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Augur - the history of one cryptocurrency

2019-12-27

Augur cryptocurrency is produced by a company that is one of the most famous predictions in the market. It is a decentralized platform for generating market forecasts. The cryptocurrency is built on top of Ethereum. With its help, you can place bets on the outcome of subsequent events. If the prediction is correct, then the user is rewarded. The less likely that the predicted event will happen, the higher the reward awaits the user. The platform focuses on the so-called "wisdom of the crowd", when the bets of the majority of users are taken into account as predictions in real time. Practice shows that such forecasts are more accurate than those given by experts. The use of such a blockchain-based mechanism has reduced the cost of its implementation, and also made the service more accessible to users, not to mention accuracy.

The project was founded in 2014. It is directed by J. Peterson and J. Krug. In the fall of 2015, fundraising for further work ended. In total, they managed to collect over $ 5.2 million. Smart contracts were launched here in the same year. The beta version of the platform was launched the next year. After the token sale, they were supported by exchanges such as Kraken and Poloniex. The platform was officially launched in the summer of 2018.

About the Augur project

Augur cryptocurrency differs in many ways from other virtual currencies that are present in this market. Users often compare this platform with bookmaker contractors, since the principle of operation is very similar here. The creators of the cryptocurrency took a kind of cryptoeconomics as a basis. Its essence is to unite people who want to make money on forecasts. During the mining of coins, users are rewarded with correctly made predictions. It should be noted that the weight of each users vote may differ. It depends on reputation. Depending on whether the forecast came true or not, the user receives a positive or negative share. If the forecast is positive, the received winnings are divided between users. The distribution is carried out proportionally. The "oracles" also receive their share in the system, who are engaged in checking how exactly the event for which the forecasts were made ended, what was its result. Internal tokens for displaying platform user reputation are REP. If the user makes a mistake, then he not only loses income, but also loses reputation.

Augur features

Given that Augur is a fairly original cryptocurrency that stands out from the rest, its capabilities can also differ significantly from others. This system provides the following:

the ability to independently place bets on events of interest;
sell promotions to other users within the system;
buy bids from other users and sell yours until the end of the event.
Despite its originality, the system is quite simple and straightforward for many users. There is no great need to hold on to your own stake, as stocks can be traded at almost any time. If the user does not want to engage in bets on his own, he is offered the opportunity to buy shares. If the forecast is correct, the share price will rise. In a different situation, it will fall. Thus, this system allows you to create the most accurate forecasts for many events. It may seem to some that the projects capabilities will not become in demand and Augur itself will be out of popularity, but practice shows the opposite. Even Google used the services of this service to evaluate their own projects that were to be introduced to the market.

How is Augur created?

The companys course is inextricably linked with the rate of the internal cryptocurrency. Electronic coins are in the possession of users and can bring them income if the project is successfully run and its main functions are implemented. By placing bets on certain events, clients receive REP cryptocurrency if everything went well. It can be purchased on exchanges or earned on bets. Having earned electronic coins, you can sell them on the exchange or keep them for yourself and receive a part of the commission. Thus, the owners of the REP cryptocurrency are the holders of the Augur platform shares. There are several factors that determine the actual value of the electronic coins available in the system.

One of the main factors is the prospects of the project. This determines not only the potential user interest in it, but also how investors will evaluate the platform. In practice, it becomes clear that this is a fairly promising direction, since the range of rates is very extensive. If we consider the total money turnover, then in the world of sports betting, it covers about three trillion dollars. If Augur manages to enter the general global market, then the owners of the cryptocurrency will be able to significantly increase their income, since the REP rate will grow due to a large number of new users. Now one of the companys goals is to create an open platform with decentralized governance. Electronic coins can be earned on almost any bet, regardless of the area of origin of events. It is also planned to add new offers at new rates here, which will allow the company to move much further than competitors.

It is worth noting that the development of this project largely depends on the development of Ethereum, since Augur exists within it. In turn, this creates additional potential for the development of the company, because Ethereum is a fairly large market representative. This helps to attract the attention of investors and other interested businessmen.

