Augur is basically a decentralized prediction market platform built on top of the Ethereum blockchain. The platform’s main goal is to forecast the outcome of any event based on a concept known as “the wisdom of the crowd”.
Aspects reviewed in this guide are as follows:
In simple terms, this decentralized, open source platform allows you to make predictions on virtually anything. The other users on the network are able to buy or sell shares in that specific prediction, based on their subjective and personal opinion.
Users then report on the outcomes, and this earns them Reputation. In simple terms, the amount of Reputation a user has is in direct accordance with the accuracy of his or her outcome reports.
Augur was first developed in 2015 by two former Ethereum developers; Jack Peterson, the Lead developer, and Joey Krug, the Senior Back-end developer. The protocol was initially developed by the Augur community development team and later released as an open source project for other developers to come in. Recently, the Augur released the second version of Augur with Ox protocol integration.
Augur protocol is based on the Ethereum blockchain and just as its parent chain, it’s a set of smart contracts written on blockchain technology, and the platform runs on its token, REP (Reputation token).