Blockchain-based prediction

Blockchain-based prediction and derivatives markets Veil announced its own closure

Operating on the basis blockchain Ethereum prediction platform Veil is shutting down, according to the publication in the project blog.

Starting from July 11, new markets cannot be added to the platform. Trading will be completely stopped on 24 July. Veil co-founder Paul Fletcher-Hill recommended that users close active positions and withdraw funds from the platform, converting them to regular air.

Blockchain-based prediction and derivatives markets Veil announced its own closure

Veil was created as an extension of the Augur prediction platform, which uses Ethereum smart contracts to enable users to wager on future events, and continues to function..

According to the information on the Veil website, the developers intended to “bring Augur to the masses” and improve the quality of interaction with the platform. To do this, they used the 0x protocol and provided the opportunity for instant calculations. by selling user requests to Veil itself even before fixing the results of events on the Augur platform.

Speaking about the reasons for the closure of the project, the developers noted that they could not achieve the stated goals, since their platform, among other things, turned out to be insufficiently friendly towards newcomers in the world of cryptocurrencies, was not distinguished by increased decentralization, was not regulated and tried to cover too wide a range of opportunities.

“We did not provide a good quality of service in the process of new users joining it. User base development in cryptocurrency industry is just beginning, and we have not simplified the task for users, which don’t have cryptocurrencies or wallets, writes Fletcher Hill. – Ultimately, we were unable to find a balance between our service and today’s market. The existing community is small, and we think we can start creating products that will gain more importance in the very near future. “.

Blockchain-based prediction and derivatives markets Veil announced its own closure

Veil was launched at the beginning current year after attracting funding from Paradigm, Sequoia and 1confirmation.

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