Augur is an open-source, decentralized, peer-to-peer prediction market platform built on Ethereum. People trading on Augur are rewarded if they bet on the right outcomes. The idea is to use markets in order to predict outcomes. The feature of Augur is tradable tokens called "Reputation" Augur (REP). The total amount of reputation is fixed at 11 million coins when it was launched in August 2015.
Augur's crowdsale occurred in August and September 2015 making it one of the first decentralized applications on the Ethereum blockchain. Reputation (REP) is the tradable token on which the Augur prediction market runs.
Each share in the system has its own value. If the negative and positive parts are 50, then the probability of a correct or false forecast is 50%/50%. If the participant guesses the outcome of events, then positive shares are rewarded. The user is not obliged to hold on to his share, waiting for the outcome of the case. Shares are freely sold and bought at any time until the event is completed. Earning on the cryptocurrency Augur allows not only to improve your financial situation, but also to work with the future. It is much easier to predict the situation together than one. With a competent approach to the system, the probability of errors is minimized.
In order to create a platform for the forecast, the user must take care of the initial financing and liquidity of the shares. The creators of "Augur" receive a small percentage of fees. The rest of the cryptocurrency revolves in the system and is distributed among the participants. Having become the owner of REP, the user becomes the owner of the market share of fees. One REP token equals 1/22.000.000 from fees. At the same time, the cryptocurrency token has its limit (at the time of the platform launch, this amount was $ 11 million).
The Augur cryptocurrency can be mined, that is, changed to coins due to the performance of the graphics and central processing units. The Network even has cloud services that offer to engage in mining. The cost of REP tokens depends on the popularity of the system. The more in demand "Avgur", the more profitable to deal with it.
To start earning in Augur, you do not need to have REP. The latter are necessary, first of all, for those who make reports on future and past events. The higher the REP-the greater the Commission. REP can be earned or bought to start on crypto exchanges and markets.
It is easy to join the system if the participant has any other cryptocurrency based on Ethereum.
The feature of Augur is tradable tokens called "Reputation" Augur (REP). The total amount of reputation is fixed at 11 million coins when it was launched in August 2015. The coins give people the right to report or weigh the results of events.
In addition, people who submit correct predictions also get a share of the winnings, whereas people who report consensus (implausibly) lose their REP tokens and earn nothing. Moreover, the more REP a user has, the more value or trust is assigned to that person's login. In other words, reputation tokens are received and lost depending on the reliability of users ' votes with consensus. The Augur team released an infographic to explain how reputation markers work.
Augur (REP) price
The August and other decentralized market forecasting platforms, such as Gnosis, are not used today, but their future usefulness remains bright. Augur offers a truly unique service to move our society forward, has an amazing platform and is managed by a team of experts. Overall, Augur is a winning platform that is on the rise.
The ICO price of Augur coin was 0.60 USD. The crowdsale started on 17th Aug 2015 and continued till 1st October 2015.
People can customize events in any topic and buy shares for possible outcomes of these events. Ethereum and Bitcoin are taken on the platform. The algorithm will work with the crowdsourced information and give better consensus-based forecasts. Once the event is completed, the funds associated with the correct result shares will be distributed among the "winners".
Augur can be used outside of the simple betting platform. Joey Circle, co-founder and lead developer of REP, said the platform "can be used by farmers in Argentina to hedge against weather cycles or Chinese traders who can't access the us stock market" and even suggests that "forecast markets can be used by doctors to more accurately diagnose patients."