, each day volume, and the quantity at stake on the platform.
As of July 25, according to the information furnished by way of Predictions.Global, a platform which allows Augur users to view more than a few prediction markets on the Augur network, nearly $1.5 million are at stake on the Augur prediction market. The three biggest bets on the Augur community accounted for nearly 80 percent of the ether at stake, which are:
Will price of Ethereum exceed $500 at the end of 2018? ($685,000 at stake, largest bet)
Will REP token exchange above $32 at the end of 2018? ($479,115.72 at stake)
Will the Ethereum (ETH) marketcap be higher than the Bitcoin (BTC) marketcap on December 31, 2019 at 24:00 UTC ? ($27,097.03 at stake)
The complexity of the Augur platform, apart from its technical aspects, revolves around facts verification. For instance, in the case of the largest guess on Augur noted above, with the aid of the stop of 2018, Augur would have to verify that the charge of Ethereum is in reality larger than $500. But, due to a wide range of variables including exchange premiums, it is tough to confirm that unique piece of facts accurately.
In December 2017, the price of bitcoin reached $25,000 in the crypto exchange market of South Korea, even on major trading structures like UPbit and Bithumb, whilst the charge of bitcoin in different markets such as Japan and the US accomplished a top at $19,500.
Joey Krug, the creator of Augur and the co-Chief Information Officer at Pantera Capital, a billion greenback cryptocurrency hedge fund, said:
“Augur’s about 10x more complex than the second most complex ethereum project, makerdao, which has about 10 contracts vs augur’s a hundred [complexity isn’t a desirable thing, and the augur crew has tried to make it as easy as possible, it’s simply a virtually tricky endeavor].”
Experts Optimistic on Augur Launch on Ethereum
As CCN reported, Brian Kelly, the founder of BKCM and long-time contributor to CNBC’s Fast Money, expressed his enthusiasm in the direction of the fast boom of Augur and its influence on the Ethereum network.
“Augur was once one of the oldest ICOs [initial coin offerings] and the platform has been in improvement for about two to three years now. What’s fascinating about this is probably going to be one of the biggest decentralized apps launched on top of Ethereum. If Augur doesn’t slow the machine down [unlike CryptoKitties] that could generally be a fine for Ethereum.”
Emin Gun Sirer, a professor at the prestigious Cornell University, introduced that the launch of Augur is huge for Ethereum, stating;
“Congrats to the Augur Project team, for getting rid of the crutches and delivering some thing that stands on its own.”