The next iteration of the pioneer in blockchain prediction and betting market – Augur v2 is slated to be launched in Q1 2020, with the team posting recently that its coming soon. The testnet has been deployed, bug testing is underway, the trading system is being worked upon and bug bounty is being offered, to ensure a smooth launch and experience for users. Let’s have a look on what improvements and enhancements, it would bring to the Augur platform.
1/6 🔮 Augur v2 Development Update
The development of Augur v2.0 is in its final stages. At a high level, the remaining work is UI integrations for services to improve UX, finding and fixing bugs, and performance testing— Augur (@AugurProject) March 13, 2020
Augur is currently relatively slow, slightly expensive and clunky. This, however will change with the arrival of the second iteration of the platform. It still works, though there is a lot of room for improvement.
The original plan was to release the upgrades in batches, with the integration of the 0x protocol for cheap order management coming in v1.5, integration of DAI stable-coin for settlement in v2 and integration of scaling solution for reduced latency and fast operation in v3. Now, all that will be released in Augur v2.
The Augur v2 will bring revamped trading and betting user interfaces, fiat on ramps, login options with email, phone number, Google accounts, protocol upgrades, enhanced market making, focus on growth etc.
Faster Market Resolution and Oracle System
In Augur v1, the fastest time in which a market can be resolved is approx 7 days. The Augur v2 will settle bets and predictions in 24 hours, which will bring efficiency, faster settlement and reduce dispute resolution time.
DAI Settlement Layer
The Augur v1 used wrapped ETH accompanied by Augur contracts to take privileged transfers. The v2 will use DAI collaterized stable-coin as the settlement layer.
The fee is adjusted based on the total open interest (OI) on the protocol and the price of REP. In order to obtain the price of REP, Augur v2 will utilize Uniswap v2 as a decentralized oracle and price feed. Additionally, Augur v2 will use Uniswap v2 to pay the 0x protocol fee using DAI.
Augur is an Ethereum based decentralized peer to peer (P2P) limitless betting exchange and prediction market, allows users to predict and bet on the outcome of worldwide events. The entire platform is powered by smart contract supported by oracles, for provision of accurate real-world data for determination of event’s outcome and automatic payouts. The platform charges low 1% fees with no withdrawal charges. The platform’s native token is Reputation (REP) with a maximum supply of 11M tokens.