The decentralised platform for predictions Augur, which launched in early July, announced closure of first prediction markets and paid about $20,000 in ETH to predictors and bidders.
The largest prediction market, launched on Augur, was the question about the results of the World Cup semi-final match between France and Belgium. The stake placed was worth more than $18,456 in ETH.
The first predicted markets opened by users showed that the platform is working generally well, Augur co-founder Joey Krug told CoinDesk, adding that only a few minor UI errors were detected.
Augur is a peer-to-peer network that allows all users to create forecast markets and participate in predictions, such as election results or prices of bitcoin or oil barrels. Participants of the markets make bets, answering a certain question and giving their predictions. The fundamental principle is the hypothesis of crowd wisdom, when the average answer from a plurality of voices turns out to be more accurate than that one of a small group of experts. Those who made bets, get a profit or lose, and predictors get 50% of system trading fees. The higher the reputation, the higher the trust and the percentage received from trading fees. About two years after its ICO Augur existed in beta-testing version.
While the platform demonstrates successful launch and closes first markets of predictions, the amount of money placed on the open prediction markets has risen sharply. According to Predictions.Global, there are more than $1,09 million at stake in all prediction markets on Augur. Since Monday this figure has shown almost threefold growth.
The most popular themes for prediction markets are price forecasts for cryptocurrencies, such as Ethereum, bitcoin or REP (Augur token)