Augur (REP) is ‘the future of the future’. Here is a decentralized forecasting case in beta where competitors’ ability to predict information, views, and ultimately future events are rewarded.
Where block-chain technology has developed, as it is for many other industries, it is the main problem centre for the current forecast market. This situation has many problems, it is not limited by how the market is manipulated, how easily it can be closed and combined. Strong governments and private investment groups have looked unfavorably against the forecast market in the past; For example, an Irish company named Intrade was shut down by the US Commodity Futures Trading Commissions. When Augur (REP) wants to grab a service or website where there are strong investors as highlighted in white paper, they will find a way to do it.
Of course, another aspect of abuse in the central forecasting markets is that a single person spreading the right thing out of the way endangers the integration of the whole process. This authority can make a mistake if the right figure is accidentally misplaced, blackmailed, collectively or monophonically allowed to manipulate the pose.
Augur (REP) is a decentralized platform to predict markets. With Augur (REP), anyone can build a market by asking about anything; sports events, election results, and even the gender of a famous child …
Each share adds up to 1 dollar value. If a negative share is worth 50 cents and a positive share is 50 cents, then in this case, according to the platform, 50/50 percent is true or wrong. If the event proves to be true, the positive commentator will get a full dollar for every share received on the clock. The price of a share is an estimate of the likelihood of any event occurring.
Users do not have to wait for sharing until the event happens because they can trade freely on the Augur (REP) stock market until the event is over.
Let’s say we are playing a claim to a sports tournament. A user can buy shares that the weak side will win a cheap feather, for example, a 10 cent champion. As the tournament progresses, this weak side can surprise everybody by winning some games. The price of this share will definitely increase the success of the team, so you can sell reviews at higher prices. For example; For every comment sold at 60 cents a profit of 50 cents is provided.
After the incident has occurred, thousands of users will report using Augur token (REP), meaning that the end result will not be reported by the central authority but will be reported by a large group of individuals involved in the Augur system.
Another source of benefit for the market creators is the revenue source and entertainment for the speculators, which further enhances the intelligence of the Augur (REP) crowd concept. (If you ask the same question for a larger number of people, their answer will always be much more accurate than the expert from the experts). So Augur can be used as a search engine in the future.
This concept is not new. However, forecast markets will be around for a while, and Augur (REP) is not the first centre. That is, users do not have to rely on the central authority to report events, because it creates a single point of failure and leaves the market open to error and wholesale manipulation. With Augur (REP), thousands of Rep token owners will verify this output and Augur will make manipulation or error almost impossible.
Anyone can set up a market for a future event by providing initial funding and liquidity for sharing. Market creators receive monetary incentives from market-generated fees because users receive and sell shares for this event.
The Augur idea was originally designed by co-founders Jack Peterson and Joey Krug in 2014. Peterson and Krug first searched for ways to build a decentralized, public open platform to anticipate markets.
The Augur team, already with an alpha version for testing, made an online token sale in September 2015 to improve future funding. With a big success, it eventually reaches $ 5.2 million.
By March 2016, the first working Augur version was transported to the Ethereum test network.
The Augur development team is working diligently on software and the release date has not yet been determined.
REP (reputation) can be thought of as the score of Augur’s tokens and Augur’s individual story. Reputation is not an investment but rather a necessary tool to do Augur work. Augur (REP) will never need to hold, see or use the reputation of the majority of the participants. However, it is very important to understand how the reputation starts to comprehend the entire Augur platform.
The reputation tokens are limited to a fixed source of 11,000.00, 80% of which is sold in the public token sale of the previous year for a total of 5.300.000 dollars. Holders of the prosperity of Augur is expected to report correctly on the outputs of randomly selected events every few weeks.
If it fails to correctly report an attempt to misrepresent or dishonest an event, the aggressive system will distribute this bad reporting situation to those reporting it correctly within its reporting cycle.
It is important to emphasize that you do not have to have a reputation for using Augur. Reputation is only used by rapporteurs in the reports of the incident. Edit allows participants to place bets on the platform that Ether will use, or on any Ethereum sub-currency.
It is highly recommended that you store your cold-store (REP) online. Please do not leave large crypto notes in central cryptocurrency exchanges. At the same time, you should have a backup of your private keys, such as your email, desktop, and Google Drive.
The Ledger Nano S is a great wallet solution, also supports ERC-20 Ethereum token species. Your reputation is safe here. Augur support We hope to have the Ledger integration, so you can join Augur even if you have accumulated your Ledger and have no Peebra.