With the emergence of decentralized blockchain technology like Tron (TRX) and Decred (REP), the betting and gambling world looks to have gone past the previous days when most of its activities are either done through analogue means or a digital means that can be monitored and traced. As the sector grows rapidly everyday with the inclusion of sports like football, Rugby and more, users are tipped with the slogan “earn while you engage in your passion.”
If we check through countries like USA and Australia, we’ll notice that some level of restriction has been placed on betting. To make things worse, countries in the Middle East are completely inimical to betting despite the fact that the sector is growing at multiple rate with millions of transactions daily.
As the problem of clampdown became clear to gamblers, the search for a means free from government or regulatory monitor surely arose, and blockchain technology came to salvage their problems, making them stay off regulations while betting.
While there are a number of platforms that help to decentralize the betting world, this article will be focused on which of the blockchain technology -Augur (REP) and Tron (TRX) decentralizes the betting sector more.
Of a truth, Tron (TRX), due to the acquisition of BitTorrent, claims to decentralize the world more than any other blockchain technology, and a betting DApp known as ESports was recently deployed on its network. Nevertheless, Augur (REP) has for so long been in the betting world and it was built majorly for this cause.
On this note, this article will help exemplify which is better in decentralizing the betting world.
Augur (REP) In The Betting World.
Established in the year 2014, Augur was presented and designed as a decentralized open source peer-to-per platform, built on Ethereum blockchain to help people make, monitor and regulate free predictions. Augur stands as a big fish within the small pond of the betting domain, reforming gambling into a more favourable one.
Through succinct interpolation, Augur, with the use of wisdom of users, intends to create a betting realm where accurate forecasting is achieved with a win-win scenario.
Founded by Joey Krug, the platform creates a prediction market platter where any future event can be forecasted and users can buy shares from undecided predictions.
With the shares bought, users get reward for shares which have accurate outcome with the native token of the Cryptocurrency -REP.
Augur platform grants market creator the ability to stipulate the start-and-end time of events, assigning resolution source, reporters and settlement fee. At the same time, in order to keep records accurately, the platform opens an order book for established market. Shares are then offered to users at the current best price.
After settling position in the market, traders cater for the settlement fee, and at the end of each event, assigned reporters or the decentralized oracle is allowed to determine the outcome.
Reporting On Augur (REP) Platform
Once an event is placed on the Augur platform, the outcome which allows the market to be finalized will determine how the settlement will look like. According to Augur, while the real world outcome of an event is reported by the Decentralized Oracle or profit-motivated Reporters, users who hold REP tokens may participate in reporting and disputing of outcomes.
“Reporters whose Reports are consistent with consensus are financially rewarded, while those whose Reports are not consistent with consensus are financially penalized”.
When a market goes on dispute, with the belief that the tentative outcome is incorrect, users can stake their REP token on a proposed outcome rather than the tentative outcome.
“Doing so contributes to a Dispute Bond for that Outcome. Each Outcome other than the Tentative Outcome has its own Dispute Bond that can be filled. Dispute Bonds need not be paid in their entirety by a single user”.
“If the tentative outcome is overturned, users who participated by staking on the new winning outcome will receive a 50% ROI. There is always a financial incentive to keep the Augur oracle reflecting reality.”
“You make your predictions by trading virtual shares in the outcome of events happening in the real world. If you think Hillary Clinton will be elected President, the Yankees will win the World Series, or Leonardo DiCaprio will win another Oscar, then you will buy shares in those outcomes. If you buy shares in the correct outcomes, you’ll win real money profits,” the Augur platform stated.
The Downside of Augur (REP) In The Betting Market
There is no doubt Augur is popular in the betting world. Years after the launch of the platform, the Cryptocurrency was able to issue its decentralized application into space.
The launch of the DApp birthed the growth of the altcoin in the market with increasing number of users and was at that time rated the most popular application on Ethereum network.
The progress experienced, which also placed the price of the altcoin on upside, did not last as many spoke ill of its lapses in the market.
Since Augur allows prediction of any future event, the blockchain technology delved into the “assassination markets”, predicting the death of famous people. Sometimes ago, Today’s Gazette reported that American business magnate, Warren Buffett, and the US president, Donald Trump’s death was predicted with the prediction – “Will Donald Trump (President of The USA) be killed at any point during 2018. ”
Then people started berating the blockchain technology with claims that it could help stimulate the death market, and at the same time inspire assassins to kill.
Similarly, the issue of usage barrier has been a problem on Augur DApp as people find it difficult to access the platform. Despite this, Augur is still using its potency to ward off the bad tales attached to it across the world.
Tron (TRX) Decentralizing The Betting World
Tron has for long been touted as a decentralized content based blockchain technology. In the decentralized world, Tron (TRX) is a household name for all. The Cryptocurrency claims to decentralize the world above any other.
After the pronunciation of BitTorrent acquisition and all its products, founder Justin Sun stated that the duo will make the world largest decentralized ecosystem. While BitTorrent remains the basis of any open, transparent, shared Internet protocol, it is regarded as the pioneer of decentralized technology.
Justin Sun, after the collaboration of the two platform said:
“With the integration of BitTorrent, TRON aims to liberate the Internet from the stranglehold of large corporations, give data rights back to the individual, and reignite the early 21st century vision of a free, transparent, decentralized network to connect the world, because the internet belongs to the people”.
BitTorent protocol, according to the platform drives about 40 percent of the world’s Internet traffic per day.
In a bid to decentralize the world more, Tron embarked on Tron Super representative election, giving people more say in its ecosystem.
Edging into the betting world with a behemoth decentralized technology, the ESports Dapp, which is among the 6 eminent life-changing DApps deployed on Tron blockchain technology was developed as an Intergalactic Gaming (IG) platform. The platform digitizes and tokenizes esports Competitive Gaming Economy.
Using smart contract to transform the esports realm, the platform also has a token -IGG tokens (TRC-20), which permits users of the betting world to make trade.
As the question of who decentralizes the betting sector more arises, one cannot solely place either of the technology above the other because even though Tron has got and displays eminent sovereignty in the decentralized world and no other blockchain technology has the capacity to challenge it, the betting sector is just a branch of its idea; while Augur was designed from the scratch to mainly focus on the sector.