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Paul Fletcher-Hill is Veil's CEO and in a post published today, Jan. 16, announced that the new Veer peer-to-peer forecasting market has been launched on Ethereum Mainnet.
The company describes itself as "A peer-to-peer trading platform for forecast and derivatives markets on Augur". The platform offers users the opportunity to bet on a range of peer-to-peer prediction markets as well as trade in various digital assets using leverage.
Through the Corporate Medium blog published today, users on Veil will not be able to buy and sell five times the amount of leveraged digital currencies, bet on who will get an academic award, speculate on the price of the Ethereum gas and on the hash rate and will be able to exchange GRIN which is the new Mimblewimble native token on the platform.
Veil is only listing some selected markets as part of the launch on Ethereum Mainnet. In addition to this, the company is trying to keep its quoted markets limited to "Fair markets". With this in mind, it has implemented a feature to allow users to name an Augur market for the Veil platform where users will be able to enter an Augur market ID for approval of the list.
The platform applies a commission of 1% on all transactions and a reimbursement fee of 1% for users who choose to use the instant payment function.
mainstream
Before this announcement, Veil said so "It is designed to bring the mainstream of Augur". All forecast markets have found Veil to be shown as Augur markets on Ethereum. However, Veil has made some improvements to Augur's experience to make forecasting markets easier to access more traditional users.
As reported by Head of BTC, the platform first looking at "Use the 0x protocol to make trading faster and cheaper by reducing the number of interactions with the Ethereum blockchain, for example, business cancellations occur outside the chain."
Secondly, Veil wants to provide an immediate adjustment to ensure that users are paid faster. Augur, on the other hand, has a decentralized oracle system that ensures that forecasting markets can successfully arrive at a solution, but this can take several weeks. "Veil has not conducted an ICO to finance the development of its platform, but the company based in the Cayman Islands has raised funds during a seed investment round by Paradigm Sequoia Capital and 1confirmation."
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