Augur's Troubled Token Launch Highlights 'Appcoin' Pitfalls
The crypto markets didn't responded well to the launch of Augur's digital asset. The ethereum-based prediction market came out of the gates strong last week, with its reputation (REP) tokens quickly getting listed on markets like Poloniex, Bittrex and Kraken. However, the market value of those tokens fell sharply in post-launch trading. Since then, some market observers have moved to voice their concerns about the blockchain token's long-term viability, and the viability of 'appcoins' in general. Intended to act as an incentive for prediction market users who provide reliable reports on....
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I'm pro-appcoin. There, I said it. Haters take note. Other lawyers take note. I think appcoin sales (often called "initial coin offerings" or ICOs) are a new form of crowdfunding and some can have as much legal merit as a Kickstarter or Indiegogo campaign. On the other hand, when executed inelegantly, some can break the law. One of my goals in this definitive three-part series on appcoin law is to help you tell the difference, and share my experience in how to ICO the "right" way. To set the stage, many decentralized products incorporate the use of a cryptographic....
A third of the stolen REP from the account of Bo Shen has been recovered according to Augur Co-Founder Jack Peterson, and he thinks more of the stolen tokens could still be retrieved as they continue to work with exchanges. An account belonging to Shen, one of the early investors in Ethereum and Augur, was reportedly hacked last Tuesday causing the Poloniex Augur market to bottom at the price level of 0.0001 BTC for one REP, despite the average price of 0.0035 in the previous period. The hacked wallet was a top 20 wallet by size in Augur and constituted a significant percent of the total....
Decentralized blockchain prediction market Augur has officially entered beta. First announced in early 2015 and spurred by a successful crowdfunding through the sale of its software tokens, Augur aims to allow users to trade on the outcome of events, and for the market to then leverage that crowdsourced information. With the news, Augur is now open to initial users, boasting what it called improved front-end design while enabling the creation of new markets that go beyond binary 'yes or no' answers. Further, Augur said it will soon release a revision of its original working paper as it....
It's been a wild couple of days for the team at Augur. Just 48 hours into their crowdsale, which launched at noon EST on August 17, they have raised in excess of 4200 BTC and 549000 ETH. "Unfortunately, the ether and BTC price keep falling, so the buys can't keep up with the (USD) price," said Augur's marketing director, Tony Sakich. Bitcoin has dropped from $253 USD to around the $232 mark since the Augur sale began. It's a remarkable feat for a company that has a somewhat esoteric product, built on Ethereum, arguably an as-yet unproven blockchain platform. Ethereum's Frontier stage was....
After seven months of core development, Augur, a decentralized prediction market platform that rewards its users for correctly predicting future events, has officially begun its beta test. Ethereum-Based Service. The Augur team partnered with Microsoft Azure, tech giant Microsoft’s Ethereum-based “blockchain as a service” product, to launch their application on a decentralized and smart contract-enabled platform. Because most of the settlements, including the payout and betting processes on Augur involve smart contracts, the Augur team decided to launch their application on the Ethereum....