What is Augur?
Augur platform is designed over the Etherum platform. Augur is actually a decentralised application. Now, you can Buy Augur (REP) India. Like any other decentralised app, Augur also has four following features:
· Open-source and autonomously managed
· Use a blockchain to store data
· Use a cryptographic token to store a value
· Generate these tokens through a cryptographic algorithm
According to the creators of Augur, the aim of the decentralised app is to make a clear evaluation of the probability of future events. The team consists of seven developers with Joey Craig being the most famous among all.
The fundamental idea behind Augur is that two brains are better than one. The most predictions you have — the more accurate you will be. Imagine a system that provides a prediction in advance in any sphere of human life — finance, education, sports, technology and more. In simple words, Augur wants to be world’s first global forecasting system.
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Objectives of Augur
· The primary objective of Augur is to reform the prediction markets.
· Augur aims to make predictions that are more accurate. To achieve this, they are using a large number of people rather than the contemporary practice of using a small team of experts.
· While ensuring sustainability, Augur’s decentralisation has also provided the platform with a security against those governments which see prediction market as a part of gambling.
How Augur works?
Users are rewarded for sharing their knowledge and intuition on the Augur platform. It works in a unique way where users can buy shares in the outcome of any event. Also, the price is estimated on how likely that future event is certain to take place. The price of a particular outcome increases as the number of people buying into the outcome increases. In addition to this, there is another way to earn profits on Augur platform. Users can also earn through investment. If a user invests in an event which has a low probability and keeps a hold on them before the final results are announced. As the probability of the invested event happening increases, the investors can sell their shares and earn a profit.
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Each of the shares of a particular event costs $1. If users buy shares at even odds the share will cost them 0.50c. It means that they if they are correct in their prediction that they will earn $1 for every share invested. If they are not correct they will lose their investment. The odds are calculated out of a hundred percent. At even odds, it means that an event has a 50% percent chance of happening.
Advantages of Augur:
- · You are rewarded with Augur coin for predicting correct outcome of an event even if you do not bet upon it.
- · Augur cannot be blocked by any government because it is a decentralised platform.
- · It accepts both Bitcoin and Ethereum as payment.
- · Also, Augur is all based on your prediction.
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