Home / Latest Breaking News / Ethereum-Based Augur Enhancement App Veil Closes Up Shop

Ethereum-Based Augur Enhancement App Veil Closes Up Shop

The Ethereum-based predictions platform Veil is shutting down, in keeping with an legit Medium submit on July 11.

As of July 11, no new markets will likely be added to the platform. Buying and selling will likely be disabled solely on July 24. Veil co-founder Paul Fletcher-Hill really useful that customers redeem open positions, withdraw positions from lively markets, and withdraw Veil Ether and convert it to Ether. 

Veil was once one of those extension to the Ethereum-based predictions marketplace Augur. Augur is a predictions marketplace — that also exists — that makes use of good contracts to let customers create and guess at the result of any match with the cryptocurrency Ether. 

For example, the highest 3 bets indexed at the Augur marketplace, at press time, are “Will Novak Djokovic be the 2019 Wimbledon Males’s Singles winner?,” “Who will Win the The First Democratic Number one Debate?,” and “Will Serena Williams be the 2019 Wimbledon Girls’s Singles winner?”

In April, Augur additionally added the choice to make use of the stablecoin through MakerDAO, DAI, on its platform.

In keeping with its site, Veil was once supposed to “convey Augur mainstream” and enhance consumer revel in through dashing up its transaction processes. Veil purportedly let customers business at the Augur market quicker by way of the 0x protocol, and supplied quick agreement through permitting customers to promote their stocks to Veil earlier than local finalization of Augur transactions at the blockchain.

In discussing the explanations Veil didn’t meet its luck targets,  Fletcher-Hill famous plenty of problems, together with that the platform won’t were pleasant sufficient to crypto rookies:

“We didn’t be offering a excellent onboarding revel in. Crypto as a consumer base remains to be early, and we didn’t make it simple sufficient for customers with out crypto or a pockets to get began.”

Another spaces of outrage he famous come with no longer being decentralized, no longer being regulated, and most likely looking to be offering too many choices as a broad-scale predictions marketplace. Fletcher-Hill wrote:

“… in the end we didn’t discover a excellent have compatibility between what we had been development and the marketplace because it exists these days. … However these days the neighborhood of customers is small, and we predict there are upper have an effect on services we will be able to construct for the instant long run.”

As in the past reported through Cointelegraph, Augur got here underneath hearth from Reddit and main crypto trade Binance because of having an obvious design flaw. The flaw it seems that lets in customers to run scams, of types, through issuing predictions with unclear or contradictory prerequisites for answer.

Binance additionally mentioned that low liquidity, barebones capability, advanced mechanics, and an unclear option to governance had been further problems it noticed with Augur.

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