Augur (REP) Review – CryptoCoin Judge
The predictive marketplace provides opportunities, in particular to reporters, to earn big by providing accurate updates on future events of the markets. However, the marketplace was lacking a sufficient level of honesty that often led people to being misled, thus losing on their bets. Augur developers took serious note of this drawback and worked to solve this issue of honesty deficit among the reporters. It has implemented checks and balances in its ecosystem that ensure that the reporting of future market events is done in a true and honest way. The reporter could be any person who is interested in participating and beting on their ideas and predictions in the Augur ecosystem.
A brief historical overview
Research has shown that prediction markets provide more accurate forecasting of future events, when compared with traditional opinion polling, surveys, and individual experts. Prediction markets provide real-time predictive data and that can be traded for money. The capacity of the predictive markets to be traded with real money incentivizes the market participants to reveal what would happen as per their understanding, not what they hope will happen. The company rewards the users who are able to accurately predict the future events. This way, betting on predictive markets has become all the more lucrative and exciting.
What is Augur?
Augur is an open-source, decentralized, peer-to-peer prediction market platform built on Ethereum. However, unlike other already available coins, such as BitShares (BTS), Cardano (ADA), Dent (DENT), Decred (DCR) and etc, the platform provides powerful predictive data based on the wisdom of the crowd. The principle states that the average predictions made by a group are superior to those an individual within the group. Since group members have the knowledge, information, analysis, and opinion, crypto coin markets are the best place to aggregate and collect this data to make predictions. With these individuals trading shares, the market becomes more balanced, which is actually a reflection of the wisdom of the crowd. The Augur coin is known as REP.
Analysis of Augur token technology and the issues it resolves
Augur aims to be an early warning system for literally everything. It allows people to bet on their ideas, and thus gain accurate predictions of future events, and earn money. Tokens, as you know represent assets of value. It has two types of tokens:
- v Value Tokens
- v REP Tokens
There are two types of Value Tokens that you can exchange for cryptocurrencies like Bitcoin, Ethereum, Litecoin etc. REP or REPutation tokens solve the following two big problems for traders:
1 – Firstly, they were sold for a limited period of time which solved the issue of getting funding for the development of Augur. This also ensured that early token holders are genuinely interested and invested in the success of this cryptocurrency and its ICOs.
2 – Secondly, as coin holders who honestly report the outcome of the events get to earn more REP, this works like dividends for the investors. The REPs of dishonest reporters are confiscated and redistributed among the honest reporters. This mechanism keeps the entire ecosystem trading transparent and clean.
How to mine Augur?
1 – To mine this altcoin, you need equipment with a minimum speed of 0 kH/s, at the current mining difficulty of 0, and reward for found block of 0 coins.
2- To get more profits from the sale of 0, you have to exchange 0 coins at the exchange rate of 0 for 0 on 0.
3 – After conducting this initial coin exchange, you can withdraw on the wallet and deposit at BTC-e.
4 – Thereafter, the coin can be exchanged with USD at an exchange rate of 0.
5 – After receiving USD, you can exchange in other fiat currencies like Ruble, and get 0 Dollar as cash. This way, Augur mining allows you to get 0 Dollar or 0 Ruble, without an excess consumption of electricity or heavy fees.
A wallet is used for storing and trading the cryptocoins and tokens.
1 – You can create your wallet at myethereumwallet.com.
2 – You need to download the Key Store file, read its content, and click: “I understand, continue.”
3 – Thereafter, you will be provided a powerful encrypted Private Key that you can use to operate your wallet. You can even print the key and then delete all references from your computer system, to protect it from being stolen or hacked by some malicious code, virus or malware.
You can purchase Ethereum from your digital wallet and also some other supported crypto currencies.
Augur vs. Bitcoin
Augur differs from Bitcoin in the sense that is more of a token asset built over Ethereum, while Bitcoin is a cryptocurrency of value that is often used for crypto trading and exchanges with other fiat currencies. Augur is meant to be used for ICOs specializing in predictive marketplaces.
At the time of writing this article, one Augur was trading for 0.00406083 BTC.
Benefits for investors
- Decentralized Ethereum Blockchain: As it exists on a decentralized network, it offers some key advantages to platform users. Since the platform itself is built in a decentralized way on the Ethereum blockchain, it effectively removes the need for a central server that may malfunction or be hacked.
- Create your own marketplace: Virtually anyone in the world can create a market on the platform just by asking a question about anything. As a market creator, you will have to provide some initial funding for the market operations. In return, it will provide half of the trading fees to you that it collects during the lifetime of the market created by you.
- Safe, secure, and automated payments: As all funds are stored in smart contracts, the payments are automated and fast. The blockchain automation means no human involvement is needed at any stage of the transaction process. Since no human intervention is needed, the risk of human error is completely eliminated.
- Low fee: As the fee on the platform is set by the users, it’s low, compared to the traditional betting and trading platforms.