Cryptocurrency is created on the basis of decentralization, but this does not mean that various government bodies cannot show attention to it. Controlling organizations can pay attention to how the company will behave, which will determine the features of the issue of electronic coins and their course. One example of a company failing to find rapport with government agencies is the United States governments ban on a license to operate Augur. The project developers wanted to create a Prediction Fund. Accordingly, the platform did not receive the required collateral. The company could not formally develop programs for the functioning of the system. Naturally, representatives of the company do not stop there and try to come to an agreement with government agencies, therefore the future of the project depends on the further development of this situation. Almost every cryptocurrency faces similar risks related to government regulation.

The development of cryptocurrency is also influenced by the judiciary and the number of its members, at the moment the total number of users in it is about two thousand people. Accordingly, this is exactly the number of users who are now working on mining cryptocurrency. The number of judges includes not only ordinary users who came to the project for the sake of betting, but also investors and other large market representatives.

Another important factor is the conscientiousness of judges. The desire to get more money and selfishly use your position can harm the project and the development of the cryptocurrency, including its mining. The system is built in such a way that, if errors are frequent enough, users will lose their tokens, since they will be redirected to those who are more conscientious about the matter.

Mining in its standard sense is not provided for in the project. Accordingly, the only way to get coins, if you do not buy them, is the commission on the exchange. The developers created a system, the working conditions of which assumed the accrual of remuneration to those who found errors and problem areas in the project. Payments are made in internal electronic coins.

Is Augur endless?

Cryptocurrency issue is fixed. The total number of coins issued was 11 million. During pre-sales, 8.8 million REP tokens were sold. This is 80% of the total. Another 16% went to developers. The remaining 4% of tokens are transferred to the Prediction Fund. This fund is engaged in maintenance, control, and promotion of the project.

Strengths of Augur

At the moment, analysts are making fairly promising predictions for the Augur cryptocurrency, since it has a set of strengths. It is worth noting the large amount of funds invested in development. Thanks to this, there is a stable growth in the rate of electronic coins. The strengths of the project include:

independence from the general cryptocurrency market, which is often subject to ups and downs of all electronic assets. Almost all market development scenarios turn out to be beneficial for Augur, since in the system you can place bets not only on the growth, but also on the decline of this market;
one of the keys to the success of the platforms development is peoples appetite for risk, which provides it with enormous potential (it can be clearly seen in the bookmaker market);
the formation of a shortage of coins in the market, since sponsors and other large owners practically do not bring their savings to the market, which creates a shortage of coins. One of the few ways to mine coins is to generate income in local currency at the expense of the platforms profit;
the area in which the project works is almost not occupied by competitors. Even those companies that exist here do not pose a serious threat to business, as they use a slightly different approach, which turns out to be less attractive to participants;
a large number of scenarios for use also becomes a strong point of the project. Here there is an opportunity to place bets not only in the gambling business. With development, it is expected to significantly expand hedging. It is planned that the number of positions for risk rates and execution of various types of work will be increased. Thus, the prospects of the project will allow attracting even more users in the future, and this directly affects the development of the cryptocurrency.
As a result, an interesting fact can be noted: Augur is an electronic currency, but at the same time it has features that do not fit into this concept. The authors themselves say that REP should not be considered a monetary unit. At the same time, the cryptocurrency has an actual value, it is present on crypto-exchanges, where trades are held with its participation. Now exchange is available both for other cryptocurrencies and for ordinary money.

According to the authors, the main goal of the project was to study the "mind of the crowd". Accordingly, not only the opportunity to apply an open 1-rank registry in the field of gambling was used here. The reason of the crowd showed the actual possibilities of predicting events accurately based on the opinion of the majority. These ideas, despite initially seeming incomprehensibility, contribute to an increase in the number of users of the project, including due to the expansion of the list of events.

Augur in TOP currencies

At the moment, Augur is in the TOP-100 cryptocurrencies in terms of monetization. The project ranks 46th. Since the start of the launch, there has been a significant increase in the cost of electronic coins. The approximate return on investment from the start is now 673.62%.