Augur Officially launches their Oracle and Prediction Platform
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If you liked playing the "what IF?" game when you were little then you are going to love the Augur platform.
There will be a place online where you can bet Ether on anything from little things like when its going to rain next to who wins the next football match. Anything you can imagine could be a market.
Augur is a decentralized oracle and prediction market platform built on the Ethereum blockchain that was founded in 2014 by Jack Peterson and Joey Krug. The main advisor is the father of Ethereum him self, crypto cult leader Vitalik Buterin.
The vision of the company is centered toward creating good for society.
"The Future of Forecasting. A prediction market protocol owned and operated by the people that use it."
The four main categories that could be used on Augur prediction platform are.
Turn political knowledge into predictive power by trading on the outcome of upcoming elections, potential policy decisions, and other political events.
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.
Companies can use Augur to guide decision making by forecasting vital information such as total product sales and project completion times.
Currencies used on the platform
Trading on the Augur protocol is done with Ethereum. As one of the most widely-used cryptocurrencies, Ethereum helps make trading on Augur accessible to all.
Augur's Reputation token is used for reporting and disputing the outcome of events. Reporters are rewarded for reporting correctly.
The project raised $5.5 million in a 2015 ICO, though its REP tokens now have a $377.3 million market capitalization in secondary market trading. It plans to settle bets in Ethereum, while it plans to user REP tokens as incentives for users to accurately report on bets, or dispute outcomes that have been incorrectly reported.
Augur can’t be shut down because of its open-sourced, decentralized nature, says Augur investor Multicoin Capital Managing Partner Kyle Samani
“Augur is the first one that the governments can’t stop it even if they wanted to,” he said.
Where does the name come from?
In ancient Rome an Augur was a religious official who observed natural signs, especially the behavior of birds, interpreting these as an indication of divine approval or disapproval of a proposed action.