A series of controversies around specific prediction markets highlight Augur’s governance issues.
Augur is a prediction market based on Ethereum which is forecasting results of different events basing on the wisdom of the crowd principle. Definition of Augurs main principle – wisdom of the crowd – is a principle that states that a large group aggregated answers are often superior to the answer given by any of the individuals in the group.
Augur in its core is very close to a tote. It allows user to make a specific question about the future event and to buy and sell positive or negative shares about the result of this event. Market creators will receive an Augur coin (REP) encouragement from the fees for buying shares. Shares are not frozen until the end of event, so people can speculate on opinions reselling those shares. After the end of event, users will report the outcome of event, meaning Augur blockchain will have a great source of information about it and may be used as a search engine in the future.
- Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years
- Owner of Indeed and Glassdoor Job Search Engines Invests In Privacy Coin Project Beam
- Blockstream Publishes Schnorr-Based Test Code for Bitcoin Blockchain Upgrade
- Major Chinese University Launches Blockchain Research Center
- Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, TRON, Stellar, Binance Coin, Bitcoin SV: Price Analysis, February 18