BTC Wires: According to media outlet reports on July 24, the “assassination markets” have sprung up on the blockchain event betting platform Augur. Quite interestingly, users are now betting on when a certain public figure will die using this platform.
Augur launched its Ethereum (ETH) mainnet-powered predictions on July 9. As per the latest reports, the user can make a prediction about the outcome of any given event out there, and bet accordingly on the platform. However, this is not the first time such a platform is launched, back in 2013 a similar kind of assassination betting platform saw the light of the day.
The users on this platform can buy shares of ETH if they believe that a certain outcome will happen. On the other hand, they can sell the ETH share if they feel that the probability of certain event happening is very minimal. If the users get the outcome of an event correct then they will make profits.
Off Late, users have posted bets on the platform regarding the death of certain notable figures like U.S. president Donald Trump, and Warren Buffet, CEO of Berkshire Hathaway. The bet regarding Donald Trump’s death at any point in 2018 has garnered 50.3 shares as of July 23.
Owing to the decentralized nature of the platform it (Augur) cannot be shut down single-handedly by an individual, or for that matter, by a small group of people. Now, in order to ensure that the bets are settled in a fair and correct manner Augur has created a system of so-called ‘reporters’, who are essentially the holder of REP token.
For reporting an event the users must stake REP on an event’s correct outcome to procure any kind of settlement fees. In case the REP incorrectly reports a result then, the users accordingly will lose their REP tokens. In situations, wherein the users do not participate in a highly contesting outcome they lose five per cent of their share and the passive REP holders who do not participate in a bet settlement are penalized.