Go to any page in the Veil alpha and click the “Login” button in the top right corner. Make sure you are using a web3 wallet extension like Metamask in Chrome or Brave or a mobile web3 wallet like Coinbase Wallet or Cipher. The Veil alpha is also only available on Ethereum’s Kovan test network now, so make sure your web3 wallet is set to Kovan and not Mainnet.
Veil is a peer-to-peer product—Veil has no control over your funds or shares in markets. Therefore, before you can make any orders on Veil, you’ll need to set up a web3 wallet with an Ethereum address. When you’re buying or selling shares in Veil markets, we’ll ask you to sign these orders using whichever web3 wallet you choose. We recommend Metamask when using Chrome or Brave or a mobile web3 wallet like Coinbase Wallet or Cipher.
A binary market is a market with winner-take-all payout. Most prediction markets in the traditional sense are binary markets. They have two shares: a “yes” or “long” share and a “no” or “short” share. Consider the market “Will the price of Bitcoin exceed $7000 by the end of 2018?” If the price exceeds $7000 on January 1, 2019, the “yes” share wins. Otherwise, the “no” share wins. Binary markets are one of the three types of markets that can be represented on Augur.
A scalar market is a market with two shares (long and short like a binary market) but where the payout is not winner-take-all. An example scalar market could be: “What will the price of Bitcoin be by the end of 2018 between $6000 and $7000?” When the market expires, the price of Bitcoin and the bounds ($6000 to $7000) determine the payout for each share. If the price of Bitcoin ends the year at $6500, then the long and short shares payout equally—both taking 50% of the invested money. However, if the final price of Bitcoin is $6750, then the long share takes 75% of the money and the short share takes 25%. You can design scalar markets where the payout function that takes the final value and bounds as input is not linear (see Augur CFD as a neat example), but all of the scalar markets on Veil are linear.