An ambitious project that holds a place in the top 40 most successful crowd sales in history, Augur is building a decentralized prediction market platform based on Ethereum smart contracts, providing a transparent and decentralized alternative to traditional solutions. Augur leverages the concept of the wisdom of the crowds to create a platform where users can create their forecast markets to earn fees and trade shares in the outcome of events, while also providing accurate predictions for events that have not taken place yet.
Although prediction markets are not new, Augur is building upon the concept. Through the use of Ethereum smart contracts, Augur is able to remain fully decentralized. The platform itself is hosted by Ethereum nodes and the outcome of events is introduced to the blockchain by a network of thousands of REP token holders do this, preventing mistakes and fraud.
Following a successful ICO, Augur has been working on the development of the platform which is scheduled to be officially released during 2017. Most recently, the team released a blog post in which they set out the roadmap for the upcoming Augur release. The post reads:
“The Augur core dev team has been making progress towards our platform release. In a spirit of keeping everyone on the same page, we wanted to inform the community on what you can expect to see in the near future. What will be in the initial Augur release?”
Augur’s code is currently undergoing security audits which will continue over the course of the next few weeks. In the spirit of transparency and security, Augur invites experts that may be interested in reviewing the code to email them at firstname.lastname@example.org. After the audits, Augur’s code will undergo public bug bounties in order to eliminate any possible anomalies as well as a bug bounty prediction market release in which the community will test the prediction market itself.
Leading up to the full platform release, Augur Lite will be released with certain limits and restrictions in order to allow the platform to be tested in the real world with low financial risk. This limits will be applied in the amount of shares outstanding/open interest in the markets or in the deposits limits, which can be reduced to a sum like 5 ETH.
Once these stages are complete, the full platform release will take place. This system allows Augur to adapt any problems that may come along the way without much impact, building up security along the way. The blog post reads:
“The idea is to sort of start with “training wheels” and slowly remove them over time as the system proves to be secure. If something went wrong we could quickly update the contracts.”
In this release, Augur will feature the ability to create binary, scalar, and categorical markets along with many other features. Not only that but the community will be able to add features or additional contracts that interact with the platform. Be sure to read the latest blog post to learn more about Augur and its upcoming tech.