Crypto predicting Dapp Veil, a decentralized application that interacts with Augur and lets the users participate in prediction markets is shutting down. We can find out about the reasons in the latest cryptocurrency news below.
The company behind the dapp will still continue to develop new products and will even make possible for those who are interested to still create smart contracts on the Augur platform via a creation tool. The company noted:
“[W]hile we’re sunsetting the Veil product, the Veil team and company will continue as is. We’re lucky enough to have great partners, and we have a number of projects we’ve been working on internally that we can’t wait to share with the community.”
The tool for creating smart contracts will be open source along with other feature that will be moving forward with the company. The crypto startup is also opening new projects with new goals. The prediction markets as previously seen can have a hugely positive effect on the blockchain but also on the market as well. In a prediction market, the participants take their shot and take winnings based on the outcome of the external event. Each event including controversial bets is taken and can bring you great benefits. The blockchain technology enabled these controversial markets to stay open since the Augur system uses the ‘’orcales’’ users who earn the reputation tokens by participating and making sure that the correct result gets the correct reward.
The crypto predicting dapp Veil urges everyone to shut down their expired veil markets and not to open any new ones. It is still possible to interact with the smart contracts once the interface goes away but the team advises that everyone should handle their business before that:
“Since Veil is non-custodial, all of these steps can technically be taken anytime by interacting with the Veil smart contracts. However, we recommend taking these steps while the Veil UI is still available. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started.”
As noted in the altcoin news previously, on-chain gambling is much easier than predicting dapp. In on-chain gambling, you have to commit your funds and not send them anywhere. Here, you assign your money to smart contracts and either you win, or you lose.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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