Decentralized Prediction Market Augur [REP] Successfully Makes First Pay Out – Cryptocurrency News Today

augur prediction protocol REP token

Augur, a decentralized, peer-to-peer oracle and prediction market protocol, has successfully resolved its first markets thereby making the all-important first payouts. In a tweet on Wednesday, Augur announced that “the first markets have successfully resolved”, few days after its platform went live.

The team also released its Weekly Update where it explained that around $20,000 worth of Ether has been resolved as at 5 pm PT on Wednesday.

Augur [REP] Launch and Progress

Augur platform officially launched on the ethereum blockchain on July 9 after over 2 years in development. Following a launch, it is normal for observers to approach with some skepticism, not being sure if the platform will work as advertised. According to its predictions page, many of the predictions which had resolved didn’t have any money staked on their outcomes. Prediction market on the outcome of the game between France and Belgium in the recently concluded FIFA World Cup had the highest amount at stake. France won the game and Augur was correct with a probability of about 60%.

Augur allows anyone to create and make predictions on the outcome of just about any event. The community and followers of the project gave accolades for the successful resolution of the first market window. Kitsana Dounglomchan, a vocal member, expressed delight after he successfully claimed his stake, confirming that the system works smoothly.

Augur [REP]: The Future of Forecasting

Greater achievements are expected from Augur, which has been described as the “Future of Forecasting”. More money is flowing into stakes since its launch the Forecast Foundation believes the payout in the next prediction market window will dwarf the current one. Speaking to Coindesk, Augur co-founder Joey Krug say that “next week should be bigger.”

The team is churning out app upgrades as it gets feedback for the product and fixes minor bugs. The weekly update indicated that a fifth version (1.0.5) was expected after versions 1.0.3 and 1.0.4 went live.

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