Sponsored by Paradigm, Sequoia and 1confirmation Veil Prediction Market Launches January 15
The developers of the prediction market and the derivative platform Veil, based on the Augur, 0x and Ethereum protocols, announced their readiness to launch their own product on the mainnet on January 15.
Veil’s initial fundraising round took place in the fall of 2018. It was attended by Paradigm, Sequoia Capital and 1confirmation.
As the developers explain in their blog, Veil is based on Augur’s prediction markets and is intended to be distributed to a wide range of users by optimizing existing solutions. All markets on Veil are recorded on the Ethereum blockchain via the Augur protocol with two interesting differences..
First, the developers assume that the transfer of transactions in the Ethereum blockchain takes a lot of time. In this regard, they decided to use the 0x protocol and reduce the number of transmitted transactions, taking the process of creating and canceling orders outside the main blockchain..
Secondly, due to the peculiarities of the functioning of the Augur markets and the decentralized system of oracles used in them, the closure of orders in the system can take up to several weeks. Veil, in turn, promises to provide instant settlements available immediately after the markets expire..
In the future, Veil plans to list “millions of markets”, but initially a limited number of categories will be available to users: cryptocurrency derivatives, derivatives for speculating on the gas price and hash rate on the Ethereum network, the Grin cryptocurrency market, which is preparing to launch on the same day, as Veil, as well as the markets for the Oscars.
Although the Veil structure, which is based on three protocols at once, may seem unnecessarily complex, the proposed solution seems to be an interesting way to bring decentralized products, still characterized by low efficiency in several aspects, to the mass consumer..