Augur (REP) Gets Ready for Its First Major Upgrade

Auger, the cryptocurrency prediction platform, has revealed that their latest version of their product is focused on eliminating sources of clunkiness and confusion within the user interface, extra cost, and risk.

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Auger, the cryptocurrency prediction platform, has revealed that their latest version of their product is focused on eliminating sources of clunkiness and confusion within the user interface, extra cost, and risk.

Augur prediction platform would get better

The Ethereum-based platform has been received with excitement by the cryptocurrency community since it was launched in July 2018 but continues to face criticism that their user experience is still relatively poor.

The daily user count on the platform shrunk to 100, a far cry from the over 300 daily users that were recorded when the platform was launched.

Tom Kysar, the head of operations for Augur, believes that the upgrade would address most of the problems users have with the platform, and would lead to a better, faster, and cheaper Augur.

The project stated that token holders interested in the new version would have to move to the new smart contract if they wish to upgrade.

Additionally, the team promises that the upgrade will be backward-compatible with the current version.

The second version of the platform would entirely eliminate the normal trading functions, instead only offering live trading where users can get to set the gas limit on their trades.

Another change that Augur is looking to eliminate the very inefficient and complex system for compensating the site’s “reporters” – users who post the outcomes of events to the platform.

The reporter fees in this new upgrade will be collected into a single contract and would be sold off for REP tokens (the native coin of the platform).

The REP tokens earned this way would then be destroyed and the REP holders’ fees would be paid out with no gas cost attached.

The platform has also put in place some changes to the network’s gas costs, with the cost expected to be slashed by 25 percent or more once the upgrade has been completed.

Risks using Augur would be reduced

As a decentralized prediction platform that makes use of cryptocurrencies, there are bound to be some risks involved for the users. Augur, however, is looking to reduce such risks associated with using the platform.

The integration of the Dai stablecoin on the platform would mean that users would not be affected by the volatility of Ethereum.

The development team stated they want to focus only on events that can be verifiable. The Forecast Foundation will enable users to vote on the validity of a market, which would help others decide if the market is subjective.

In addition to that, the new version would be designed to ensure that things are done faster. At the moment, a designated user is given three days to intervene before other users can collect the reporting fees.

The Forecast Foundation wants to reduce that waiting period to just one day, while also eliminating the week-long waiting periods between disputes rounds.

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