Augur is an open-source, decentralized prediction market platform built on Ethereum. It can forecast the outcome of an event based on the ‘wisdom of the crowd’ principle. Augur runs on its own token called REP.
The platform aims to revolutionize prediction markets and change the way people receive and verify the “truth”. The idea is to make more accurate predictions by large groups of people, rather than a small team of experts.
The decentralized nature of Augur not only ensures honesty in reporting the outcome of events but also protects it from governments centralizing it, who deem prediction markets as gambling.
The way it works is pretty straightforward. Each share is worth one dollar, so if a negative share is worth 50 cents and if a positive share is worth 50 cents, there is a 50/50 probability of said event becoming true or false according to the platform.
In case, that event takes place, the positive shareholders will receive a full dollar for each share bought. Anyone can create a market for a future event – from football results to celebrity marriages.
How to buy Augur?
During the crowdsale, a total of 8.8 million (80%) of all 11 million tokens were sold to investors. The remaining 2.2 million tokens were distributed to the team/advisors (16%) and to the Forecast Foundation (4%), a non-profit organization.
Augur’s crowdsale raised more than 2,000 BTC and 100,000 Ether on its first day.
Step 1: Get an Augur wallet
Step 2: Buy Augur from an exchange
As of now Augur’s market cap is just above $200 million and is trading at $18 a piece.
How to buy Augur using fiat
Currencies are different in different countries, so are the exchanges that support those currencies. Every exchange that uses fiat in exchange of cryptocurrencies, has to go through a simple KYC process whereby users must submit government issued id(s) and other personal information in order begin trading on the platform.
The process usually takes 3-4 working days depending on the exchange. Once the KYC is done, you’re free to purchase REPs, which are automatically stored in exchange’s online wallet.
Buy Augur in the Europe (EUR)
At the time of writing, the only fiat that can be used to buy Augur is Euro. Exchanges that support REP/EUR pair:
2. Buy Augur using Bitcoin
Regardless of the country you’re in, if you hold Bitcoins, you can buy any cryptocurrency. Here are some exchanges that facilitate REP/BTC trade:
Step 3: Withdraw Augur to your wallet
Once you have purchased REP, transfer them to any of the above-mentioned wallets of your choice – whether it be a hardware or HD (Hierarchical Deterministic) wallet.