Binance Launchpad has had some really successful token sales under its belt and now it announces another round of it. The firm announces its fourth token sale coming to on April 24th.
As per the announcement, the leading crypto exchange will sell 1.9 billion tokens for the blockchain scalability platform Matic Network (MATIC), which is 19% of the total supply. Previously, Binance Launchpad token sales have sold out instantly, creating controversy for shutting out many users who tried to participate.
#Binance Launchpad announces @maticnetwork as next project under its new token launch formathttps://t.co/W2sr608fO9
— Binance (@binance) April 1, 2019
This time around, the platform is implementing a lottery to try to make the process fair. The users will be able to claim up to a maximum of five lottery tickets based on how much Binance Coin (BNB) they hold in their portfolio. The minimum amount to obtain one ticket is 50 BNB.
The Augur prediction market platform
Binance Research also released a report detailing a “design flaw” affecting the Augur prediction market platform. Augur uses its token REP to offer a decentralized marketplace, within which can create a bet on the outcome of a future event.
However, Biance claims that cheaters can game the system by creating invalid bets on purpose. Here’s how – a cheater will intentionally create a bet that will subsequently be declared invalid. This can be achieved through an incorrect date or by creating terms with inherent flaws and contradictions.
As and when the market is declared invalid, all participants have given an equal portion of the total amount in the pot, no matter how much they actually bet. Opening up a large window for shenanigans. Binance elaborates the same with an incidence, wherein cheaters gamed the system by creating a bet centered on predicting the future price of Ethereum. When the bet was declared invalid, the scammers came out ahead.
“According to Predictions.global, the amount invested in the seemingly correct outcome, the $100-1000 range, accounts for a large majority of the market, and based on the market price of this range for the duration of the market, investors buying this outcome, on average, placed nearly twice as much into escrow as the manipulators, so receiving an equal price for all outcomes could cause a loss of over 50% for normal participants, and 100%+ returns for manipulators.”
Augur has addressed the issue and stated that the same will be resolved in version 2.0 of the platform, which is currently in development.
Read more:ConsenSys Selects 10 Blockchain Startups To Support Under Its Accelerator Program
Image Source – Binance.com
