Augur Ico Review

Augur Ico Review – Welcome to the future of forecasting

About Augur

Augur is a trustless, decentralized oracle and platform for prediction markets. Augur’s incentive structure is designed to ensure that honest, accurate reporting of outcomes is always the most profitable option for Reputation token holders. Token holders can post progressively-larger Reputation bonds to dispute proposed market outcomes. If the size of these bonds reaches a certain threshold, Reputation splits into multiple versions, one for each possible outcome of the disputed market; token holders must then exchange their Reputation tokens for one of these versions.

Versions of Reputation which do not correspond to the real-world outcome will become worthless, as no one will participate in prediction markets unless they are confident that the markets will resolve correctly. Therefore, token holders will select the only version of Reputation which they know will continue to have value: the version that corresponds to reality.

Augur Key Information

KeyPoints
Token NameAugur
Average price10.79 USD
Sold tokens8,800,000
Distributed in ICO87%
Tokens for sale11,000,000
CountryUSA
AcceptingETH, BTC
Token SymbolREP
Token TypeERC20
Raised$5,000,000
PlatformEthereum
Price in ICO0.6000 USD
WhitepaperClick Here For View Whitepaper
WebsiteClick Here For Visit ICO Homepage

The Game Change Team Behind Augur

Augur Ico Review - Welcome to the future of forecasting

How Augur Work?

Augur markets follow a four-stage progression: creation, trading, reporting, and settlement. Anyone can create a market based on any real-world event. Trading begins immediately after market creation, and all users are free to trade on any market. After the event on which the market is based has occurred, the outcome of the event is determined by Augur’s oracle. Once the outcome is determined, traders can close out their positions and collect their payouts.Augur has a native token, Reputation (REP).

REP is needed by market creators and by reporters when they report on the outcome of markets created on the Augur platform. Reporters report on a market by staking their REP on one of the market’s possible outcomes. By doing this, the reporter declares that the outcome on which the stake was placed matches the real-world outcome of the market’s underlying event. The consensus of a market’s reporters is considered the “truth” for the purpose of determining the market’s outcome.

Market Creation

Augur allows anyone to create a market about any upcoming event. The market creator sets the event end time and chooses a designated reporter to report the outcome of the event. The designated reporter does not unilaterally decide the outcome of the market; the community
always has an opportunity to dispute and correct the designated reporter’s report. Next, the market creator chooses a resolution source that reporters should use to determine the outcome.

The resolution source may simply be “common knowledge”, or it may be a specific source, such as “The United States Department of Energy”, bbc.com, or the address of a particular API endpoint.2 They also set a creator fee, which is the fee paid to the market creator by traders who settle with the market contract (see Section I D for details on fees).

Incentives and Security

There is a strong relationship between the market cap of REP and the trustworthiness of Augur forking protocol. If the market cap of REP is large enough16, and attackers are economically rational, then the outcome that wins the fork should correspond to objective reality. In fact, it would be possible for Augur to function properly without using designated reporters and dispute rounds. Using only the forking process, the oracle would report truthfully. However, forks are disruptive and time consuming.

A fork takes up to 60 days to resolve a single market, and can resolve only one market at a time. During the 60 days in which the forking market is being resolved, all other non-finalized markets are put on hold.17 Service providers have to update, and REP holders have to migrate their REP to one of the new child universes. Therefore, forks should be used only when they are absolutely necessary. Forking is the nuclear option.