- Veil MainNet goes live with a new P2P prediction market built on the Augur platform
- The new platform will make trading on prediction markets faster and cheaper
- The launch of Veil has brought in a new set of users
Veil, a new P2P prediction platform for markets and derivatives has officially gone live on MainNet. The protocol has been designed to promote Augur, which has surged 50 percent in the last 18 hours.
According to the announcement in Veil’s official blog post on January 16, 2019, the protocol that’s built on the Augur, 0x and Ethereum platform and operated by Cayman Islands-based Veil International has gone live on MainNet but will not be available to crypto users in countries with restrictive cryptocurrency laws and the United States, North Korea, Cuba and Syria among others.
Augur is a significant prediction market protocol built on the Ethereum network as a dApp which allows users to create, trade and report prediction markets. The greatest undoing for the dApp has been Ethereum network’s low speeds, the problem that Veils is bringing a solution for.
As per the blog post, Veil will use the 0x protocol which makes it trade faster and cheaper as it speeds up trading while minimizing the number of transactions that need to be sent. Introducing 0x will enable Veil traders to experience faster trades besides being paid faster via the protocol’s instant settlements.
The Augur decentralized oracle was designed to finalize and settle the outcomes for prediction markets but the annoyingly slow speeds sometimes took weeks to execute leading to the delay of payouts for users. By introducing instant settlements, Veil will enable users to sell their Augur shares via veil and receive 0x or ETH in return. The company said in their blog post:
“We foresee a not-so-distant future where millions of people create and trade in millions of markets. And we’re thrilled to finally launch Veil on MainNet and bring that future just a little closer.”
The official MainNet launch has given Augur (REP) a bullish tendency and caused it to fly to join the leading one hundred top performers and gaining over 50 percent within 18 hours. Statistics on Coinmarketcap.com show that REP moved from $10.60 to slightly above $16 while the daily volume jumped from $6.8 million to $46.5 million within the same period.
Augur’s performance has been so impressive in the last few days and pundits believe the launch of the new P2P Veil platform has helped bring a new set of users to Augur. The instant settlements feature could have incentivized impatient traders to enter the prediction market. Nasdaq recently wrote:
“Looking at Augur’s REP price action versus the USD, the REP/USD pair is attempting to break above a very important price level, on the upper band of the daily Ichimoku Cloud.”