Augur Passes CryptoKitties: Ethereum App Enters Top 5 with $400K Debut

One Augur user was so eager, they didn’t even wait for the user interface.

That may have summed up the slapdash state of affairs Tuesday, hours after the Forecast Foundation, the non-profit behind the Auger protocol, announced the launch of its decentralized platform for betting on the outcome of events. By 5:00 UTC, the first prediction markets were being created, and by day’s end, new bets were being placed on everything from U.S. elections to World Cup soccer games, all with the help of bleeding-edge tech.

“Someone must’ve really wanted to be the first,” another user remarked, as the discussion turned around how exactly the market (for betting on the winner of the England-Croatia World Cup match) had been created. (Spoiler: The game was already over).

However, it’s hard to say if the wider crypto world shared this early adopter’s enthusiasm.

As decentralized applications (apps powered by blockchains but operated by no single entity) are a new phenomenon, there remain few ways to gauge whether one could meet any criteria for success. Still, a useful comparison might be to compare Auger’s use to that of other major dapps, and on that front, there’s an argument Augur is doing well.

Just over 12 hours after Augur’s launch, the platform has become the fifth-most popular dapp on the ethereum blockchain, according to DappRadar, putting it ahead of CryptoKitties, which has arguably been the market leader since it went mainstream in December.

That makes Augur a big fish in a very small pond, though, with just 200 wallet addresses (a flawed proxy for users) interacting with its smart contracts. It does a little better – third place – in terms of the volume of ether those smart contracts have processed, but the figure is 910 ETH (or around $400,000).

But metrics aside, Augur’s promise of low-fee gambling that governments can’t easily disrupt surely has its fans (and detractors) who were there to assess the launch. On the latter front, it seems that Auger didn’t live up to the outsized demands of some of its supporters.

One user posted to the project’s Discord forum following the launch:

“I was hoping institutions would be on Augur right away, but I guess that was naive.”

Defining success

Still, viewed in the context of its cryptocurrency peers, there’s a strong argument Auger’s launch was a success.

Gaining a couple hundred daily users is rare for a dapp (just look at the hundreds of single-user examples listed on DappRadar). And a smooth launch – a launch of any kind – counts for something in the world of blockchain, where so many projects spectacularly self-immolate, or simply never materialize.

Nic Carter, co-founder of Coinmetrics.io, a site that provides and analyzes data on public blockchains, seemed to endorse this view when he tweeted, “Real volume on Augur already!”

On the other hand, there were high hopes around Augur, so more-than-zero is unlikely to have satisfied everyone.

Kyle Samani, co-founder and managing partner of Multicoin Capital, a cryptocurrency investment fund, told CoinDesk in June, “I think Augur’s going to be probably the most widely used dapp when it launches.”

He added, “I know a lot of my friends that are pretty excited about Augur who are not in the crypto space. They work in finance on Wall Street and they want to go place bets and make markets on Augur, so I think Augur’s going to be a pretty resounding success when it launches.”

Then again, Samani’s tone was more muted a few weeks later. “Not sure how much demand there will be,” he told CoinDesk a few days prior to the launch. The team, he said, wanted the process to be “slow and steady.”

UX issues

But as is often the case with ethereum – and blockchain networks broadly – complaints about Augur come down to user experience.

Posts in the Discord forum revolved around a few repeated gripes: high gas costs (in fact costs tended not to be as high as estimated costs, which put users off), the Augur app repeatedly disconnecting (this was certainly our experience) and slow syncing (including, cruelly, getting stuck for minutes at 99 percent).

A popular Reddit post addressed “dear Augur guys” urged them to “put yourselves in the shoe of the end user,” who – the post’s author argued – were likely to run into problems, give up, and not return.

Some issues – the Augur app’s tendency to repeatedly disconnect, for example – may not be the developers’ fault, at least not directly. Users who are not running their own ethereum node were given the option to connect through Infura, which some users in Discord said was experiencing more traffic than it could handle.

An Infura spokesperson told CoinDesk that the “entire team is on a video chat with the Augur team working on the issues,” adding, “It is premature to wholly attribute the issue to one particular cause.”

And Brendan Bernstein, a founding partner at Tetras Capital, argued that the problems with using Infura go beyond poor connectivity, writing, “Apps like Augur will further centralize Ethereum, by effectively forcing users to rely on trusted validators” such as Infura.

Give it a minute

Still, Augur’s team was quick to put forth the argument that all will be better with time.

Platform founder Joey Krug, in particular, took to Twitter to answer critics of the app’s user experience, tweeting: “Everyone knows the Augur UX is bad right now because of issues that only appeared on mainnet in production, pointing it out on twitter isn’t saying anything useful/productive.”

There’s still plenty of time for Augur to work out its user experience kinks and attract more gamblers – including perhaps Wall Streeters – developers involved in the project emphasized.

