Augur's market forecasting platform is a system where people all over the world can make predictions and bets on specific questions (e.g. will it rain tomorrow?) and get paid if their predictions are correct. Augur's market prediction platform is a system where people from around the world can make predictions and bets on specific questions (e.g., will it rain tomorrow?) and get paid if their predictions are correct. It is said that what the majority of people in the world predict will happen is more accurate than the opinion of a single expert, and the Augur platform allows you to get highly accurate predictions for any question. This kind of system is called Wisdom of the Crowd.
Although market forecasting platforms have existed in the past, Augur is said to be innovative because it uses blockchain to achieve the following two points.
1. It is decentralized and there is no central administrator, so it is a fair system where there is no corruption and no fees, just like a casino.
2. Users from all over the world can judge the prediction results, so there is no room for error.
The content of the bet can be anything you want, such as "which candidate will win the next US presidential election" or "which country will win the World Cup".
If your prediction is correct, you will be rewarded with Bitcoin or Ethereum.
Market forecasts can be used like an insurance system. For example, if a farmer user asks, "Will there be a hurricane this summer? For example, if a farmer bets that there will be a hurricane this summer, he can get paid by Augur even if his crops are ruined by the hurricane.
In addition, the existing insurance system can only be used under some limited conditions, such as premiums being paid in case of injury or illness, but with Augur, any conditions can be set.
In Augur, there is no master, but a group of people called "reporters" make decisions on whether the predictions are correct or not. The reporters are paid a deposit in advance to perform the certification process, and if they report correct predictions, they are rewarded; if they report incorrectly, the deposit is forfeited. Therefore, fraudulent reports are unlikely to occur. In addition, since the judgment of the forecast is based on the reports of multiple reporters, even if a few reporters cheat, the result will not be affected.
A reporter's reputation will be raised by reporting correct results, and a reporter with high reputation points will be able to increase the number of events and bets he or she can launch, resulting in earning more commissions.
Augur is advised by Vitalik Buterin, founder of Ethereum, and Ron Bernstein, founder of the famous prediction market service Intrade.
Vitalik calls Augur the Uber of knowledge and supports its potential.
It can be traded on BINANCE and other exchanges.
Official website : http://www.augur.net/
Twitter : https://twitter.com/AugurProject
Github : https://github.com/AugurProject
