The Future Of Forecasting Is Here With AUGUR!
Digitalization is revolutionizing the world in ways we never thought could be possible! Take Augur for example. It is one of the most interesting start-ups you will ever come across. This open source, user-owned platform is all about forecasting.
From political outcomes to the weather, if you can bet on it, Augur can help you make money on it. Users can buy and sell shares in an event, and reap the rewards when accurately predicting an outcome.
It sure is a very cool concept that has its functioning wrapped in blockchain technology!
So what we must know Augur is that it is an open-source, decentralized prediction market platform. To gain large audience, Augur is built on Ethereum, a decentralized blockchain network similar to the Bitcoin network. Utilizing this technology, markets can effectively eliminate counterparty risk and centralized servers.
If you think that this could potentially be the game-changing platform for your forecasting skills, you better gear up to know how exactly it works!
Let’s understand Augur in three easy steps
- Pick an Event
Anything is fair game, from elections to crypto prices. Can’t find what you’re looking for? Create your own market with just a few clicks.
- Buy and sell shares.
Buy shares to go long on an outcome, or sell shares to go short. Trade your shares whenever you like or wait for the outcome to resolve
- Claim Your Winnings
If you hold shares of the winning outcome, you’ll get a pay out when the outcome resolves, sent straight to your Ethereum wallet.
KNOW THE MAKERS– Augur was founded back in 2014 by Jack Peterson and Joey Krug.
Joey started programming in Applesoft BASIC when in middle school after his dad bought him an Apple II GS on eBay. He studied CS in college because he enjoys being able to translate his ideas into code. Joey is co-CIO at Pantera Capital, one of the largest blockchain-focused investment firms, which he joined in 2017.
He is co-founder of the Forecast Foundation, which contributes to the development of Augur.
Forecasting on anything is possible with Augur. Your prediction skills are being put to good use by this platform. It covers a wide range of prediction topics like-
Turn political knowledge into predictive power by betting on the outcome of upcoming elections, potential policy decisions, and other political event
Hedge against catastrophic events like natural disasters, market crashes, and geopolitical upheaval by betting that the event will occur.
Harness the power of crowds to create a more accurate weather prediction tool for events like hurricane landfalls, heat waves, and daily temperature averages.
Short a cryptocurrency or predict the next bull run. Hedge or leverage exposure to any crypto asset.
WHAT ARE THE CURRENCIES THEY USE
Betting on the Augur protocol is done with Ethereum, the decentralized world computer. As one of the most widely-used cryptocurrencies, Ethereum helps make betting on Augur accessible to all.
REP is used for reporting on and disputing the outcomes of events. REP holders are rewarded for reporting the correct winning outcome of the event after it occurs, while others can dispute if they don’t agree.
Getting Started for Developers
Anyone is welcome to contribute to Augur. The best way to begin is to join the Augur Discord channel, where the Augur community discusses design and development every day!
Augur has built a market for literally anyone, from anywhere and for anything. With a no-limit betting on anything it sure leads the future of forecasting!