Veil, a decentralized application that mostly interacts with Augur to help crypto users create and participate in prediction markets, is going away.
Prediction Markets Just One Mass Appeal for Crypto
The product itself that is. The company behind it will continue developing new products, and one thing that Veil leaves behind is the ability to easily create smart contracts on the Augur platform via a creation tool.
“[W]hile we’re sunsetting the Veil product, the Veil team and company will continue as is. We’re lucky enough to have great partners, and we have a number of projects we’ve been working on internally that we can’t wait to share with the community.”
That tool will be open source, along with everything else from Veil moving forward.
But the crypto startup is developing new projects, with new aims.
Prediction markets are seen as one of the many use-cases that blockchain can have an undeniably positive effect on.
In a prediction market, participants pool their prediction bet monies and take winnings based on the outcome of an external event. Any external event – including such controversial bets as whether President Trump will be assassinated.
Blockchain enables these controversial markets to stay open – and honest.
The Augur system employs “oracles,” users who earn reputation tokens by participating in ensuring that the correct result receives the reward from a market.
Veil Leaves Behind Open Source Legacy
— Veil (@veil) July 12, 2019
Veil urges everyone to close out their expired Veil markets and not open any new ones.