Project Overview
Augur is a decentralized prediction market platform based on the Ethereum blockchain technology. Users can use digital currency to make predictions and bets, relying on the wisdom of the crowd to predict the development results of events, which can effectively eliminate counterparty risks and server centralization risks, while using cryptocurrencies (such as Bitcoin) to create a global sex market.
Augur is a decentralized prediction market platform built on the Ethereum platform. Using Augur, anyone can create a prediction market for any topic of interest (such as who will win the US election) and provide initial liquidity in a decentralized process.
In return, the creator of this marketplace will receive half of the transaction fees from the marketplace. Ordinary users can predict, buy and sell stocks of events on Augur, such as the US presidential election, based on their own information and judgment. When the event occurs, if you predict correctly and hold the correct outcome of the stock, you will receive $1 per share, so your gain is $1 minus the original purchase cost. If you make the wrong prediction and hold the wrong outcome, you will not be rewarded and your loss will be the original purchase cost.
A number of factors make Augur different from traditional prediction markets, but the most important difference is that Augur is global and decentralized. Anyone anywhere in the world can use Augur, which will bring unprecedented liquidity, trading volume and a variety of perspectives and topics to Augur that traditional exchanges have not had.
Project Highlights
The existing decentralized network gives Augur a unique advantage over other prediction markets.
Augur is a decentralized platform built on the Ethereum blockchain - meaning there are no central servers that can be shut down.
Using Augur, anyone, anywhere in the world can quickly and easily create a prediction market to ask about anything. As a market creator, you will provide some initial capital for the market and in return receive half of all transaction fees charged for the life of that market.
Augur's fees are set by the user and are much lower than traditional trading and betting platforms.
In concentrated markets, one person determines the final market outcome - which means mistakes or outright manipulation are possible. With Augur, we will report thousands of market outcomes using a one-of-a-kind consensus-based system and a unique token called REPutation. As a reporter, you will report incidents every two months and in return receive half of all fees in the system multiplied by a percentage of the REP you own.
All funds are stored in smart contracts - eliminating counterparty risk and allowing fast, automatic payouts to win traders. Deposits and withdrawals are also fully automated using blockchain. No human intervention is required and there is no human error.
Scenarios
Augur is a prediction market platform that rewards you for correctly predicting future real-world events.
If you think Hillary Clinton is going to be president, the Yankees are going to win the World Series, or that Leonardo DiCaprio is going to win another Oscar, then you're going to buy those results stock.
In any case, the shares you are trading add up to a dollar - so if you buy the stock occasionally, it will cost you 50 cents. If it ends up being correct, you'll get a dollar for every stock you buy. If you're wrong, you've lost the funds you used to buy the stock. Like any market, stock prices fluctuate over time. As more and more people buy the stock, the price of this outcome will increase, while the price of other outcomes will decrease. This gives you further profit opportunities - by buying lows and selling highs before the final outcome of the market is known.
