Review on Augur by Fabrizio Zampieri
Augur is an Ethereum-based decentralized prediction market that leverages the…
Augur is an Ethereum-based decentralized prediction market that leverages the wisdom of the crowds to create a search engine for the future.
It allows you to forecast events and be rewarded for predicting them correctly.
The Augur Project was funded by a public crowdsale or Initial Coin Offering during the fall of 2015, in which it sold 11 million reputation tokens (REP) to more than 4,000 participants. Software development of the Augur platform has been done through the not-for-profit Forecast Foundation OU.
Pros
- People who submit correct predictions are also awarded a portion of the winnings whereas people who report against the consensus (untruthfully) will lose their REP tokens and earn nothing. Furthermore, the more REP a user has, the more value or trust is assigned to that person's input. In other words, Reputation tokens are gained and lost depending on the reliability of users votes with the consensus. REP has the following traits: can be sent between anyone’s accounts; balance is independently determined by Augur; total quantity of 11 million created and distributed upon system launch in accordance with the original terms of the 2015 crowdsale; divisible by 10^18; grants owner voting power on market resolutions; power proportional to stake to vote on development decisions of Augur.
Cons
- Current token quotation is understimated.