“This is the first step of a long journey,” Forecast Foundation co-founder and senior developer Joey Krug told CoinDesk a few minutes before announcing Augur’s launch.

Meanwhile Ryan Berckmans, co-founder of Predictions.Global, which provides a web-based user interface for Augur markets, concluded:

“A platform like Augur needs to build a history of reliability before serious money moves in, this is a trend we’ve seen with blockchains in general like ethereum and bitcoin.”

Casino image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


Privacy Policy

WideBitcoin.com is committed to safeguarding your privacy. Contact us at if you have any questions or problems regarding the use of your Personal Data and we will gladly assist you.

By using this site or/and our services, you consent to the Processing of your Personal Data as described in this Privacy Policy.

Table of Contents

  1. Definitions used in this Policy
  2. Data protection principles we follow
  3. What rights do you have regarding your Personal Data
  4. What Personal Data we gather about you
  5. How we use your Personal Data
  6. Who else has access to your Personal Data
  7. How we secure your data
  8. Information about cookies
  9. Contact information

Definitions

Personal Data – any information relating to an identified or identifiable natural person.
Processing – any operation or set of operations which is performed on Personal Data or on sets of Personal Data.
Data subject – a natural person whose Personal Data is being Processed.
Child – a natural person under 16 years of age.
We/us (either capitalized or not)

Data Protection Principles

We promise to follow the following data protection principles:

  • Processing is lawful, fair, transparent. Our Processing activities have lawful grounds. We always consider your rights before Processing Personal Data. We will provide you information regarding Processing upon request.
  • Processing is limited to the purpose. Our Processing activities fit the purpose for which Personal Data was gathered.
  • Processing is done with minimal data. We only gather and Process the minimal amount of Personal Data required for any purpose.
  • Processing is limited with a time period. We will not store your personal data for longer than needed.
  • We will do our best to ensure the accuracy of data.
  • We will do our best to ensure the integrity and confidentiality of data.

Data Subject’s rights

The Data Subject has the following rights:

  1. Right to information – meaning you have to right to know whether your Personal Data is being processed; what data is gathered, from where it is obtained and why and by whom it is processed.
  2. Right to access – meaning you have the right to access the data collected from/about you. This includes your right to request and obtain a copy of your Personal Data gathered.
  3. Right to rectification – meaning you have the right to request rectification or erasure of your Personal Data that is inaccurate or incomplete.
  4. Right to erasure – meaning in certain circumstances you can request for your Personal Data to be erased from our records.
  5. Right to restrict processing – meaning where certain conditions apply, you have the right to restrict the Processing of your Personal Data.
  6. Right to object to processing – meaning in certain cases you have the right to object to Processing of your Personal Data, for example in the case of direct marketing.
  7. Right to object to automated Processing – meaning you have the right to object to automated Processing, including profiling; and not to be subject to a decision based solely on automated Processing. This right you can exercise whenever there is an outcome of the profiling that produces legal effects concerning or significantly affecting you.
  8. Right to data portability – you have the right to obtain your Personal Data in a machine-readable format or if it is feasible, as a direct transfer from one Processor to another.
  9. Right to lodge a complaint – in the event that we refuse your request under the Rights of Access, we will provide you with a reason as to why. If you are not satisfied with the way your request has been handled please contact us.
  10. Right for the help of supervisory authority – meaning you have the right for the help of a supervisory authority and the right for other legal remedies such as claiming damages.
  11. Right to withdraw consent – you have the right withdraw any given consent for Processing of your Personal Data.

Data we gather

Information you have provided us with
This might be your e-mail address, name, billing address, home address etc – mainly information that is necessary for delivering you a product/service or to enhance your customer experience with us. We save the information you provide us with in order for you to comment or perform other activities on the website. This information includes, for example, your name and e-mail address.

Information automatically collected about you
This includes information that is automatically stored by cookies and other session tools. For example, your shopping cart information, your IP address, your shopping history (if there is any) etc. This information is used to improve your customer experience. When you use our services or look at the contents of our website, your activities may be logged.

Information from our partners
We gather information from our trusted partners with confirmation that they have legal grounds to share that information with us. This is either information you have provided them directly with or that they have gathered about you on other legal grounds. See the list of our partners here.

Publicly available information
We might gather information about you that is publicly available.

How we use your Personal Data

We use your Personal Data in order to:

  • provide our service to you. This includes for example registering your account; providing you with other products and services that you have requested; providing you with promotional items at your request and communicating with you in relation to those products and services; communicating and interacting with you; and notifying you of changes to any services.
  • enhance your customer experience;
  • fulfil an obligation under law or contract;

We use your Personal Data on legitimate grounds and/or with your Consent.

