Ethereum-Based Augur Enhancement App Veil Closes Up Shop

The Ethereum-based predictions platform Veil is shutting down, according to an official Medium post on July 11.As of July 11, no new markets will be added to the platform.

Veil co-founder Paul Fletcher-Hill recommended that users redeem open positions, withdraw positions from active markets, and withdraw Veil Ether and convert it to Ether.

Veil was a type of extension to the Ethereum-based predictions market Augur.

Augur is a predictions market - that still exists - that uses smart contracts to let users create and bet on the outcome of any event with the cryptocurrency Ether.

The top three bets listed on the Augur market, at press time, are "Will Novak Djokovic be the 2019 Wimbledon Men's Singles winner?," "Who will Win the The First Democratic Primary Debate?," and "Will Serena Williams be the 2019 Wimbledon Women's Singles winner?".

In April, Augur also added the option to use the stablecoin by MakerDAO, DAI, on its platform.

According to its website, Veil was intended to "Bring Augur mainstream" and improve user experience by speeding up its transaction processes.

Veil purportedly let users trade on the Augur marketplace faster via the 0x protocol, and provided instant settlement by allowing users to sell their shares to Veil before native finalization of Augur transactions on the blockchain.

As previously reported by Cointelegraph, Augur came under fire from Reddit and major crypto exchange Binance due to having an apparent design flaw.

Binance also said that low liquidity, barebones functionality, complex mechanics, and an unclear approach to governance were additional issues it saw with Augur.