The cryptocurrency market has slightly rebounded by $7 billion over the last 24 hours, despite the struggles of bitcoin, ethereum, and other major cryptocurrencies in the global market.
Earlier today, on May 17, the Augur team announced that after years of development, the smart contracts of Augur will be live on the Ethereum mainnet on July 9, 2018. The official announcement of the Augur team led the market to react, allowing the price of REP, the native token of Augur, to surge by around 10 percent.
Due to the weak performance of bitcoin and Ethereum, most tokens and small cryptocurrencies in the market have not been able to record any major gains over the past week. In fact, most well performing tokens in early May including EOS, 0x (ZRX), and WanChain (WAN), fell by large margins over the last three days. As such, the 10 percent gain of REP during a highly volatile period like this week is noteworthy.
Augur was founded in 2014 by Joey Krug as a decentralized prediction platform. In a statement, Krug revealed that the original Augur smart contracts on Ethereum were written before solidity, the most widely utilized Ethereum programming language, was invented.
“We’ve shipped production vuln free code before on Ethereum like the original augur sale smart contract which handled 1M ETH. We’ve been writing contracts on Ethereum since before solidity was even a language,” said Krug.
He further emphasized that Augur is undoubtedly the complex project on the Ethereum network and is about 10 times more complicated than MakerDAO, which he noted is the second most complex project on Ethereum.
Krug stated that developing a solution to solve consensus on real-world events, which Augur users can place bets on, has been as difficult as solving proof-of-stake consensus algorithm due to scalability flaws.
“Solving consensus on real world events was initially a research problem, we thought some previous literature had solved it, but it turns out it really hadn’t and had severe scalability and inventive flaws the more we audited it. It’s imo about as difficult as solving PoS. Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavors,” Krug added.
In consideration of the complexity of Augur’s smart contracts, the deployment of Augur on the mainnet of Ethereum is a monumental milestone for both Augur and Ethereum. Hence, a major movement in the price of REP was expected by investors given the significance of the deployment of Augur smart contracts on the Ethereum mainnet.
However, the 10 percent increase in the price of REP has demonstrated the state of the market. Which has been on a continuous decline since early May. Even ICON, which secured a partnership with LINE, a Japanese messaging application with more than 200 million users, did not see any major movement in its price on May 16.
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Last modified: May 20, 2020 8:47 PM UTC