#Ethereum #dApp #Augur (#REP) Records $2 Million in Bets in US Midterms
Augur, a decentralized prediction platform on the Ethereum blockchain, has recorded over $2 million in bets on election night. During the United States midterm election, as Augur co-founder Jeremy Gardner stated, bets placed on the outcome of US midterms initially reached $900,000 and eventually surpassed the $2 million mark. That is, more than 60 percent of the bets Betfair, the biggest betting platform in the world, recorded throughout midterms. “There’s $700,000 staked on Augur for today’s mid-term election. PredictIt, the leading prediction market, has $550,000. Betfair, the world’s largest betting site, has $3 million. That’s progress,” said Gardner on November 6, adding “Over $900k, excuse me.” Since its launch on the Ethereum mainnet in July, Augur, often described as the most complex dApp on the Ethereum blockchain network, has seen a significant increase in the number of bets and active users.In July, BKCM CEO Brian Kelly noted that the launch of Augur represented the progress Ethereum has made over the past year in terms of scalability, especially if it can handle the transaction output large dApps like Augur demand.At the time, Augur already had millions of dollars at stake and the large amount of ETH, the native cryptocurrency of Ethereum, placed on the platform to bet on variety of subjects led investors of both the platform and the Ethereum blockchain network to be optimistic in the long-term growth of the sector.
About Augur (REP): A prediction market protocol owned and operated by the people that use it. Augur is built on top of the Ethereum blockchain. Decentralized technology means decentralized control: no one person can single-handedly change Augur or shut it down. The code is in the hands of the users. Anyone can read the code that runs Augur or copy the code to create a new version that suits their needs. Choose an event to predict. Anything is fair game, from the next presidential election to the success of a company’s product. Check the list of open markets to see if a market already exists for your event. If not, create one. Trade on the outcome of your event by buying and selling shares in its market. Buy shares to go long on an outcome, or sell shares to short it. Report the winning outcome of the event after it occurs. Other users can dispute your report if they don't agree. Users who hold shares of the winning outcomes are paid out from the market contract when the market is resolved. Trading on the Augur protocol is done with Ethereum. As one of the most widely-used cryptocurrencies, Ethereum helps make trading on Augur accessible to all. Augur's Reputation token is used for reporting and disputing the outcome of events. Reporters are rewarded for reporting correctly.
Augur (REP) is the 48th largest cryptocurrency with a market cap size of $162,666,066 USD and a circulating supply of 11,000,000 REP. It is down 0.04% over the past 24 hours and is currently trading at $14.79.