The World's First Decentralized Prediction Market
So, what exactly is the Augur platform?
That’s a great question. And it's one that's on everyone’s lips as Augur picks up momentum. It launched its blockchain on July 9, 2018.
Augur is a decentralized prediction market that's based on the Ethereum blockchain. The platform was developed with the goal to allow individuals to “predict” events based on collective consensus.
Information is collected through Augur’s betting system. This system allows individuals to bet on everything from the latest horse race to a presidential election. Individuals place bets with ether or bitcoins and are rewarded based on whether or not their predictions are correct.
Augur is poised to take a swing at the $52 billion online gambling market. This market is currently largely controlled by centralized companies like Paddy Power and Odds Shark.
Augur and its token, REP, have flipped this traditional business model on its head. They return power to the individual instead of to the company. Beyond that, smart contracts can be used to ensure that the bets on the platform are always honored.
Before Augur went live on the Ethereum mainnet in July, the Augur prediction market relied on Reputation Tokens (REPs). At this point, those tokens have been frozen or migrated onto the new operational network...
First and foremost, Augur is one of the oldest decentralized applications (DApps) on the market.
Founded in 2014 by Jack Peterson and Joey Krug, Augur was also one of the first DApps built on Ethereum.
The project executed an initial coin offering (ICO) in 2015, which raised over $5 million. Today, the Augur project continues under the guidance of its original founders. Augur’s advisors include Vitalik Buterin, the cofounder of the Ethereum blockchain, and Dr. Robin Hanson, an economist at George Mason University (GMU).
The launch of the Augur prediction platform was delayed for almost two years. This caused tension and confusion in the community. Throughout that time and leading up to the network launch in 2018, the Augur team emphasized that the delay happened because of the magnitude of the project.
Today, Augur is often regarded as the largest project ever launched on the Ethereum blockchain. If it’s successful, Augur will be a testament to how Ethereum and blockchain-based applications can be used to disrupt centralized industries like online gambling...
Where to Buy the Augur Token
You can buy Augur (REP) tokens on a wide range of exchanges, including Bithumb, Binance, and Bittrex.
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