Augur Turbo will use Chainlink oracles to enable users to create their own betting markets on sports events in the Olympics, NBA, MLB and MMA.
Centralised betting exchanges, which currently dominate the market, tend to siphon fees, place limits on withdrawals and payouts, and restrict the types of markets that users can bet on.
Augur Turbo, on the other hand, provides low fees, guaranteed payouts, permissionless access and fair odds. It also enables users to create their own on-chain betting markets through the use of blockchain technology and open source smart contracts. Anyone will be able to create betting markets for sporting events in the Olympics, NBA, MLB and MMA. There are also plans to support football, golf, tennis, NFL, American college football and esports in the future.
These smart contracts need reliable real-world data in order to settle user-created betting markets. However, this sort of data isn’t normally available on the blockchain, meaning oracles are required to retrieve real-world information and relay it on-chain.
Augur Turbo is integrating Chainlink’s decentralised oracle network to provide secure, cost-efficient data feeds and settlement. Chainlink oracles will ensure that Augur Turbo betting markets are settled quickly, accurately and transparently by bringing real-world data on-chain, such as schedules, post-game scores, and statistics on players and teams.
Augur Turbo is being launched on Polygon, the Ethereum Layer 2 scaling network. Polygon’s blockchain architecture boasts up to 65,000 transactions per second, providing swift market settlement and increased betting market liquidity for Augur Turbo. Polygon’s low fees also mean that markets can be created for a few cents, while users can generally bet and trade for a fraction of a cents.
By leveraging both Chainlink and Polygon, Augur facilitates betting markets that are low-cost and settle in almost real-time. Augur will be able to launch new Chainlink data feeds in the future, enabling users to create betting markets for even more sporting events.
Augur Turbo is already live at Augur.net.
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Author: Alice Leetham