What is Augur?
Augur is a decentralized open source prediction market, which is built on the Ethereum blockchain. On the Augur platform users will be able to make a prediction on anything and users will be able to buy or sell shares in that prediction based on whether they think it will happen or not.
No matter the market, users will be able to buy shares on the specific outcome they feel is the most likely. This could be anything from the weather, to the winner of an election. It is effectively betting however the price of each contract will add up to a total of $1. If the chance of an outcome happening was even money (50%) the contract would cost 50 cents each and you could buy or sell as many as you wanted. The price of a contract will also automatically adjust based on the number of contracts being bought or sold. users will also be able to report on outcomes this will earn them reputation (REP), dependant on how much reputation an individual has will depend on how accurate their outcome reports are. Augur is built on the Ethereum blockchain as it will allow for smart contract technologies to be implemented.
The Augur actually means “(of an event or circumstance) portend a good or bad outcome.” Making for a very fitting name for the project.
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