TODAY: Augur (REP)

1- OVERVIEW

Augur is a decentralized prediction platform that runs on Ethereum. There you can wage on the outcomes of future events, and simply the ones with the correct prediction get money and the ones with the incorrect prediction loses money.
In Augur you not only can participate in a prediction market but you also can create your own prediction market for any purpose you intend.

2- HOW IT WORKS

You make predictions trading virtual shares on the outcome of any particular event happening in the real world. If you buy shares of the correct outcome you earn profits.

Augur relies on the theory of the "Wisdom of the Crowd", this theory states that the average prediction made by a group of people is better that the average prediction made by any individual of the group alone. All this aggregate into a market place, where in theory the price contains all information available by all the participants of it. These people buying and selling shares reach an equilibrium into the price reflecting the opinion of the entire crowd.

The price of each share add up to one dolar, so if you buy a share at 70 cents, it is because the market predicts a 70% of probability of that event happening, if it does, you get the dollar if it doesn't you lose your 70 cents, pretty simple.

You can also create a market providing some initial funding for the market, in return you'll receive half of the trading fees collected during the time that market is live.

• Creation of the market

They give a very didactic example understandable even for not developers. So you need to provide every specification about liquidity, starting quantity, the market ID, the fees, the number of shares, and so on...

Here the example code they provide:

Further information at http://docs.augur.net/#market-creation

• Reporting cycle

Source: http://docs.augur.net/#reporting

3- THE TOKEN

Name: Reputation
Ticker: REP
Circulating Supply: 11,000,000 REP*
Price at the time of writing this post: $20.62 [+4.77%]
*no inflation expected

80% of that total supply was sold in the crowdsale. The holders of REP are expected to report accurately the outcome of an event within Augur every few weeks. The Augur system redistributes the Reputation from the holders that failed to report or tried to be dishonest about it and gives it to the holders that accurately reported every event during the same cycle.

YOU DON'T NEED REPUTATION TO USE AUGUR. Probably the people never interact with the token if the goal is not to profit from reporting events. The participants will use Ether on the platform or any other Ethereum sub currency.

4- FINAL THOUGHTS

The fundamentals behind are strong, the decentralization gives an edge over other centralized prediction market, but i gotta say that the interface of the platform is really slow. The have A LOT to improve, of course they're still in BETA but they're not the only one out there, with close competitors like Gnosis (GNO), you just HAVE to be the best platform in order to succeed.

They're still in the shadows, and for a platform that is already running, a little bit of marketing wouldn't be bad to increase the usage of the DAPP.

Further information on their website: https://augur.net/
Try the platform here: https://app.augur.net/
And the Whitepaper: https://bravenewcoin.com/assets/Whitepapers/Augur-A-Decentralized-Open-Source-Platform-for-Prediction-Markets.pdf

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