Decentralized prediction marketplace: the project was founded by Jack Peterson and Joey Krug in 2014. Based on the Ethereum blockchain, the aim is to create a decentralized prediction market. A market therefore controlled by its users, who will bet directly on the probability of an event (true/false or yes/no). Users will create their own bets on subjects of their choice: "Which team will win the soccer derby between Montpellier and Nîmes" or "Which candidate will win the presidential elections? In concrete terms, the creator(s) of the bet must provide the initial financing and liquidity for the "shares". In return, these creators will receive a percentage of the fees generated by the market, since users will be able to either buy or sell the "probability shares" linked to the event. It's the same way sports betting sites work, but adapted to blockchain technology.
Let's take an example:
Bet: Montpellier wins or loses the match against Nîmes
- Reward = $10
- Win" share price = $5
- Odds on "Loses" = $5
If the "Win" event is proven to occur, then the bettors who chose this option will double their stake, while those who bet "Lose" will have their stake liquidated. On the other hand, Augur, beyond the speculative side of the prediction market, aims to take advantage of the "wisdom of crowds". This concept is not new, but it is now decentralized, which means that users do not need to trust a central authority to announce results. All holders of the "REP" token will verify the result, making manipulation and falsification complicated. Of course, for this system to work, a large number of users must participate in order to avoid distorting the results.
Features :
The native token of the Agur platform is REP. As you can see, it acts as a utility token for users.
...
