Augur launches version 2

[BTC Future 3946]

 

Augur is an predictions platform running on the Ethereum blockchain. The claim to be a decentralized P2P oracle protocol for predictions markets.

 

Basically Augur has a prediction model where users are able to bet on events ranging from sports to elections. They have some consensus model where token holders report for the outcome of the events called Augur oracle.  You can find more information on their whitepaper, here. 

The most important feature of Augur is that they allow any user to create his own predictions market with the use of smart contracts, and allow other users to bet on the options given.

 

 

The users to make a selection they buy shares of the options available using DAI tokens. These shares can be traded in the Augur exchange. The outcome of the result is determined by reporting users which profit from this activities. They must be owners of Augur native token (REP).

 

Augur has just announced they are upgrading their platform launching Augur version 2 in the end of July. The current ERC20 token (REP) will be renamed to REPv1 and users will be able to swap to the new token named REPv2. This won't be an automated process, but users will have to manually migrate the old tokens to the REPv2, in order to use the upgraded Augur platform.

 

Augur also released a migration guide which gives the directions to holders in order to swap to the new token. (link). There will be need for exchanges and users that hold Augur to migrate their tokens and participate in a possible "network fork" if this happens.

 

There are 11 million REP tokens in circulation and Augur is ranked 45th on coinmarketcap right now, with a total market cap of $181 million and price or REP $16.51. Augur is a cryptocurrency traded in many major exchanges as Coinbase, Kraken, Binance and Bittrex. 

 

 

Edited June 30, 2020 by BTC Future

[Whited35 15285]

@BTC Future I wonder how does it work? According to their whitepaper, they have a four-stage progression: creation, trading, reporting, and settlement.Clearly I need to understand more about their mechanism of market creation based on any sort of real world events by any user on this platform.

[BTC Future 3946]

1 hour ago, Whited35 said:

@BTC Future I wonder how does it work? According to their whitepaper, they have a four-stage progression: creation, trading, reporting, and settlement.Clearly I need to understand more about their mechanism of market creation based on any sort of real world events by any user on this platform.

It is a bit complex. Users create the markets and make the bets. To connect with Augur you need to download their app first and connect with the rest of nodes. You can then create a market like a certain question, which can be anything at all, there is no restriction. After that you select a category which again you are free to write anything you want. It has many options like how the result will be decided , the fee that the creator of the market will earn from the users that bet on this, etc.

It is basically something like an online platform where the user is both a bookmaker and a bettor.

I found a youtube video that describes much better than me how it works . Click here.

Edited July 1, 2020 by BTC Future