Augur (REP) the Decentralised Prediction Market Goes Live

Avi Rosten

Augur, the decentralised platform for prediction markets, has announced that it has officially launched.

One of the very first DApps to be built using Ethereum’s blockchain, the platform allows users to create a prediction market for any real-world event and bet on the event by using ETH to buy ‘shares’ in the outcome of an event.

Using the concept of the “wisdom of crowds” the idea is that the market price of a share at any time will be an excellent indicator of the likelihood of the outcome occurring.

The decentralisation comes in, however, in that the true reporting of the outcome of the event is vetted by a “reporter” who is paid in fees to create the market and moderate - but can lose a deposit of REP tokens if they incorrectly report the outcome and are challenged by other REP holders.

Beginning with its REP token sale in 2015, a public beta version came out in 2016, and after several years of extensive bug testing, the platform announced the official launch as well as the release of the final iteration of the open-source Augur application.

Promising to be a truly open source, peer-to-peer platform, the decentralising credentials of the project seem to be impressive: even the Forecast Foundation, Augur’s not-for-profit team – is not in control of prediction markets.

Joey Krug, co-founder and of the Forecast foundation, emphasised the ambitious goals of the project in 2017, outlining the “Augur Master Plan:”

Augur’s purpose is to democratize and decentralize finance…If Bitcoin gave us decentralized currency and Ethereum brought decentralized computation, Augur will enable a decentralized financial system.

Acknowledging that “the first version of Augur will likely be somewhat slow and slightly expensive,” particularly given the strain it might put on the Ethereum blockchain, the team is keen to emphasise that even at the beginning, fees will still be up to ten-times cheaper than traditional, centralised betting platforms.

While the project on paper looks very promising, time will tell if the platform can attract the kind of users it is aiming for and create a truly original means of prediction.

Ripple XRP Sales Fell 74% in Q3 Amidst Mounting 'FUD'

Michael LaVere
  • Ripple XRP sales fell 74 percent in Q3 2019 according to their most recent report.
  • Blockchain startup says increasing FUD and misinformation about XRP contributed to the decline in sales. 

San Francisco-based blockchain startup Ripple saw a decline in XRP sales of 74% for Q3 2019, with the company citing increased fear, uncertainty and doubt (FUD) during that timespan. 

According to Ripple’s XRP Markets Report released Oct. 18, the sale of XRP dropped from $251.5 million in Q2 to $66.2 million in Q3, constituting a decrease of 74%. Ripple’s sale of XRP constitutes a portion of the coin’s 100 billion max supply that the company controls, primarily in distribution to institutional clients.

The report states, 

As readers may recall from the previous quarterly report, Ripple publicly announced our intention to shift to a more conservative volume benchmark for our XRP sales, away from CoinMarketCap and to CryptoCompare Top Tier. In the third quarter, we significantly reduced our XRP sales, consistent with the messaging we shared in the Q2 report. For Q3 19, our total XRP sales were $66.24 million vs. $251.51 million in the previous quarter.

While the dollar-amount of XRP sold fell precipitously from Q2 to Q3, the price of XRP also dropped 35% during that time, contributing to the depression in sales. Total XRP volume also declined between the second and third quarter of 2019, falling 53%. 

Ripple claims to have shifted away from “programmatic sales” during Q3 to focus on a “few strategic partners” who are focused on building XRP utility. The report also cites an uptick in “FUD” and the “spread of misinformation” about XRP as contributing to the decline in sales. 

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