The cryptocurrency market is always getting new players, and so there are always new currencies to be mined. Throughout this article, we are going
The cryptocurrency market is always getting new players, and so there are always new currencies to be mined.
Throughout this article, we are going to go over some basic info on Augur, which isn’t a cryptocurrency per se but bears strong resemblances with one as it operates in a Bitcoin blockchain powered market.
What is Augur?
Augur is an open source, BC blockchain powered, decentralized, peer-to-peer event prediction market that is the brainchild of six coders that want to harness events in a way to leverage investments in win-or-lose outcomes.
What this means is that Augur is trying to use the crowds to predict real-world events and their outcomes.
One of these coders is Jeremy Gardner, one of the brand’s founders.
He states that the project intends to tap into humanity and its collective thought process to serve as an early warning system for commerce, politics, entertainment and tech events.
On the other hand, Joey Krug, the lead developer at Augur, states that the events predicted by this project are as broad as to accommodate election predictions and even weather insurance.
A lot of Augur’s base code is the same as Bitcoin’s, and while it isn’t a cryptocurrency in all its name, it does use third party crypto’s to function.
So far, there are three types of currency planned for Augur use:
First of all, Bitcoin is the one used for transactions, but some documents suggest the founders may be thinking about using their own currency instead.
Tradable tokens are also a founding source, and it assesses a users’ prediction weight.
Finally, another token that is used to show veterancy and hedges against variations in the internal currency (or Bitcoin) that you use to buy shares.
The site gives you more info on this project, so be sure to read it if you’re getting hyped.
We hope to have cleared some points about Augur, and that you now feel the need to dig deeper on the subject, as it definitely warrants that! If you want to check its official page, go to http://www.augur.net