Joey Krug, one of the founding members of the Forecast Foundation, the team behind the world’s first blockchain-based decentralised gambling platform known as Augur, has announced that he expects Version 2 of the platform to arrive “some time around late September.”
Krug, who spoke with Blockchain podcaster Jason Choi in recent days, also outlined some of the major upcoming changes to Augur, most notably the inclusion of DAI – a cryptocurrency pegged to the US Dollar that will eliminate the risk associated with gambling via Ether, itself a cryptocurrency whose exchange rate with traditional currencies is generally exposed to strong market volatility.
A venture capitalist with a background in software development, Krug also covered a second important update to the Augur protocol that will remove users’ exposure to market manipulation. Currently, the platform’s mechanisms for market dispute resolution contain a flaw in logic which allows bad faith actors to profit from forcing markets into resolving as invalid.
“It was one of the very few flaws from Version 1; and the fact that there was so few surprised me,” he stated.
Augur is an open blockchain software project that allows users to either bet or act as bookmaker directly with other users across borders and with no restrictions on liquidity. Since its release in July 2018, it has consistently ranked as one of the most popular dApps around.
dApps are so-called decentralised applications built on top of open blockchain technology – and whilst their numbers have been flourishing in recent times, their user adoption numbers have so far largely been modest at best. Augur is one of the few such applications to have gained international resonance since its launch. Currently its platform is thought to engage around 200 active users on any given day.
Krug acknowledged the user traction problem in conversation with Choi, but outlined his view that Augur – which he states should be seen as a protocol and not a platform – offers entrepreneurs and developers the ability to create new prediction market platforms without the traditional back-end cost of doing so, thus allowing entrepreneurs to focus their energies on user attraction.
Since Augur’s launch, at least four start-ups are known to have started building prediction market platforms on top of its protocol. However, one of these announced its decision two weeks ago to close operations, citing difficulties in gaining traction for its business model.
Whilst Krug re-iterated his belief that the new version of Augur will be available by September, he also conceded that, as with most software projects, there is a chance its release could be pushed back further – although he underlined his certainty that the release will occur before the end of 2019.