After the successful launch of its mainnet today, Augur has come in for some serious criticism. Users have complained about the difficulty involved with using the system, which is intended as a decentralized prediction market platform.
The platform enables users to make predictions about any event, and then for others to buy shares in the outcome. It also has its own native token, REP. This seems on the surface like an easy and fun way to make money, but users have been struggling so far.
The cost of transactions and setting up a market have been criticized as excessively high, which will limit the appeal of the platform and restrict it to wealthier investors.
A look at some fees:— Brendan Bernstein (@BMBernstein) July 10, 2018
- Creating a market costs ~0.07 ETH or $30 at current prices
- Creating an open market order of just .0005 ETH costs $3 pic.twitter.com/1atzV6SHtx
Much like with the recent EOS mainnet launch, there have been questions raised regarding the level of decentralization involved. This affects how users set up a market in the first place, as well as how the outcomes of predictions are decided.
So you want to use Augur....Step 2...— Brendan Bernstein (@BMBernstein) July 10, 2018
1) Learn how to run, sync and maintain a node locally. LOL not happening
2) defer to a centralized, trusted node provider (INFURA)
Apps like Augur will further centralize Ethereum, by effectively forcing users to rely on trusted validators pic.twitter.com/HgrlxCs1Yz
How will any of these oracles be trusted when enough money is at stake? And if we need to "trust" an oracle and the validators (INFURA), why do we need a decentralized prediction market again?— Brendan Bernstein (@BMBernstein) July 10, 2018
The general difficulty of the platform has been the main theme of the criticisms.
Okay, I am going to deposit some funds and have a go.— Peter McCormack 🏴 (@WhatBitcoinDid) July 10, 2018
Err, what do I do here? My Ledger is plugged in? pic.twitter.com/5TU3fGedHi
When we built web projects we had the golden rule of having 3 seconds to get the user to engage.— Peter McCormack 🏴 (@WhatBitcoinDid) July 10, 2018
Augur just had 30 minutes of my time and I don't care anymore.
For their part, Augur has recognized some of these technical difficulties, advising users to "hang tight" while these early teething problems are solved.Any issues can be addressed to the Github page.
Hang tight in the early days as the reference UI works through initial implementation kinks. Please submit issues to their respective GitHub repositories as you come across them. https://t.co/Bn8Bsrq9l4— Augur (@AugurProject) July 10, 2018