Coingape - 4/13/2019 7:16:11 AM - GMT (+0 )
Augur is a leading Ethereum-based prediction market platform which envisions to bring the power of blockchain to the betting and gambling industry. While the coin has found decent success in establishing its use case, the project team has announced that it is about to undergo a major update calling it Augur 2.0.
2018 was a relatively bad year for all cryptocurrencies as prices of most coins and tokens hit the bottom. But with Augur, things were even more difficult as the token faced certain issues with its fundamentals. One particular issue that Augur struggled all of 2018 was that bad actor could create invalid prediction markets—such as markets that end before an outcome is known—allowing them to exploit these markets for profit. Augur 2.0 aims to solve this. According to the official announcement
“ In V2, Invalid will be a tradeable outcome like any other, enabling traders to hedge the risk of Invalid outcomes and gauge their likelihood via market forces. For example, if a market’s order book consistently has BUY orders for Invalid above .2, that suggests there is a greater than 20% chance the market is Invalid. For conservative users, this should be a warning to not trade the market.”
Apart from the issues resolution, Augur is also upgrading its token standard from ERC 20 to ERC 777. ERC20 which is a simple, commonplace standard in the Ethereum ecosystem has many applications built over it. But for a project like Augur, it has its own set of deficiencies. Hence project has decided to move to ERC777 which according to the team is a better standard to be with as ERC777, is backward compatible with ERC20 but also improves upon many of its features.
While other features will also bring significant upgrades to the project, Augur will be launching a new token which will be denominated in MakerDAO’s Dai (DAI) stablecoin as part of a major upgrade to its platform. Augur claims that introducing DAI-denominated markets will make trading less volatile as compared with Ethereum (ETH), which has been used for trading on the platform thus far.
The market appreciates the upgrade.
“For V1, the usage of ETH was accomplished by using a contract (‘Cash’) that wrapped ETH and was given additional trust by the Augur contracts to take privileged transfers. The V2 contracts will still reference ‘Cash,’ which will instead point to an ERC20 Token with no extensions. At release time, this will be set to the Multi-Collateral DAI token.”
The upgrade news did bring some joy to the investors as the price of the coin started rising up. Even amidst slumber markets the token was up almost 5% clearly signifying that the markets have accepted the welcome change.Source: Coinmarketcap
Augur 2.0 is a significant upgrade over its previous version and does hold some legs that can take the coin higher. How sooner that would be is something that the Augur investors would be waiting for
Will Augur break into top 20 coins in 2019 on back of this update? Do let us know your views on the same.