Augur, a blockchain based predictions platform just launched on Monday. It was called as “Uber for knowledge” by Vitalik Buterin, the co-founder of Ethereum.
Augur allows users to create and for betting on anything from Prime Minister’s win in next elections to whether the US in 2019 will be hit by a cyclone. The team hopes to gain a competitive edge against other competitors like DraftKings and PaddyPower. It has planned lower fees and allowed users to create their own bets to survive the race of competition.
Blockchain has been used as a way to speed up transactions and to lower transaction fees. Augur is a global financial market where players can hedge against almost anything.
Augur had raised around $5.5 million in an ICO in the year 2015. It plans to settle bets in Ethereum (ETH) and thus, the userbase is currently limited to those who own Ethereum.
Ethereum can be used to build smart contracts that self-executes and handles the enforcement, performance, management and payment. Bitcoin, on the other hand, operates exclusively as peer-to-peer digital currency.
Ethereum is an open-source software platform, blockchain-based distributed computing platform and operating system that enables developers to deploy and build decentralized applications. It features smart contract functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.
Ethereum blockchain focuses on running the programming code of a decentralized application. In the Ethereum blockchain, miners work to earn Ether which is a type of crypto token that fuels the network. Ether is used to pay for transaction fees and services on the Ethereum network.
Augur allows users to create prediction markets on the outcome of any event whatsoever. After the event ends, the settlement fees will be paid out based on the outcome. The platform also has an in-built dispute resolution mechanism to ensure the accuracy of the real world information.
The whole procedure of Augur is conducted in a peer-to-peer manner without the involvement of any centralized party. Undoubtedly, Augur is one of the most ambitious and worthy projects of Ethereum system.
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