After nearly three years in development, a long-awaited Augur prediction platform has finally gone live. Augur was one of the first successful ICOs in the crypto world, raising more than of $5.5 million back in 2015.
The prediction platform uses Ethereum and its in-house token to stimulate markets, rewarding users who ‘stake’ their REP tokens on a market, only if they correctly report the outcome of an event. However, if users report an incorrect outcome, they will lose their REP tokens.
The project’s team, from the Forecast Foundation firm, released a statement along with the official platform publication describing Augur’s mission:
Augur’s purpose is to democratize and decentralize finance. We’ll do this by enabling anyone, anywhere, at any time in the world to create and speculate on derivatives at a low cost for the first time.
On July 18, the team behind the Augur project announced that the “first markets have successfully resolved.”
Apparently, the first prediction market was the result of the France/Belgium semifinals soccer match from the recent World Cup event. Augur co-founder Joey Krug told CoinDesk that the users who selected France to win have won approximately $20,000 in Ether collectively, pointing out that the first market resolution was an outstanding success.
Many Twitter users were quick to congratulate the project on achieving this milestone. Bryan Rathouz summed up the community’s thoughts on this news, expressing his excitement:
Congratulations! I’ve been following Augur since before the ICO. You guys have been impressive every step of the way, and now with the mainnet release and first markets resolving I’m even more excited. The future ain’t what it used to be!
Joey Krug states that the platform is aimed at expanding even further, adding that the “next week should be bigger.”