Bets: What you need to know about the platform Augur
Augur, declared as the first platform in the world market forecasts for Ethereum, has recently launched its network.
Prior to DappRadar, just 12 hours after launch Augur was the fifth most popular dappa on the blockchain of Ethereum, beating CryptoKitties, although at the time of publication last regained his rightful place.
Augur was generated Forecast Foundation, a non-profit organization, whose goal is the formation of "open sources and instruments of social forecasting." As you know, operating forecasts long been a very lucrative business for many companies, but the key difference Augur — its global and decentralized nature.
Anyone, anywhere can offer its own events and bet on them, provided that the result of these events can be tested in the real world. It also allows the platform to provide a higher level of liquidity, as well as more diversity in those areas that are not normally covered by traditional markets forecasting. Augur solves the key security problem by moving information from the real world into the blockchain, where the results can't be changed.
However, the removal of a centralized mediator with market rates creates a problem: how to bring different, but equally interested in the financial plan, the parties to an agreement with the actual result of the predicted events? In the system Augur is the market maker prediction assigns a "reporter" who needs to check the result. The appointed reporter adds to Deposit their tokens of Reputation (REP, cryptocurrency Augur) that he will lose if they report incorrect results. The reporter receives compensation through commissions. Thus, the platform provides an accurate account of events.
The platform will be difficult to block or censor, as none of the parties does not control it — even Forecast Foundation. It can do Augur attractive to jurisdictions where gambling is illegal. However, the creators do not think the platform is a competitor bookies. They see the usefulness of the project to hedge against events with significant consequences and low probability (for example, natural disasters).
Buterin Vitalik, founder of Ethereum and adviser to Forecast Foundation, commented on the launch of Augur:
I was delighted with the prospects of market forecasts on Ethereum, and I am pleased to see Augur a leader in translating such a complex system to life.
The project has raised about $5 million in ICO, and the coin REP, launched in October 2016, is now ranked in the top 20 cryptocurrencies with a market capitalization of $349 million from the Issue of REP is limited to 11 million coins, 80% of which were distributed during the ICO.