Augur: Everything you should know

Although the future is uncertain, since nobody knows what might happen, in the financial world it has tried to predict the future. Augur follows this same example, as this cryptocurrency has developed a unique algorithm with great potential.

That is why we can see that more and more financial institutions put efforts into making estimates of what is going to happen. Here we will tell you everything you need to know about the digital currency that, it is said, has the ability to predict the future.

➡What is Augur? ✨

As such, Augur is not a cryptocurrency but the name of the trading platform. Here we find a decentralized and open source platform which is based on the Blockchain used by Ethereum. This project is based on the prediction of the future in different markets, events, companies, among others.

According to the concept behind Augur, the user who correctly guessed the prediction receives a reward. This reward is a cryptocurrency from the Augur network, which is known as REP. Its objective is simple, to solve the current problems of speculative markets such as their limitation and monopoly control of them..

The mechanism proposed by Augur is based on the prediction generated by the concept of mass wisdom. This means that any user can create an independent predictive market on the platform by launching their prediction. Each user can buy shares of the predictions and if they are fulfilled, earn a return or profit.

By using this tool, Augur manages to take advantage of the concept of mass wisdom which is based on the fact that if you ask many people, the answer is more likely to be correct. While this seems "subjective" it has a scientific basis.

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➡Differences between Augur and Bitcoin✨

  • Blockchain: The main characteristic that makes Augur and Bitcoin different is the way in which the blockchain and information nodes work. And it is that the Blockchain that makes up augur is the only one that focuses on the predictive market.
  • Exclusiveness: One of the most striking features of Augur is that, compared to other cryptocurrencies, it turns out to be much more exclusive in the market. This is because REP units or coins are limited to a maximum amount of 11 million REP cryptocurrencies from Augur.
  • Commissions collections: The way in which commissions are charged on this platform is similar to that of a bookmaker. And is that here the charge is made on the prediction, that is, it is charged on the result itself. Typically, the maximum commission is 2%.
  • Bug Report: In order to improve the platform and reduce potential errors, Augur has developed a program known as Bounty. In this way, users who manage to detect some type of failure are rewarded, which helps developers to improve the platform effectively.
  • There is no mining: Unlike Bitcoin, here you cannot mine virtual coins because the maximum amount has already been generated. Similarly, tokens are indivisible so you cannot buy a fraction of them. This makes Augur a unique cryptocurrency.

➡How does it work? ✨

Like most cryptocurrencies, if not all, Augur and its REP are based on the Blockchain, only here we find Ethereum as a base. That's how it is, both Augur and REP are based on the chain of blocks used by this cryptocurrency.

On the other hand, the REP currency is based on the ERC-20 standard, which allows smart contracts to be easily executed. According to experts, Augur is the largest decentralized application network, DApp, which has been created through the Ethereum Blockchain network. Also, its code is based on a Peer-to-Peer network and without using a decentralized server.

The operation is like a bet. The user launches a question with two possible answers, this bet is assigned a base value, as well as an additional one according to the risk ratio. The value of the bet will increase as the risk increases.

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➡Example of how it works✨

For example, a user asks a question to try to guess who will win the Qatar 2022 World Cup (that's right, all kinds of predictions can be made). The options are two: win France or win Argentina, that simple. 60% of users say that France will win and 40% that Argentina will win and the prediction value is 1 REP.

If France wins, the loot will be 1.4 REP while if Argentina wins the result will be 1.6 REP, this because the greater risk you run, the more benefits you will receive.

➡Where to buy Augur? ✨

A great advantage of Augur is that, despite having a totally different network than conventional cryptocurrencies, buying REPs is easier than you think. You can do it through the main exchange houses or broker without having to complicate your life.

This will allow you to access the Augur network to make your predictions and try to guess that of other users. Remember that for the management of your REP it is necessary to have a Wallet that is compatible with this type of cryptocurrency in order to know your balance.

➡Is it worth it? ✨

The answer in general will depend on each one, although experts agree that its operation is the only thing that really attracts attention. And this platform is unique, since it allows you to make predictions, something that no other virtual currency allows you to do.

Yes, You must take into account that Augur does not have a real value as such, or at least it cannot be used as a form of payment. This is because REPs can only be used for conducting surveys or predictions, not as a conventional payment method.


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About Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.

About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.

Do you want more information? You can read more about me here in my biography.

2 comments on «Augur: Everything you should know»

  1. Thiago Lima Reply

    This company is a scam. I assure you, they didn't let me withdraw, don't do it, you'll thank me later. Greetings.

    • Recommended-brokers.com Reply

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