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Augur, a decentralized forecasting platform on the Ethereum blockchain, recorded over $ 2 million in bets on election night.
During the US mid-term election, as Augur co-founder Jeremy Gardner said, bets placed on the US midterm result initially reached $ 900,000 and eventually exceeded $ 2 million.
That is, over 60% of Betfair bets, the largest betting platform in the world, were recorded during the midterms.
"There are $ 700,000 bet on Augur for today's mid-term election PredictIt, the leading forecasting market, has $ 550,000 Betfair, the largest betting site in the world, has $ 3 million. He said Gardner on November 6th, adding "Over $ 900k, I'm sorry".
Growth of dApps
Since its launch on the Ethereum mainnet in July, Augur, often described as the most complex dApp on the Ethereum blockchain network, has seen a significant increase in the number of active bets and users.
In July, BKCM's managing director, Brian Kelly, noted that the launch of Augur represented the progress that Ethereum has made in the last year in terms of scalability, especially if it is able to manage large dApp of the transaction output as the Augur application.
At that time, Augur was already giving away millions of dollars and the large amount of ETH, Ethereum's native cryptocurrency, placed on the platform to bet on a variety of topics led investors of both the platform and the Ethereum blockchain network to be optimists in the long-term growth of the sector.
"Augur was one of the oldest ICOs [initial coin offerings] and the platform has been in development for about two or three years. The interesting thing about this is probably one of the biggest decentralized apps launched on Ethereum. If Augur does not slow down the system [unlike CryptoKitties] that could generally be a positive for Ethereum. "
This week, after recording a five-fold increase in the number of active users, Augur demonstrated a participation of over $ 2 million on a single topic that is the election in the middle of the United States, showing promising progress and growth from his main version four months ago.
#Augur. Returning to show the total OI statistics at the moment. pic.twitter.com/elD69BCrIH
– defroi (@ defroi555) 2 November 2018
According to DappRadar, a platform that provides real-time data of the dApp, Augur has recorded a volume of over 4,000 ETHs in the last 24 hours, equivalent to $ 880,000 based on the current price of Ethereum.
The daily volume of Augur surpasses that of the five largest games based on Ethereum and approaches that of the largest decentralized stock exchanges on the market including IDEX and ForkDelta.
Killer applications of the Blockchain
Bitcoin has long been considered a killer application of blockchain technology due to its ability to completely decentralize the process of payment settlement between multiple parties.
Betting, like payment settlement, is an activity that can be performed in a purely peer-to-peer manner with systems of guarantee contracts and smart contracts in place, made possible by the use of Ethereum.
With the evolution and maturation of blockchain technology, it will be able to support multiple applications and maximize its potential in a select group of areas that can benefit from decentralization.
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