What is Augur?
According to Augur whitepaper, Augur is a trustless, decentralized oracle and prediction market platform. A prediction market is where people come to bet and speculate on the outcome of future events. Bettors who bet correctly win money while bettors who bet incorrectly lose money. Prediction can be anything that can result in a binary option. Currently, predictions markets can be made for sports, crypto, political election and news events. As cryptos grow more and more, the utility of blockchain is expanding. Augur solves a very specific use case.
The problem with traditional prediction markets is that they are centralized and as such it requires trust to run them. To run any successful prediction, it must have a trustworthy entity to maintain the ledger and a trusted judge to determine the outcome without any bias. The other problem is that it is limited to certain markets in certain geography because as such the funding pool is limited.
Augur aims to solve all these with trustless and decentralized protocols. Augur has a native token known as Reputation token or REP which is used as a reward to the market creators and reporters. Augur’s incentive structure is designed in a way to ensure that honest, accurate reporting of outcomes is always the most profitable option for Reputation token holders.
How does Augur work?
Augur works in four simple steps:
- Market Creation
- Reporting and
Market creators with REP tokens can create a market based on anything from crypto to political elections, sports to movies, etc. This market is global and market creators can be from anywhere in the world. When creating a market, the creator sets the event end time and the condition of it on the ethereum smart contract. The market creator is incentivised based on well-defined events with objective and unambiguous outcomes. Once the prediction market is successfully created, trading begins immediately and is open for any users to trade. Market participants forecast the outcomes of events by trading shares on those market outcomes. Trading orders and ledger are well maintained on the ethereum blockchain and are open to everyone to verify the bets and orders. Orders are created as and when the conditions are met, as written on smart-contract. Augur market shares and native tokens can be traded and transferred anytime. Once a market’s underlying event occurs, the outcome is determined and finalized. This event outcome is reported by reporters who own REP tokens. Augurs make sure that anyone can be a reporter if they own REP tokens. Reporters are financially rewarded. Just like any other market, traders can exit their position by spelling the shares to other traders in the exchange or settle with the market if they are satisfied with the contract.
Augur Key Features
Augur Turbo — Augur Turbo is a global, no-limit betting platform that uses on-chain data sources for real-time data updates on transactions. Augur Turbo will help users with faster settlement time.
Augur integration with Layer 2s — Augur protocol is integrated with Ethereum layer 2s which allows users with significantly lower transaction costs. Integration with layer 2 solutions like ethereum gives an even faster confirmation time. This feature is still under development and will soon be deployed.
Augur Limit Order — Augur has limit order features that allow bettors, liquidity providers and market participants to trade at their desired shares without constantly monitoring the prices.
Bettor and Liquidity Provider Tooling- Augur is planning to come up with exclusive Bettor and Liquidity Provider Tooling for a better user experience. Though the exact structure of the plan is yet to be known, both bettors and liquidity providers’ experience will significantly improve with exclusive features.
Augur (REP) at the time of writing — $11.70
Trading volume at the time of writing — $13,855,747.55
Market Cap at the time of writing — $128,924,723.43
Circulating Supply — 11,000,000.00 REP
Conclusion and Future perspectives
As crypto is getting mature and retail adoption is going at a high pace, different crypto projects are coming up and solving unique use case problems. Augur is one such that solves the problem of prediction markets. The idea of making the market more decentralized and trustless is a majorly significant move.
Where to trade Augur REP?
To trade Augur REP at Unocoin, you can download the Unocoin application or sign up at www.unocoin.com. For every unique signup during the first month of this new year, new users will get a welcome bonus of INR 100 worth of bitcoin.
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