Augur Facing User Criticism Following Successful Network Launch
Jul 10, 2018
The decentralized prediction market platform, Augur, successfully launched their client and initiated token migration today, July 10, after being in development for over two years. The company was one of the earliest ICOs within the crypto ecosystem and raised over $5.5 million in 2015.
Augur’s token migration took several hours and involved freezing current ERC-20 smart contracts to facilitate the migration over to the new REP tokens. The new smart contracts can no longer be paused by the Augur team.
Exchanges have also been notified to update contract addresses. Binance recently confirmed that they switched trading over to the new contracts and will resume trading as usual.
What is Augur?
The Augur platform is a predictions-based marketplace where users can create a wide range of events spanning from presidential elections to sports matches. Once these events have been created, users can purchase shares of their predicted outcome. Following the event’s conclusion, traders will automatically settle these wagers on the blockchain. Augur incentivizes token holders by ensuring there is no misinformation regarding the reported real world data.
Augur team members created a website called Predictions.Global, which will allow users to view current markets to wager without downloading client software. Currently, FIFA soccer games seem to be the most popular events among users.
Growing Pains: Augur Facing Harsh Criticism
However, the launch has not been a complete success. Some users have complained that the platform is surprisingly difficult to use. Reports of a convoluted interface and issues locating straightforward features are currently plaguing the network.
Other prominent complaints include issues with depositing funds and excessively high fees. The fees in particularly will more than likely limit the appeal of the platform and narrow its audience towards wealthier investors.
A look at some fees:
– Creating a market costs ~0.07 ETH or $30 at current prices
– Creating an open market order of just .0005 ETH costs $3 pic.twitter.com/1atzV6SHtx
— Brendan Bernstein (@BMBernstein) July 10, 2018
Augur has recognized these difficulties and is advising users to “hang tight” and submit issues to their Github repositories. Any updates concerning the progress of these technical issues and resolutions to prior issues can be found on their official Github page.