About Augur

Augur Coin Review: Mining Guide, Price & Analysis of Augur Cryptocurrency

Augur is an altcoin that is among the top 100 currencies in the coin market. The coin is accessible to investors across the world. It markets itself as the entity that has no limit in betting. Users can bet whatever amount they wish in economics, sports, world events and much more.

The blockchain of Augur is exciting and intriguing. The platform can predict the outcome of various events based on the principle of the wisdom of the crowd. The data that is collected is averaged to the possible scenario that is likely to occur.

Those who predict the event correctly get rewarded by the platform. Those that their information does occur get penalized. The company is aimed at revolutionizing the prediction industry. Augur wants to change the way individual receive and confirm the truth.

History of Augur

Augur is a dApp that was successfully developed from the Ethereum blockchain. The platform is fully decentralized meaning that no government can control the company. Therefore, the entity is offering something new in the industry.

Various stakeholders in the industry do not approve gambling. The company uses proof of concept, and it is a sustainable venture. The blockchain will eliminate fraud among users. Since the entity is decentralized, there will be honest reporting of events.

Augur coin was released in the market in 2016. Over time the currency has been successful, and multiple users continue to join the platform. The decentralized ERC20 currency uses the information it collects from individuals to predict real-time events.

How does Augur work?

The platform wants to ensure there is an accurate prediction of data by not only using a small expert team. They target to include a large group of individuals. Augur allows users to invent the market and control the outcome price.

Once there is mass adoption of Augur, there will be transparency in the world. Biased predictions and news will be permanently eliminated. The entity has competition from cryptocurrency like GNOSIS.

A lot of people are wondering whether the platform is still the ‘bet’ best-decentralized company. The platform wants to ensure the predictive community has high accuracy, excellent accessibility, and minimal fees. Nonetheless, the coin looks promising as it is currently worth $15.67. The coin of Augur is known as REP. However, the prediction market shares are bought using Ethereum currency.

Insight on the Prediction Market

Research shows that the prediction market is more reliable than experts who are employed in companies’ pools. The industry is all about forecasting an event before it happens. Users can purchase and sell shares on the likelihood of an event happening.

The industry of prediction has been happening way before the invention of cryptocurrency. You will find people forecasting on politics, sports. However, there are a limited number of people who participate in the prediction market.

Therefore, it is essential that the sample size increases. It will translate to accurate data compared to a single expert or a small group. The company targets providing accurate predictions and forecasts.

Use of Augur prediction market

Majority of people assume that the prediction market is only applicable in the gaming and gambling industry. Well, this is not correct as many reputable organizations and business use this method for decision making.

Once the collected data is implemented in the right manner can be very valuable. Various businesses will operate virtually. Examples of companies that have been using the prediction market are HP, Ford Motor Company, Intel, and Google.

However, the collection of data takes time and is slow. The idea of prediction can be used in the financial sector as well. You can buy a prediction contract that can reward when a risk occurs. There is a more excellent use that of Augur coin.

The team and community of Augur coin

The community believes that Augur coin is a solid project. The platform wants to resolve real-time issues facing the gambling market. Additionally, the people behind this venture are trustworthy and reputable.

Jack Peterson is the founder of Augur. Joey Krug also led the development of this currency. Additionally, Vitalik Buterin is the advisor of this company. Augur coin is an innovative venture. Gnosis is a significant threat to Augur which has multiple similarities.

Both platforms have the possibility of thriving in the industry. Each has something exceptional to offer users. Gnosis uses the number of outstanding shares as their fees. On the other hand, Augur uses charges on the trading model basis.

Advantages

• Multiple trading events
• Built on Ethereum blockchain
• Open source decentralized platform

Disadvantages

• Unstable application
• Competition from Gnosis

Can Augur be mined?

No, the currency is not available for mining. Users can only acquire Augur REP by buying them in any exchange.  You need to buy BTC or ETH using your fiat currency. Then you can proceed to exchange the money into Augur REP. Kraken and Bitfinex is one of the exchanges that is offering the coin. Ensure that you choose a reliable wallet to store your crypto after purchase.

Final Verdict

Augur operates a consensus mechanism as well as betting. Users can benefit from designing a new market for an upcoming event. The reporters’ double-check the data and can earn if the info is correct. The platform wants to eliminate the influence of centralized parties in the market.

Users will gain once their predictions match the real-time occurrence. The entity will also reward the REP currency holders and those that create the market. Trading shares make a market prediction in the real-time global event outcome.

For instance, if you believe that the UK monarchy will survive after Queen Elizabeth reign, you can purchase the shares in such an outcome. If the come comes to pass, you will gain. Users profits if something happens. 1 ETH equates the value of a share.

However, if the outcome does not turn in your favour, you will lose the 1 ETH or the amount that you had spent on purchasing shares. Moreover, if there is an even chance of an event happening, then you pay 0.5 ETH. Once your odd wins, you will receive 1 ETH if not you lose your initial deposit.