On the grounds of entering into a contract or fulfilling contractual obligations, we Process your Personal Data for the following purposes:

  • to identify you;
  • to provide you a service or to send/offer you a product;
  • to communicate either for sales or invoicing;

On the ground of legitimate interest, we Process your Personal Data for the following purposes:

  • to send you personalized offers* (from us and/or our carefully selected partners);
  • to administer and analyse our client base (purchasing behaviour and history) in order to improve the quality, variety, and availability of products/ services offered/provided;
  • to conduct questionnaires concerning client satisfaction;

As long as you have not informed us otherwise, we consider offering you products/services that are similar or same to your purchasing history/browsing behaviour to be our legitimate interest.

With your consent we Process your Personal Data for the following purposes:

  • to send you newsletters and campaign offers (from us and/or our carefully selected partners);
  • for other purposes we have asked your consent for;

We Process your Personal Data in order to fulfil obligation rising from law and/or use your Personal Data for options provided by law. We reserve the right to anonymise Personal Data gathered and to use any such data. We will use data outside the scope of this Policy only when it is anonymised. We save your billing information and other information gathered about you for as long as needed for accounting purposes or other obligations deriving from law, but not longer than 1 year.

We might process your Personal Data for additional purposes that are not mentioned here, but are compatible with the original purpose for which the data was gathered. To do this, we will ensure that:

  • the link between purposes, context and nature of Personal Data is suitable for further Processing;
  • the further Processing would not harm your interests and
  • there would be appropriate safeguard for Processing.

We will inform you of any further Processing and purposes.

Who else can access your Personal Data

We do not share your Personal Data with strangers. Personal Data about you is in some cases provided to our trusted partners in order to either make providing the service to you possible or to enhance your customer experience. We share your data with:

Our processing partners:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

Our business partners:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

Connected third parties:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

We only work with Processing partners who are able to ensure adequate level of protection to your Personal Data. We disclose your Personal Data to third parties or public officials when we are legally obliged to do so. We might disclose your Personal Data to third parties if you have consented to it or if there are other legal grounds for it.

How we secure your data

We do our best to keep your Personal Data safe. We use safe protocols for communication and transferring data (such as HTTPS). We use anonymising and pseudonymising where suitable. We monitor our systems for possible vulnerabilities and attacks.

Even though we try our best we can not guarantee the security of information. However, we promise to notify suitable authorities of data breaches. We will also notify you if there is a threat to your rights or interests. We will do everything we reasonably can to prevent security breaches and to assist authorities should any breaches occur.

If you have an account with us, note that you have to keep your username and password secret.

Children

We do not intend to collect or knowingly collect information from children. We do not target children with our services.

Cookies and other technologies we use

We use cookies and/or similar technologies to analyse customer behaviour, administer the website, track users’ movements, and to collect information about users. This is done in order to personalize and enhance your experience with us.

A cookie is a tiny text file stored on your computer. Cookies store information that is used to help make sites work. Only we can access the cookies created by our website. You can control your cookies at the browser level. Choosing to disable cookies may hinder your use of certain functions.

We use cookies for the following purposes:

  • Necessary cookies – these cookies are required for you to be able to use some important features on our website, such as logging in. These cookies don’t collect any personal information.
  • Functionality cookies – these cookies provide functionality that makes using our service more convenient and makes providing more personalised features possible. For example, they might remember your name and e-mail in comment forms so you don’t have to re-enter this information next time when commenting.
  • Analytics cookies – these cookies are used to track the use and performance of our website and services
  • Advertising cookies – these cookies are used to deliver advertisements that are relevant to you and to your interests. In addition, they are used to limit the number of times you see an advertisement. They are usually placed to the website by advertising networks with the website operator’s permission. These cookies remember that you have visited a website and this information is shared with other organisations such as advertisers. Often targeting or advertising cookies will be linked to site functionality provided by the other organisation.

You can remove cookies stored in your computer via your browser settings. Alternatively, you can control some 3rd party cookies by using a privacy enhancement platform such as optout.aboutads.info or youronlinechoices.com. For more information about cookies, visit allaboutcookies.org.

We use Google Analytics to measure traffic on our website. Google has their own Privacy Policy which you can review here. If you’d like to opt out of tracking by Google Analytics, visit the Google Analytics opt-out page.

Read more about cookies on our Cookie Policy

Contact Information

email: [email protected]

Changes to this Privacy Policy

We reserve the right to make change to this Privacy Policy.

You can configure your Internet browser, by changing its options, to stop accepting cookies completely or to prompt you before accepting a cookie from the website you visit. If you do not accept cookies, however, you may not be able to use all portions of the WideBitcoin Websites or all functionality of the Services.

Please note that disabling these technologies may interfere with the performance and features of the Services.

You may also disable cookies on the WideBitcoin Sites by modifying your settings here:

Visitor comments may be checked through an automated spam detection service.

Last Update: May 25, 2018