What is Augur?
Augur is a crypto project that harnesses crowds' wisdom to create a search engine by betting on future events. The shares can be worth one dollar divided between a positive and adverse action according to its probability.
It is an Ethereum-based open-source, decentralized "forecast market platform" that harnesses crowds' wisdom to create a search engine for the future that will use its REP token.
In simple terms, it is a platform that allows you to make predictions on practically anything in a bet. You can ask specific questions about future events that may be had and benefit from it thanks to the interactivity of other users who can buy or sell positive or negative actions on the outcome of such events.
How does it work?
Stocks can be worth up to $ 1, divided between a positive and negative supply. In other words, if adverse action is worth 50 cents, the positive story will also be worth 50 cents, and the probability of each event will be 50%. If a particular event is shown to occur, the shareholders will receive the value of one dollar for each of their shares on the said event. Before each event's outcome is known, the current market price will estimate the probability that it occurs.
The shareholders do not necessarily have to retain a share in their possession until the event occurs; the stakes are freely interchangeable until the event takes place.
REP, the platform's currency, has a market capitalization of $ 159,809,319. Its capitalization is given by its circulating supply of 11,000,000 REP, which is also the coin's total supply.
The rep cannot be mined; the way to earn it is by providing truthful reports on the results of market events or by market makers.
The number of REP tokens a person owns determines their reputation in the system.
In addition to paper wallets, a highly recommended option is to store your tokens in a hardware wallet. In this type of wallet, you are the owner of your private key.
Augur has an outstanding team that has been working on the project since 2015. The founders are Jack Peterson and Joey Krug, two very talented professionals from the blockchain world.
Along with them, we find 19 other people, of which 12 are developers. The team only has one marketer, which makes us think that could be why little is said about this project.