The crypto currency market has slightly rebounded by $7billion despite the struggle of bitcoin,ethereum, and other major cryptocurrencies in the global market.
Augur deploy smart contracts on ethereum mainnet. Earlier on may17, the Augur team announced that after years of development,the smart contracts of augur will be live on the ethereum main net 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. infact, most well performing tokens in early may include EOs, Ox(ZRX), and wanchain(WAN), fell by large margins over the last three days. As such, the 10 percent gain of REP during a high volatile period like this week is note worthy. Augur which 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 handed 1m ethereum 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 maker DAO, 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 solve it, but it turns out it really hadn't and had severe scalability and inventive flans the more e audited it. its imo about as difficult as Pos. Augurs about 10x more complex than the second most complicated ethereum project, maker dao,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 endeavours", krug added.
State of the market
In consideration of the complexity of augur's smart contracts, the deployment of augur on the main net of ethereum is a monumental milestone for both augur and ethereum. Hence, a major movement in the price of REP was expected by inventors given the significance of the deployment of augur smart contracts on the ethereum main net.
However, the 10 percent increase in the price of REP has demonstrated the state of the market. which has been on a continous decline since early may. Even ICON, which secured a partnership with LINE,a Japanese messaging application with more than 200million users, did not see any major movement in its price on may 16.