Augur – A Platform for Prediction Markets
Augur is a platform that lets anyone create a prediction market, and participate. If you want to bet on the next US presidential elections, or who will win the 2018 formula one championship, now it is possible without breaking a sweat.
After all, Augur is decentral on the Ethereum platform. And now the beta version is available.
What if you want to bet on something like Bundesliga, and the Augur does not have the option, you can just create that choice by fuelling it with some funds. In return, you will get a part of transaction fees.
Everything you want to predict and win will trade in terms of shares. For example, you buy shares that say Trump will be elected as president next time. If Trump wins, you will get attractive returns on those stocks. If he lost, you would will lose evrything.
Similar to traditional Options and Futures markets, the shares value will fluctuate.
How Augur maintains valid information?
In the ecosystem, there is a role that is reporters. To be able to participate as a reporter you need to have REP, the token of the platform.
You will put some tokens in the escrow on behalf of yourself. Whenever you report information the authenticity checks will be conducted. Rewarding will be based on your authenticity and the amount of REP tokens you have staked.
There are 11 million tokens available, and no more REP tokens will come into existence. And it is an ERC20 token, a recommended standard for tokens built on the Ethereum platform.
The Augur crowdsale aka ICO went live in the August and September months for 2015. And it was a massive success.
According to CoiMarketCap price index, currently, the REP token ranks 40 in terms of market capitalization.
REP is available on popular Cryptocurrency exchanges like Kraken, Poloniex, and Bittrex.
Once the platform goes live, reporting is a lucrative way to earn some REP.