Augur As An Open-Source Prediction Market Platform
Introduction To The Future Of Forecasting
Augur is noticeable for its different yet exciting use of blockchain technology. Augur is a blockchain based wholly decentralized platform built on etherium which can be used for making predictions. Augur cleverly uses the wisdom of the crowd present in its ecosystem to make predictions on the events happening all around the world. Augur believes in the policy that the prediction made by a group is always superior to the forecast of an individual who is within the group. The forecast of a crowd still combines the knowledge, information, opinion, and analysis of every individual member and aggregates it to get a near perfect result. Moreover, truthful reporting is offered with rewards and incorrect reports are penalized with penalties.
The Augur foundation has Jack Peterson as the co-founder and Lead Developer. Basically known as the ‘fountain of knowledge, Jack has extensive expertise in physics, software development and entrepreneurship. Joey Krug is also a co-founder and also a Senior Developer at Augur. He studied computer science at Pomona College and had spent most of his life perfecting his computer skills. He also has in-depth knowledge in the bitcoin field. Alex Chapman, Aaron Drake, and Scott Bigelow are the other main developers at Augur.
How does Augur work?
As we all know now, Augur is a platform meant for prediction function which rewards its users for correct and spot on information and also penalizes the same for wrong or misleading information. It operates on the policy called ‘wisdom of the crowd’ where the prediction of the crowd is considered superior to the forecast of a single person from the team.
Trading shares make market predictions for an inevitable outcome of a real-world event. If you think Dwayne Johnson will run for president in two thousand twenty or NASDAQ will hit twenty-five thousand or Avengers infinity war four will collect five billion worldwide, you can buy the shares for that particular outcome. And if the shares acquired were for the correct result, you will get profit.
The profit you make is determined by the likely hood of an event happening which is defined by the crowd. Value of each share is determined to be 1 ETH. For example, if you think there is even an odd chance that an event would happen, you buy a share for .5 ETH. If it happens, you will get 1 ETH. If it doesn’t, you will lose your .5 ETH or whatever you paid for it.
The REP Token
The REP tokens are considered to be Augur’s powerhouse who runs the decentralized oracle system. REP tokens are the medium through which a participant can buy shares and score when something happens out in the real world. People with this coin can use it as a stake and report on the outcome of events. Only a limited supply of 11million REP tokens is there. Out of which eighty percentages were sold in the initial coin offering.
Even though Augur is still in its infancy period, it has shown great resilience and is growing swiftly. Many experts say that this fast growth of Augur is going to be a teaser of its future success. Token wise also Augur can be considered a wonder child. Even though there has been some rough patches and market fluctuations, since its inception, the REP coin has always been able to stay stable, irrespective of the market.
Overall view for the Augur platform has always been optimistic. With the kind of experts, they have in their team that is second to none and also Augur has a plethora of gurus in their advisory panel that has done worlds of good for Augur itself. The future of Augur Foundation is looking bright and sunny.