Described as the most complex decentralized application (dApp) by its co-founder Joey Krug, Augur is an application running on the Ethereum blockchain which recently surpassed million dollars at stake – demonstrating a rapid growth over the last few weeks.
Since Augur exists on the Ethereum network, it utilizes smart contracts and therefore settles bets and pays out users about any subject, topic or an event they betted.
The launch of Augur took place in mid-July when the platform demonstrated a rapid rate of growth and increased its user base, daily volume and amount of stake on the platform. As of July 25th, around $1.5 million are at stake on the Augur prediction market.
The three largest bets on the network account for about 80% of the ether at stake, which include:
- Will the price of Ethereum exceed $500 by the end of 2018 ($685,000 at stake, biggest bet)
- Will REP token trade above $32 at the end of 2018? ($479,115.72 at stake)
- Will the Ethereum (ETH) marketcap be higher than the Bitcoin (BTC) marketcap on December 31, 2019 at 24:00 UTC ? ($27,097.03 at stake)
The Augur platform its known for its data verification, which is exactly where its complexity lies. For example, if we take the largest bet on Augur (mentioned above), the platform would have to verify that the price of Ethereum is actually larger than $500. However, there are many variables surrounding it which is why it is difficult to verify the specific piece of information in an accurate way.
As the creator of Augur and the co-chief Information Officer at Pantera Capital Joey Krug mentioned:
“Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavor].”
The long-time contributor to CNBC’s Fast Money show, Brian Kelly, also pointed towards Augur and its impact on the Ethereum network in the live show, explaining:
“Augur was one of the oldest ICOs [initial coin offerings] and the platform has been in development for about two to three years now. What’s interesting about this is probably going to be one of the biggest decentralized apps launched on top of Ethereum. If Augur doesn’t slow the system down [unlike CryptoKitties] that could generally be a positive for Ethereum.”
About 1% Of The Total ETH Supply Is Locked In The MakerDAO Smart Contract
What's interesting is the following... Even though the blockchain shows around 1 million in ETH locked up in Maker smart contracts, Dai's token market capitalization is about a third of the figure, currently sitting at $72 million. The way this system functions is simple - users pool Ether together (referred to as PETH) and are issued Dai tokens which are deposited and stabilized at $1. One term that is widely used in these discussions is "WETH" which is short for "wrapped Ether" and a concept of the MakerDAO. At the time of writing, there is a total of 967,507.91 ETH locked in the primary Maker contract.“You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain."
January 16th: The New Goal For Ethereum’s Constantinople Blockchain Upgrade Launch
"We can just say mid-January, it doesn't make difference if we decide on a date or not. We can always postpone."Other developers pointed to Ethereum's so-called "difficulty bomb" which is an algorithm that is embedded within Ethereum's code that makes blocks steadily harder to mine - and one that was put in place to act as an incentive for encouraging regular updates in the network. Constantinople has delayed this difficulty bomb for a further 18 months while decreasing the Ethereum mining reward from 3 ETH to 2 ETH per block. However, Szilagyi noted that the software upgrades which will implement the hard fork should be released before the end of the year
"All clients should release a stable version with the baked in block number before Christmas," he concluded.
ConsenSys Creator: Blockchain Is Much More Complicated Than The Internet And Will Take A Little Longer To Develop
''Blockchain projects will enable people to build more things that will come in handy again. That's how the web was developed. It will probably take a little longer because it is much more complicated. Also, because we work on topics such as digital money, Blockchain will permeate society more than the Internet. Everything will be networked in a Web3.”ConsenSys was created right before Ethereum was released with one goal only-to build tools and the right infrastructure so a decentralized system can be created in which Ethereum will function and also not focus on controlling the ecosystem bur promoting it. While explaining how the current internet functions and how the blockchain does as well, he said that the internet today and the nature of the blockchain technology is completely contradictory which enables a ‘’self-determined, sovereign identity.’’
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