Prediction market and derivatives platform Veil announced Wednesday that it deployed a new version of Augur, the decentralized prediction market protocol.
Called AugurLite, the application was created in order to support bets on the upcoming U.S. presidential election.
Speaking at the Token Summit conference in New York, Veil co-founder and CEO Paul Fletcher-Hill explained:
“What we’ve done, is very recently we wanted to support the 2020 elections. … No one has been able to support long-running markets on Augur, so what we’ve done is take some of the infrastructure to run [AugurLite].”
Augur normally is able to support long-running prediction markets. However, at present, the ethereum-based application is gearing up for a major upgrade to be activated sometime this year. As stated in a Medium post last October, the upgrade will require migration of all existing betting tokens – called REP tokens – to be moved to a new set of upgraded smart contracts.
As a result, Fletcher-Hill insisted the creation of these prediction markets on Augur now would make the bets “susceptible to dispute” later.
Emphasizing that AugurLite was created not as a competitor to Augur but rather out of a clear need, Fletcher-Hill also reiterated that Veil would still be supporting the main Augur application and its forthcoming upgrade.
Launched officially in January, Veil offers users a web interface to place bets on certain Augur prediction markets with greater speed and ease. As previously reported, the company does this by offering users instant settlement where outcomes of prediction markets are clear.
“We will continue to support the creation and trading of [Augur] markets on Veil and are excited to integrate Augur v2 when it is upgraded later this year,” Veil said via Twitter yesterday.