1/ For some reason no one seems to be talking about the @AugurProject launch on July 9.
If it successfully launches, it will be the most complicated dApp to ever launch on Ethereum (kudos to @joeykrug and the team).
If it successfully launches, it will be the most complicated dApp to ever launch on Ethereum (kudos to @joeykrug and the team).
2/ A few reasons why it’s complicated:
1. Decentralized oracle with multiple rounds of dispute resolution
2. On-chain order creation, matching, and redemptions
3. Staking
4. Forking is natively built into the protocol in cases of large-enough disputes
1. Decentralized oracle with multiple rounds of dispute resolution
2. On-chain order creation, matching, and redemptions
3. Staking
4. Forking is natively built into the protocol in cases of large-enough disputes
3/ But the thing is, Ethereum doesn’t handle complicated so well.
Complicated = increase in gas consumption
Complicated = increase in gas consumption
4/ Simple math:
Eth block are essentially at capacity at 8m gas per block (blocks are close to 100% capacity according to @ETHGasStation) ... so with not that much “demand” Ethereum is close to capacity at the moment.
Eth block are essentially at capacity at 8m gas per block (blocks are close to 100% capacity according to @ETHGasStation) ... so with not that much “demand” Ethereum is close to capacity at the moment.
5/ To create just one market on @AugurProject consumes ~3M gas.
To create an order costs ~500k gas.
To fill an order ~ 800k gas, etc.
Source: Augur github
To create an order costs ~500k gas.
To fill an order ~ 800k gas, etc.
Source: Augur github
6/ So it’s easy to see if there is only marginal demand for Augur post launch, we can have a “cryptokitties-esque” situation here. Over six months later though, the narrative will likely be quite different (in a much more negative sense).