- How to trade: The cryptocoin provider allows anyone to create an openly tradable market for upcoming events. It maintains an Order Book for each of the markets created by the users. A trader can place an order in the Order Book. It will be fulfilled immediately if there is a matching requirement. The remainder of the unfilled order will be placed in the Order Book as an Order. Orders are executed on the first come, first served basis. It offers best prices for orders firstly, and never executes them at a worse price than the limit set by the trader. If you are the creator of the order, you can cancel or remove it from the Order Book. The outcomes of the events are reported in the decentralized Oracle that has profit-motivated reporters reporting on the outcomes of the events.
Augur in the news
- The company has teamed up with Airbitz for its accounts’ services, thus bringing the assurance of Edge Security to Ethereum. When fully implemented, the security platform will have the developers create, synchronize, encrypt, and backup the data in a highly seamless manner. Besides Encryption, synchronization, and backup, the partnership will help the company in the creation of user-friendly account process. Airbitz will work to let the community store private keys and account data without a centralized server.
- Augur has partnered with Microsoft Azure to launch their application on a decentralized platform supported by Smart Contracts. It will allow the company to launch their application on the Ethereum platform, with the added advantage of scalability, enhanced security, efficiency, and transparency. The company has released turnkey solutions for Ethereum key import and export, trading metrics with an option to generate multiple-choice and numerical markets.
- The company has released the Alpha version of its prediction market platform. Now users can create and wager on an event, and get paid for their successful bets. Augur co-founder, Krugg, says that more advanced combinatorial markets development plans are in the pipeline.
At the time of writing, Augur was trading at USD53.19. Visit its official website or some trusted exchange site to get accurate information about the most current price of the cryptocoin. At these sites, you will also get updates about its tokens and their ICO events. This information will help in doing trading at the most opportune time. Also, keep reading useful articles, like this one at CryptoCoinJudge to get in-depth information about various cryptocurrencies, ICOs, crypto trades, exchanges, and a lot more.
As more people use this digital asset, the more accurately it will be able to deliver correct probabilities about future events.
Decentralization capabilities allow ideas, old and new, to work in wonderfully new ways. The success of social media sites that we are now so accustomed to using, couldn’t have been possible had the site creators not been innovative without permission. Decentralization is even more essential for prediction markets where anyone can create a market from anywhere. One can bet and even report on the outcome.
Augur goes beyond this. At the end of the prediction, the results are reported in the markets. This reporting is done by the people who run the prediction markets themselves. As a trader, you have to trust them for their honesty and true reporting. However, the developers have included a deterrent against dishonest reporting, as it will confiscate the tokens of dishonest reporters and distribute them among the honest ones. So, everyone is obliged to report honestly. This honest reporting feature is unique to the Augur ecosystem, and this is what makes it stand apart from the rest in the prediction marketplaces.
Performance in the last six months
The data on this cryptocoin’s performance will provide you a fair idea of its performance over the past 6 months.
The above table indicates that this digital coin has what it takes to succeed and thrive in the highly competitive cryptocurrency marketplaces.
The team behind Augur
The team at helm of the coin includes the following passionate professionals:
Jack Peterson, Co-founder and Lead Developer
A software developer, physicist, and entrepreneur, Jack is fascinated by distributed networks. He has published several peer-reviewed articles on complex networks and information theory. He is currently developing Java Script API and front-end for cryptocoin.
Joey Krug, Co-founder and Senior Backend Developer
Joey is currently working on making the consensus implementation faster and more accurate. He has worked on Bitcoin merchant solutions and hardware tinkering. He is looking after the digital coin’s back-end codebase and its Ethereum smart contracts.
Stephen Sprinkle, Senior Front-end Developer
Stephen has previously worked on cryptoping and address-watching services. Being an early adopter of Bitcoin has helped him to leverage his expertise for the development of decentralized applications.
John Danz, Front-end Developer
Aaron Drake, Senior Back-end Developer
Aaron has a great passion for cryptocurrencies. Aaron has a Master’s in Computer Science from Washington University in St. Louis.
Other members of the Development Team include:
Tom Kysar – Director of Operations
Alex Chapman – Back-end Developer
Serena Randolph – Front-end Developer
Scott Bigelow – Back-end Developer
Paul Gebheim – Code Monkey
Micah Zoltu – Contract Developer
Advisors to the company include:
Vitalik Buterin – Founder, Ethereum
Ron Bernstein – Founder, Intrade and Tradesports
Dr. Robin Hanson – Economist, Geroge Mason
Joe Costello – CEO, Enlighted
Dr. Abe Othman – Researcher, Wharton
Houman Shabad – Professor of Law, New York Law School
Elizabeth Stark – Founder, Lightning
Unlike other crypto coins, such as MaidSafeCoin (Maid), MonaCoin (Mona), NEM (XEM), OmiseGo (OMG) and many more, the Augur digital coin has its USP in the way that it is meant to be used. It’s a token asset that is built on the robust Ethereum blockchain technology. REP has displayed noticeable stability since its launch, despite the varying fluctuations that are very much part of the crypto world. With developers working to make it more appropriate for predictive marketplaces, the coin is set to return you good bounties on your investments. Watch for their upcoming ICO events as Augur is a promising cryptocoin with features that are unique for predictive markets and betting.