Augur is an open source forecasting tool which combines the power of the decentralised network to generate highly accurate results with least deviations. The system can be used to predict the outcome of real-world events and making money in form of trading profits. The platform is built on Ethereum blockchain as it will run on smart contracts.
Reputation (REP) represents the symbol of the Augur tokens.
How Augur Works
Augur works on a basic principle i.e using the wisdom of the crowd to predict the outcomes of the future events. But there is a twist in the process. In order to contribute to the outcome of any future event, you need to buy the contract. A contract comprises of odd and even outcomes of the event that would cost 50 cents each and one can buy as many he/she want. If the contributor successfully predicts the market, then the contract will fetch him $1. The price of the contract depends on how much the contracts are being bought and sold.
Users can also report on the outcomes of the event and depending on the accuracy of outcome report, it will earn them the reputation on the basis of their Rep score or tokens they have. Reputation is the token of Augur. If a user tries to falsify the outcome or gives inaccurate outcome, then the system will redistribute their reputation to the honest and successful reporters.
REP tokens are not required for regular participants to bet or use Augur, but it is only required by reporters to report the outcomes of the events. Regular participants make bets using Ether and any Ethereum sub-currency.
No Central Servers: The platform is built on Ethereum blockchain which means that no part of the system can be affected
Create Your own market: Using the Augur platform, one can create a prediction market asking for a possible outcome of anything. The creator should fund the market initially and in return would receive half of the trading fees during the lifetime of the market.
Low Fees and reward based system: The usage price of Augur platform is vastly lower compared to traditional prediction market and betting platforms. A right prediction of the event and accurate outcome reporting rewards the user.
Crowd-sourced Reporting: All the predictions of the market is crowd-sourced thus eliminating any mistakes and manipulation in outcomes.
Safe and automated payments: The funds are stored in smart contracts allowing fast and secure payments. Deposits and withdrawal are completely automated using the blockchain technology.
Founder and History
Augur was co-founded in the year 2014 by Jack Peterson and Joey Krug. Its advisors include Ethereum founder Vitalik Buterin, Lightning founder Elizabeth Stark and many big names from the blockchain domain. During its crowdsale period from August-October 2015, it has raised $5 million in Bitcoin and Ethereum.
Bitcoin exchange Coinbase has selected Augur as one of five most exciting Bitcoin project in the first half of 2015.
Some Key Data
Total supply of the coin is fixed at 11 million REP tokens of which 80 percent is sold in crowdsale.
Each token is entitled to 1/22 million of all trading fees in the market and it is received on the return of reporting the true outcome of the event.
How to Buy REP tokens Coins
For Buying REP coins, one needs to create a digital wallet in myetherwallet.com. After successful creation of the wallet, you need to purchase Bitcoins from any of the exchanges mentioned below. If you hold Bitcoin beforehand, then transfer the required quantity to convert it with Augur (REP) tokens.
MyEtherwallet provides the easiest and convenient way of storing Augur coins.
List of exchange supporting REP tokens
Poloniex, Kraken, Bittrex, Gatecoin, ShapeShift, Cryptopia, Liqui, Bx Thailand, Yobit, Hitbtc, Livecoin, Gate, Novaexchange.
Augur is a rewarding decentralised prediction platform which can generate a highly accurate forecast results. The prediction market can be created by anyone asking any question of any future event. The platform rewards all the stakeholders in the market from its creator, the users who give the right prediction and to the one who reports the accurate outcome.
Key Resources and Links