Augur is a company that has the interesting idea of combining the magic of prediction markets with the power of a decentralized network to create a stunningly accurate forecasting tool – and the chance for real money trading profits.
The blockchain based startup has been steadily deploying developments and meeting their stated objectives.
The latest update has been sent out fairly recently in which they stated that they were able to receive a significant amount of their contract audits back over the course of a couple of weeks and they were able to make the necessary changes required after the reception. They altered their reporting contracts to meet standards and are now progressing onto other matters.
The next set of matters is for them to slow the pace of deployment during Christmas and then get back to work on the implementation of the required changes and fixes in their security audits. They feel that the fixes should not take an excessive amount of time and should be ready within a week for their next review.
The contract process is extensive and is a key part of their overall offering to their users so it is important that they are able to wrap this up as soon as possible. The overall corrections and reporting contracts will then be reviewed by their auditors and should be finalized over within the first few days of the new year.
Augur Node and UI
The Augur Node and UI is the next part of the focus and they are developing it on a regular basis. Interested users will be able to see a sort of live sneak peek of what the platform can look like via dev.augur.net. Being able to see active test nets is what users have waiting patiently for and so this is a welcome end of year present for many who have been following Augur from the start.
The company is also expecting to present a refined and polished white paper clarifying their vision and users can expect to take a look at it prior the launch of the platform.
Why Augur matters
The company is working on an exciting project to where they are bringing in an innovation to prediction markets. They want to be able to provide “stunningly” accurate forecasts on any topic. This key feature that they are bringing to the table can be of significant use to many in various markets and so Augur is being watched by many.
How exactly do they operate?
The prediction markets that Augur facilitates, allows for the powerful predictive data across industries. One is able to see what the probability of an event happening is by looking at the share price of the event, say one event is priced at .55, this means that the event has a 55% chance of taking place.
The application would tap into the wisdom of the crowd, being able to group together thoughts on a specific topic from many in the crowd thus allowing for more accurate predictions. This is already being done to a certain extent, see shares of stock on the New York Stock Exchange or anywhere else in the public market, most people believe that the public market has valued these stocks correctly, various people buy and sell depending on what they think that the stock is worth, and depending on these myriad decisions, the price of the stock stays up or goes down.
Augur is bringing a similar market to everything else allowing for the pricing in of the opinions of the many.
What makes people want to be right? They are making these decisions that would lead to trades with real money! These traders are then putting their money where their mouth is.
In other Augur related news
According to Bittrex, the app’s token, called REP, went to be more than $200 last week. On the other hand, CoinMarketCap shows that after starting below $50 in the same time frame, the price rose above $107and at the time of writing this, REP is trading at around $88.
While it’s certainly surprising to say the least, Augur has been known as a widely used prediction market app for a while now. It cannot be said for certain what – other than the trickle effect by improvements of other cryptocurrencies – could have contributed to the rise of REP in the last week or so.
Maybe, it could also be the fact that Augur continues to say what they will do and meets those expectations on a consistent basis.
Augur is an open-source prediction market platform that uses decentralized network built on Ethereum. Its protocol is a set of smart contracts which exist on the Ethereum blockchain.
According to Wikipedia, the startup was founded in 2014 by Jack Peterson and Joey Krug. The first working version of Augur, Augur Alpha, was published to the Ethereum test network in June 2015.
Afterwards, the company worked towards initiating a crowdsale including the distribution of their REP tokens, which ended its run successfully in October 2015 after running for a period of 45 days.
The crowdsale gained a very positive response from investors, raising more than $5.2 million. The successful run placed the Augur Project among the top 50 most successful crowdfunding campaigns of all time, as of today.