Review on Augur by francis fernandez
Augur-Predicting the future
The crypto industry amazes us every day with the appearance on the market of increasingly incredible e-commerce products or tools.
In addition, from the wide range of cryptocurrencies, online games, blockchain exchanges and digital wallets; the industry is also innovating in offering options that make it easier for us to trade crypto assets and provide us with incredible business opportunities.
Within this context we find the Augur platform, called "wisdom of the crowd" by its developers.
Augur is a decentralized platform that allows making predictions in relation to elements related to the financial market, such as: events, companies, cryptocurrencies, exchanges, among others.
Augur was designed under the open source infrastructure, based on the Ethereum blockchain technology.
The cryptocurrency managed by the Augur network is the REPs, launched on the market on 10/04/2015; with a maximum quantity of 11,000,000 REP.
How do users of the Augur platform earn?
They receive a reward in REPs; users whose prediction is fulfilled correctly.
The fundamental idea of the creators of Augur is to solve the problems that users face when encountering speculative markets, controllers and manipulators of information at their own convenience.
How does Augur work?
Augur's prediction mechanism is focused on "mass wisdom." In this sense; Any user with access to its decentralized platform has the possibility to create a prediction market; for which he launches a specific question to the population. Based on this question, users make the purchase of shares of each of the viable options, and if the result of the event is correct, they obtain a reward in REPs.
Pros
- It is the only blockchain platform in the crypto market, based on crowd predictions.
- It is accessible to any user. It is not limiting.
- The topics to be discussed on the platform cover a wide range of options: politics, social scientists, among others.
Cons
- The issuance of REPs is limited, only the amount of 11,000,000 REPs.
- The participation of users in the prediction mechanisms is not free; since they must pay a percentage between 0-2% to have the option to answer the question posed.
