Veil Has Been Unveiled On The Ethereum Mainnet

Veil, a peer to peer prediction market, has just been launched on the Ethereum Mainnet, as of January 16th.

The company which describes itself as “a peer-to-peer trading platform for prediction markets and derivatives on Augur,” offer prediction markets on a peer-to-peer basis. Additionally, it also offers trading options for various digital assets.

The CEO of Veil, Paul Fletcher announced in a blog post published today, that the platform is now up and running on the Ethereum Mainnet. The platform will offer the users to trade GRIN, which has been in the news recently as a new native token from Mimblewimble on the platform.

However, the posts details activities that the users will not be able to engage in. For example. betting on who will take home an academy award, debates on the Ethereum gas price and hash rate or buy and sell five times the amount of leveraged digital currencies.

The listings which Veil is aiming to offer right now are not as diverse as you would want it to be. They are being careful about limiting the listed markets to the “right markets”. With their launch on the Ethereum Mainnet, Veil hopes to increase the amount of current listings.

It however offers an interesting feature that allows users to nominate an Augur market for the Veil platform. The user has to input an Augur market ID for listing approval, so that it is a legitimate nomination.

The fees charged by the platform is just one percent on all trades and another one percent for users who elect to use the Instant Settlement feature, as a settlement fee.

The platform is looking to

“leverage the 0x protocol to make trading faster and cheaper by reducing the number of interactions with the Ethereum blockchain. Trade cancellations, for example, happen off-chain.”

Veil also wishes to provide instant settlement to ensure that users get paid faster.

“Veil did not conduct an ICO to fund the development of its platform. Instead, the Cayman Islands-based company raised funds during a seed investment round from the likes of Paradigm. Sequoia Capital, and 1confirmation.”