The Augur platform waiting for the first major update

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The Augur platform waiting for the first major update

October 5, representatives of the decentralized platform Augur announced readiness to the first update of the system. Developers have begun “tentative planned changes” for deploying Augur version v2, which will be simplified from a technical point of view. What updates will affect the network?

Not ready Augur v2

Augur is a well-known P2P platform, open-source, which you can use to place bets and forecasts (with a guarantee of payment in case of success) in any event. The system is based on hundreds of smart contracts Ethereum with their REP tokens. Planned network updates, according to developers of the project, will help to simplify the system and make it more friendly for new users. The upcoming version of Augur v2 will include a number of improvements to the internal working platform, which are designed to eliminate confusion, eliminate additional costs and reduce risks.

In his blog, the Augur explained that all changes at this point are indicative and will remain so as long as the code will not end up written and tested. For network deployment will require additional manual migration of REP on a new set of smart contracts Augur, they will update all tokens will become valid for standard ERC-777 and ERC-20. The update is compatible with the current version of the project and will maintain all original functionality, although the “specific changes will affect the underlying Protocol”.

The redesign will also be uncomfortable, according to many users, the application interface of the platform where now there are problems in the sections “position”, “transactions” and FAQ. Head Augur That Kisar said that all the wishes of the community in the new version will be considered.

The main changes network

Most attention will be paid to the reform processes and simplification of trade in the markets Augur. For example, at the moment the platform supports two versions of each commercial functions, which the developer said the project Forecast Foundation Alex Chapman, “actually don’t work”. After one user allows another to set a gas limit, trading stops.

Another change will affect “a very inefficient and complex” system to compensate for the so-called “reporters” — users who report information and enter the results of the event, who has won the game or election. Duty is now to compensate these members of the network are in the upcoming contract, which is changed every 7 days. Reporters may obtain a share of these fees by buying tokens Augur or participating in the debate, and then buying the tokens that they receive in exchange. This is a very inefficient and complex way to compensate reporters.

In the second version, the system will charge the fee for one contract and sell them for the primary token platform REP. Sam smart-the contract will be destroyed. According to representatives of Augur, this procedure is effective for contributions by all holders REP with zero cost of gas. So it turns out more favourable tax treatment.

Other changes also focused on the transactional costs of the Commission. Some reformation to smart contracts, although it is not specified what kind, will help to reduce the cost of gas by 25% or more.

Attention to the risks of

Some of the planned changes Augur v2 aims to reduce and eliminate risks associated with the use of the platform. Due to the planned future integration with steilcoom DAI (marketed by developers as the cryptocurrency that solves the problem of high volatility of digital assets) Augur users do not have to be subject to constant change in the value of the ether. Thus, the developers plan to develop a concept of independence for projects that are created on the platform.

Other changes are designed to make Augur a more clear and objective in terms of information contained in projects created within the network. After all, it was originally planned that these markets will refer only to the empirically verifiable, real events in life: whether it is raining, whether the team won or lost whether a coin at this price. In practice, users create projects, which are based on rhetorical philosophical question “does God exist?” and “How to do the right thing in a given situation” and so on.

The question of whether the market is recognized as invalid, is solved by owners REP, whose tokens enable them to participate in the vote for blocking questionable projects. Uncertainty confuses users, many do not understand what markets you can bet and which are not. This reduces the interest in Augur, because users may lose their bets on those markets which later will be marked as invalid.

To provide some clarity, Augur plans to permit betting on the equity market, where users will be able to see the decisions and opinions of other members of the network. Will be a function of adding a message where everyone can argue your choice. Also market makers can provide higher bond action, to signal the authenticity of the market and opportunities to trade on it safely.

It is planned that Augur v2 accelerate the process of betting. At the moment the “designated reporter” is the address specified by the Creator and organizer of the market, has three days to think, before other users will be able to charge a fee for statements. Now the decision will be reduced to one day, all the weeks of waiting between rounds of disputes will be removed automatically. The user kit will not be able to halt the process.

Not about that asked

Upcoming changes that were proposed by developers Augur, probably will improve user interface, add new features and make the work on the platform more understandable. But it’s not quite what you asked for network members, since the requirements in the “wish List for the Augur”, which was posted on Reddit, said another. It tells of platform and application Augur a need to simplify the navigation on the user interface level (UI), and not to improve the efficiency of the Protocol itself, Augur, whose work suits the members of the network.

Users said they wanted to have the ability to more effectively search for true open markets for keywords in the title and not just by tags, as is done now, and not sort them by categories in volume, liquidity, or in alphabetical order.

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