Cryptocurrency

Search Engine for Prediction Markets Acquired by Veil

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Veil, a venture-backed startup recently acquired Predictions. Veil co-founder has mentioned in a mail that by far Prediction has been the most utilized and most known third-party-developed Augur product.

Augur being a decentralized protocol on ethereum blockchain platform enables investors and users to form predictions around anything in the market. About two weeks ago the Augur network was launched which created an unexpected surge in the REP price. The system was expected to address and be a solution for many concerns related to the Augur prediction markets.

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Prediction lists all the 388 open betting markets which are run on Augur (so far). In 2015 Augur was built with an ICO. But other than the advantages of the protocol, Augur is quite technically demanding when it comes to the use whereas Veil is more sporting user interface that makes it more comfortable and fast to use and place bets on the topics which are limited.

During the launch of the Augur product, Veil mentioned that it had undertaken funding round from some of the financial investors that include Sequoia Capital and 1confirmation.

Using the Veil’s mainnet, markets included crypto-subordinates for BTC, REP and ZRX first bet on which film will win Best Picture at the 2019 Academy Awards. The market is still up and excited for the upcoming Super Bowl.

For the Veil, it is still an excellent opportunity to drive more users to the site through Prediction.Global.Hill the co-founder of the Veil also told that one of the noticeable changes in the product is that the markets that are being supported by Veil will probably start including a link to trade on Veil.

One of the best things about the Veil is that all of the kinds of markets that are currently existing on the Augur are well supported by it. Fletcher-Hill also mentions that as of know the motto of the product is to support as many markets as possible to bet.

Veil post it launches also promised its users two benefits of using Augur directly. One of which is that users will be able to place bets without paying any gas fees and it seems to work well for Veil till now. The second benefit is the instant settlement for markets.

Whereas in other Augur market users may have to wait a while to be paid out but Veil promises to pay out the users instantly if the feature works out.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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