The Forecast Foundation has announced the launch of its decentralized platform on 11th July. This platform will be used to bet on the outcome of events. The first prediction markets are already being created and new bets have been placed.
Decentralized applications are powered by blockchains, and operated by no particular entity. Owing to the fact that decentralized apps are still fairly new to the market, whether or not it will be a success cannot be determined yet.
Augur has already become the fifth-most popular dApp in the market, 12 hours after it was launched on the Etherum blockchain. It has already raced ahead of CryptoKitties, one of the most recognized market leaders since December of last year.
Augur has about 300 wallet addresses that are interacting with its smart contracts, and it ranks on the third place in terms of its volume. While CryptoKitties is at 23 ETH [$10,000] in volume, Augur stands at 910 ETH [$400,000] already.
Users already had complaints against Augur owing to the fact that outsized demands from supporters were not met. Augur has, however, addressed the arguments going on and assured the supporters that things are to get better with time.
In addressing this, Joey Krug, the Founder of the platformed tweeted:
“Everyone knows that Augur UX is bad right now because of issues that only appeared on mainnet in production, pointing it out on twitter isn’t saying anything useful/productive.”
Ryan Berckmans, co-founder of Predictions said:
“A platform like Augur needs to build a history of reliability before serious money moves in, this is a trend we’ve seen with blockchains in general like Ethereum and Bitcoin.”
Augur is new to the market and has already seen great success so far. This, to some extent, acts as validation to Augur’s team’s “better with time” stance.
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