Cryptocurrency and ICO news 09.07.2018

Augur to launch it’s main network

Augur, a peer-to-peer prediction market platform, is preapring to launch its main network on July 9th at 11:01 PST.

After initiation of the main network, the current smart contract holding the REP tokens will be frozen and the balances will be automatically migrated to a new smart contract. The migration is expected to be completed smoothly after a few hours past the launch.

However, users who have their tokens deposited on decentralized exchanges have to withdraw their holdings to a different wallet or a centralized exchange in order to avoid fund loss.

Augur raised $5.5 million in 2015 by offering its token REP in a crowdsale. Augur was one of the earliest ICO’s on the Ethereum blockchain and has been under development since.

The platform allows users to create prediction markets on the outcome of virtually any future event. Users can create markets for an event with a designated reporter and subsequently, traders can purchase shares on the probable outcomes. At the end of the event, the settlement fees are paid out based on the outcome. The platform has an inbuilt conflict resolution model and it incentivizes REP token holders to correct any misinformation to ensure the accuracy of the real world information at hand. The whole procedure is conducted in a peer-to-peer manner without any centralized party.

 

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