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Augur

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Description

What does Augur do?

Augur is a decentralized market prediction platform built with Ethereum smart contracts that rewards users for correctly predicting future events. It is an open-source democratic prediction tool that is envisioned to become accurate through “The Wisdom of the Crowd." Augur states on their website that prediction markets are consistently more accurate at forecasting future events than experts, surveys, or crowd polling.

Users of Augur can also generate profits by creating their own markets and setting up prediction events.

What is REP used for?

Augur's native currency, REP, is essentially used for betting on the outcomes of events. For example, if a prediction market is created for a sporting event, users can stake their REP on the outcome they think will happen. If they’re correct, they’ll receive their REP back plus more REP according to the odds of the outcome they betted on. If they’re incorrect, they lose the REP staked.

REP can also be used to create new prediction markets for events that other users can bet on. Furthermore, by holding REP, users are entitled to a portion of the market fees generated by the platform. This incentivizes users to both promote the platform and to continue holding REP.

How can REP value appreciate?

Users of Augur need REP to participate in prediction markets. If Augur’s prediction markets increase in popularity, demand for REP will increase, driving its price up, as well. It’s possible that with time, Augur may be seen as a better platform for things like sports betting than current gambling platforms. This would cause users to leave those platforms and move to Augur, increasing the price of REP.

What is the difference between Augur and its competitors?

Augur is a well-developed smart contracts system, alongside Gnosis and Byteball, that is likely to continue expanding in coming years. Augur has a variety of small benefits, including paying out a portion of market fees to holders of REP tokens, and having a large development team. One clear difference between Augur and Gnosis is that users of Augur stake ETH on events while users of Gnosis can specify their own collateral tokens.

  • Mainnet Launch: August 2015
  • Open Source: Yes
  • Consensus Type: Ethereum consensus (currently PoW, will be PoS later on)
  • Technology: Ethereum
  • Total Coin Supply: 11,000,000
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Description

What does Augur do?

Augur is a decentralized market prediction platform built with Ethereum smart contracts that rewards users for correctly predicting future events. It is an open-source democratic prediction tool that is envisioned to become accurate through “The Wisdom of the Crowd." Augur states on their website that prediction markets are consistently more accurate at forecasting future events than experts, surveys, or crowd polling.

Users of Augur can also generate profits by creating their own markets and setting up prediction events.

What is REP used for?

Augur's native currency, REP, is essentially used for betting on the outcomes of events. For example, if a prediction market is created for a sporting event, users can stake their REP on the outcome they think will happen. If they’re correct, they’ll receive their REP back plus more REP according to the odds of the outcome they betted on. If they’re incorrect, they lose the REP staked.

REP can also be used to create new prediction markets for events that other users can bet on. Furthermore, by holding REP, users are entitled to a portion of the market fees generated by the platform. This incentivizes users to both promote the platform and to continue holding REP.

How can REP value appreciate?

Users of Augur need REP to participate in prediction markets. If Augur’s prediction markets increase in popularity, demand for REP will increase, driving its price up, as well. It’s possible that with time, Augur may be seen as a better platform for things like sports betting than current gambling platforms. This would cause users to leave those platforms and move to Augur, increasing the price of REP.

What is the difference between Augur and its competitors?

Augur is a well-developed smart contracts system, alongside Gnosis and Byteball, that is likely to continue expanding in coming years. Augur has a variety of small benefits, including paying out a portion of market fees to holders of REP tokens, and having a large development team. One clear difference between Augur and Gnosis is that users of Augur stake ETH on events while users of Gnosis can specify their own collateral tokens.

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