The developers of the decentralized prediction market based on Ethereum Augur have launched the second version of the platform with the ability to settle in stablecoins.
According to the developers, the update will lower trading fees, speed up transactions and improve user experience. As stated on the Augur website, the contracts of the second version of the protocol have already been launched on the Ethereum mainnet and have been successfully verified in the Etherscan blockchain explorer.
The main innovation in the second version of the platform was the settlement of rates "in dollar terms". In the first version of Augur, settlements were done over the air, and users were at risk of volatility. In the updated Augur platform, users can use DAI stablecoins.
“The DAI is pegged to the US dollar, and if it remains stable, payouts to betting users will be in line with their expectations. In fact, this is the most important change in Augur. In addition, we have completely redesigned the user interface, making it look like Binance or Coinbase Pro, ”said Peter Vecchiarelli, COO of Augur.
Vecchiarelli added that the Augur platform can now be run in a browser. Previously, users had to install a special application for this. Augur has also implemented new mechanisms to prevent the processing of data obtained from “invalid or misleading” markets. This means that in the new version of the site, cybercriminals will not be able to exploit vulnerabilities in the architecture of Augur prediction markets and turn to their advantage "invalid" bets.
We are talking about bets that do not have a specific end date and clear description, or the description of which contains language and grammatical errors, as a result of which the real meaning of the message may be distorted. Therefore, a parameter has been added to the platform whereby users placing a bet can indicate its possible outcome as “invalid”. This will allow them to predict the occurrence of invalid bets and compensate for their losses.
In order for REP holders to use the Augur reporting system, they need to manually exchange their REP tokens for REPv2. This can be done through the Augur client or through custodian exchanges that support REP tokens, as required by those exchanges.
As a reminder, the Augur platform was launched in July 2018, three years after the start of development, and its alpha version was first presented in 2015.