Augur [REP] is scaling new peaks, as more and more users use its platform to place bets on on real world events. Interestingly, cryptocurrency advocate John McAfee believes that crowdsourced predictive technologies are just around the corner, and Augur may have the potential of becoming a major player in the space.
Crowdsourced predictive technologies: Just around the corner. Will Augur be a main player?https://t.co/cBHMQy07NY
— John McAfee (@officialmcafee) July 21, 2018
Augur just launched this month after a public beta version for the platform ran for two years, and is one of the earliest decentralized applications built on the Ethereum protocol.
Joey Krug, co-founder of Augur, once said that he pictured a world where one could ask Siri, “who will win the 2020 presidential election in the U.S.” and the application would return results saying “according to Augur, John McAfee has a 47 percent chance to win the 2020 presidential election”. McAfee had announced last month that he would run for president in 2020 to “best serve the crypto community.”
More users are using the platform to place bets. At the time of writing, betting volumes were a little over $1.4 million in 614 markets, according to data from Predictions.Global – a website that displays Augur betting markets.
The platform had resolved its first prediction market last week, reportedly sending payments of Ethereum [ETH] worth $20,000 to the first set of users who placed bets using Augur.
How does Augur work?
Augur allows users to stake native tokens REP ERC-20 on an event, and then rewards users if they rightly predict the event’s outcome. However, users stand to lose the tokens that have been staked if they have predicted the wrong outcome.
The application was upgraded on Saturday to address certain concerns. Since the platform is growing, it plans to release a new version which would fix glitches in the current application.
v1.0.6 will also be arriving shortly, which has some other large sync speed improvements and UI fixes. Hang tight! pic.twitter.com/dG4PYTaFIW
— Augur (@AugurProject) July 21, 2018
Krug told mediahouse CoinDesk that since an increasing number of users are placing bets on the platform, the next round of settlements will be much bigger.
REP price analysis
The virtual currency experienced a breakout from the first resistance level, which can traced at $37.3. However, the digital asset has struggled to breach the current resistance level found at $38.4.
The 100 EMA line showed that the coin’s prices were experiencing an uptrend. The MACD exhibits that the cryptocurrency is trading in the bullish zone. The cryptocurrency was in a significant trading range of $32.6-$38.4.
In the last week alone, the coin has gained nearly 15 percent, data from CryptoCompare showed. As of 1030 GMT, REP was trading 10.9 percent higher against the U.S. dollar at $33.40. In Bitcoin terms, the digital currency was worth about 0.00436 BTC.
The coin could see more bulls bet on its success, and many believe the digital asset has the potential to rise even higher. According to Smartereum, some observers have predicted that the token will end the year above $60!
The coin is currently ranked as the 40th most valuable cryptocurrency, according to CoinMarketCap, with a market capitalization of close to $367 million. Notably, Augur was also one of the first successful ICOs, raising around $5.5 million in 2015.
Image via Shutterstock
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