You are welcome at our Augur review. They say that a person becomes an old man when he stops being surprised. If this is true, then the participants in the cryptocurrency market are simply condemned to eternal youth. After all, this sphere does not stop surprising with new unusual projects, one of which will be discussed today.
It is called Augur (REP) and has little relevance to the traditional notion of digital currencies. After getting familiar with it, rather, there are thoughts about gambling, casino and so on. But Augur can not be considered as a casino, since here there are no slots, roulette or poker tables. But you can make any bet at any event. That is, it is a type of market for predictions and forecasts.
INTERNET MARKET OF PREDICTIONS OR A PROBLEM FOR THE BETTING HOUSES
So, what is Augur?
It is a distributed platform, completely decentralized, not subordinated to the management of anyone and not controlled by anyone. It is based on the Blockchain technology of the Etherium system. The creation of such Internet platforms was made possible due to the rapid development of science, and the purpose of its appearance is that completely unknown users can exchange services or goods among themselves.
As for the particular site we are considering, here (on the web) we can make predictions about this or that event from any sphere. That’s why we think Augur can be a big problem for betting houses. Remember that no one will place bets in the classic betting houses if there is an unlimited opportunity to do them in Augur, where, by the way, the commission is much smaller.
HOW AUGUR WORKS
Each user has the ability to create and finance events, for which actions (cards) are created, which are divided into parts, depending on the result selected by other users. By betting on a given result, users acquire these parts. The cost level of the parts is calculated by the accuracy of the result, if the accuracy is closer to the real, then the cost increases. Depending on the offer and the demand of the event, the price of the shares can be changed. The control is carried out by users who have Augur coins.
The rewards accumulate after the check, at the end of the event; users verify the result by vote and accumulate prizes, depending on the accuracy of the bets and shares purchased. The creator of the event charges 50% of the fees of the commission, the second half is transferred to the participants who perform the voting. Any owner of shares has the right to dispose of their shares, regardless of whether the event has ended or not.
THE CREATION OF THE MARKET
Each user can create an event; to create it you will be asked for a quota in ETH, since in this way you will be forced to create real events without ambiguous results. Once the market is settled, the amount will return to the creator. A designated reporter must also be defined, who will be responsible for reporting the outcome of the event and will have 3 days to do so. In case the designated reporter does not report the event, the creator of the market will lose the commission of creation, this causes him to be forced to select a trusted reporter or himself.
Trading is perhaps one of the most confusing parts of Augur’s predictive markets. Once the market is created, the exchange of shares will be available. So, if we want to “bet” on some event, we must choose some of the available positions and buy the participation in this. In the case of being winners of the event, the retribution will depend on the number of participations purchased.
The shares can be exchanged, that is, we can speculate with the holdings that we hold over a particular event as long as the settlement does not occur. Maybe this explanation is a bit confusing, but we’ll see how it works later on.
Once the date of the event is fulfilled, it will enter the reporting phase, and this is where the designated reporter will come into play, or in their absence, the holders of the REP token that will be able to stack their tokens in the option they consider correct. In case they stack their REP on the option that has the least amount of votes from the community, their REP will be liquidated among all the participating reporters of that event. This period can last from 3 days to 60 days, the latter in case there is an event called bifurcation.
OPPORTUNITIES AND PERSPECTIVES
The scale of the market with the forecasts is colossal. All kinds of activity areas are included: only in sports bets are more than 3 trillion dollars. If at least 1% of the total market will belong to the Augur project, then the owners of the coded currency will become rich.
The long-term outlook for REP is very clear, the whole amount of coins are in circulation. The more users use the REP currency, the more funds developers will get, which means that the project does not intend to close.
At the end of the article, I have to say about the Augur capitalization, which, as of today, November 28, 2019 is $ 540,642,300, while the value of the card is around the level of $ 50. They use 11,000,000 tokens, and their subsequent launch is not planned, which increases the possibility of price growth over time. Most analysts believe that investing in the Augur cryptomoney is risky, but without that, in the field of cryptographic currency, it is impossible to earn anything.
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To date, the cost of a currency varies around $ 50, the volume of market capitalization is more than $ 200 million, since the launch of ICO, and the currency has increased several tens of times in the price.
DETAILS ABOUT AUGUR
The Augur platform is a quite novel platform for the market of betting or predictive markets, as they call it. One of the most interesting parts is the fact that the creation of markets is totally open, that is, we can place everything from basic things like who will win the World Cup final, to things a little more controversial, and so, Augur is for everyone.