Augur Turbo will use Chainlink Oracles to give users the ability to create their own betting markets for sporting events as part of the Olympic Games, NBA, MLB and MMA.
The betting platform Augur announced yesterday the launch of Augur Turbo, a decentralized betting platform with solutions for the daily markets in the area of sports, politics, current events and crypto.
Central betting exchanges that currently dominate the market often charge high fees and restrict payouts and withdrawals, as well as markets that users can bet on.
Augur Turbo, on the other hand, offers low fees, guaranteed payouts, permit-free access and fair odds. In addition, users can create their own on-chain betting markets through the use of blockchain technology and open source smart contracts. Anyone can create a betting market for sports events within the framework of the Olympic Games, the NBA (National Basketball Association), MLB (Major League Baseball) and MMA (mixed martial arts). There are also plans to support football, golf, tennis, NFL (National Football League), American College Football and eSports in the future.
These smart contracts require reliable real data to process the betting markets created by users. However, this type of data is usually not available on the blockchain, which means that Oracles must retrieve real information and forward it to the blockchain.
Augur Turbo integrates Chainlink’s decentralized Oracle network to enable secure, cost-effective data feeds and billing. Chainlink Oracles ensure that Augur Turbo’s betting markets are processed quickly, accurately and transparently by transferring real data such as schedules, scores and statistics about players and teams to the blockchain.
Augur Turbo is launched on Polygon, Ethereum’s Layer 2 scaling network. Polygon’s blockchain architecture allows up to 65,000 transactions per second, allowing for fast market settlement and higher liquidity of the betting market. Polygon’s low fees also mean that markets can be created for pennies, while users can generally bet and trade for a fraction of a penny.
Using Chainlink and Polygon, Augur provides access to low-cost betting markets that settle trades in near real-time. In the future, Augur will be able to introduce new Chainlink data feeds through which users can create betting markets for even more sporting events.
Augur Turbo is already online on augur.net to.