Augur, with its REP token, has announced important updates to its predictive platform to meet the users’ demands.
These major updates include the need to migrate to the V2 platform before the V1 platform is disabled.
Augur’s predictive platform is one of the most consolidated ETH platform projects, as the team has been working on it since the first half of 2017.
The proprietary platform was launched in July 2018 and has been a very successful dApp, considering that it gained 300 users per day in the initial launch phase, but the number has fallen below 100 after the euphoria ended.
This gives an insight into the success of dApps, but it also shows the limitations of one of the most innovative projects and prospects in the virtual currency industry.
Unfortunately, according to some users, the customer experience has not lived up to the premises, and this may explain the problematic and long development of the project: it is for this reason that the development team decided to switch to the V2 platform.
The most relevant changes include:
- Integration of the DAI stable coin that will allow making the forecast bets with greater stability, avoiding the volatility of the REP token;
- A migration without incentives, so either you use the new platform or you exit the system;
- A definition of REP’s price based not on human evaluations but on an automatic double auction system;
- Buyback of the tokens for those who report the results, with the subsequent destruction of the same and a simpler system of remuneration;
- Compatibility with the new ERC777 standard tokens;
- New ways to regulate disputes, with reporters who must act within 1 day and no longer within 3;
- Improvements in API management;
- Improvements in GAS management, with management optimization and cost reduction.
Predictive markets such as Augur are an essential element for the cryptocurrency ecosystem because they could really be a predictive element but, to do so, they must work at a low cost.