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The cryptocurrency market shrinks by $ 7 billion as the Augur and EOS prices leap

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The cryptocurrency market has rebounded a little over $ 7 billion over the past 24 hours, despite fights of bitcoin, ethereum, and other important crypto-currencies on the world market.

Augur Deploys Intelligent Contracts on Ethereum Mainnet

Earlier today, May 17, the Augur team announced that after years of development, Augur's smart contracts will be live on the network. Ethereum on July 9, 2018. The official announcement of the Augur team led the market to react, allowing the price of the REP, the native token of Augur, to increase. around 10%.

Due to the poor performance of bitcoin and Ethereum, most of the chips and crypto-currencies in the market have not recorded significant gains over the last week. In fact, the best performing tokens at the beginning of May, including EOS, 0x (ZRX) and WanChain (WAN), fell sharply in the last three days. As such, the 10 percent gain of REP during a very volatile period like this week is remarkable.

Augur was founded in 2014 by Joey Krug as a decentralized prediction platform. In a statement, Krug revealed that the original Augur smart contracts on Ethereum were written before solidity, the most widely used Ethereum programming language, was invented.

"We have already shipped Vuln production code on Ethereum as the first smart auction deal that has dealt with 1M ETH.We have written contracts on Ethereum since before the durability was even a language, "said Krug.

He further pointed out that "Augur is undoubtedly the complex project on the Ethereum network and that it is about 10 times more complicated than MakerDAO, which is the second most complex on Ethereum

Krug said that developing a solution to resolve a consensus on real-world events on which Augur users can place wagers was as difficult as solving the consensus algorithm proof-of-play due to scalability defects.

"Resolving a consensus about real-world events was initially a research problem, we thought some previous books solved it, but it turns out that he did not not really and that it had serious problems of inventiveness.It is about as difficult as solving PoS.Abuur is about 10 times more complex than the second most complicated Ethereum project, makerdao, who has about 10 contracts vs. 100 augurs [complexityn't is a good thing and the teammistress tried to get as little as possible with a little effort]added Krug

State of the market

Given the complexity of Augur's smart contracts, the Augur deployment on the Ethereum main network is a monumental step for Augur and Ethereum. As a result, a significant move in the price of the REP was expected by investors given the importance of deploying Augur smart contracts on the Ethereum network.

However, the increase of 10% of the price of REP has demonstrated the state of the market. That has been declining continuously since early May. Even ICON, which has partnered with LINE, a Japanese messaging app with over 200 million users, has not seen any major movement in its price on May 16.

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