Augur Platform Pays Out First Prediction Rewards

Augur Platform Pays Out First Prediction Rewards

The long-awaited prediction platform Augur has finally been launched live after three years in development. It is a decentralized prediction platform that allows users to create and place bets on any event. The users can place bets on any outcome from the weather in a city to the winner of the next college football match.

This prediction platform uses the Ethereum network and its in-house token to manage markets and rewarding the users who bet their ‘REP’ tokens on a market, only in a scenario if they win the bet. If the user loses the bet, they will also lose their REP tokens.

Augur was one of the first successful ICOs in the market with raising about $5.5 million in August 2015. Since then Augur’s in-house REP has gained the 43rd spot in cryptocurrency rankings with a collective value of $330 million.

The Forecast Foundation Firm, the project’s team released a statement with the announcement. They said,

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

The team announced that ‘the first market has successfully resolved’ indicating that the predictions were related to the France/Belgium Football World Cup semi-final match results. The Augur CEO Joey Krug said that users who bet on France won approximately $20,000 in Ethereum collectively. A lot of people took on Twitter to congratulate Augur on the success of this platform. Bryan Rathouz said,

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!

The CEO of Augur is ambitious and positive about Augur’s growth and is hoping for the platform to expand even further stating that ‘next week should be bigger’.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.