Augur is a fully open-source and decentralized prediction market platform built on Ethereum, a blockchain technology that allows for the execution of smart contracts.
The Augur project seeks to leverage the open, global, peer-to-peer ledger functionality that blockchain technology provides, as well as game theory and financial incentives, to better explore the concept of the wisdom of crowds (also known as collective intelligence) and try to get more accurate predictions about future events. The specific technologies used would theoretically allow for more participation and volume compared to traditional betting platforms, therefore augmenting the quantity of markets available and their accuracy.
After an initial desire to build the backend on the Bitcoin blockchain, the Augur team settled on Ethereum, explaining that it currently offers a better development platform for rapid deployment, that making use of Bitcoin as the foundation would not have offered clear security benefits, and that it intends to integrate into the Bitcoin network through sidechains as soon as that technology becomes available.
Here’s what’s truly novel about Augur: It won’t be controlled by any person or entity, nor will it operate off of any one computer network. All the money in the system will be in Bitcoin, or other types of peer-to-peer cryptocurrency, so no credit card companies or banks need to be involved. If the system runs afoul of regulators—and if it’s successful, it most certainly will—they’ll find that there’s no company to sue, no computer hardware to pull out of the wall, and no CEO to lockup in a cage.
People are looking to invest in altcoins, Augur coins would be a great trade deal beacuse of its high market potential.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
Subscribe to get notified on latest posts.