Cryptocurrencies

Augur (Cryptocurrency)

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Augur (founded 2014) is a prediction market that is built as a Decentralized oracle and peer-to-peer (P2P) protocol. The firm has its very own token, Reputation (REP), which is used for staking on the platform.

Augur is a trustless, decentralized platform for prediction markets. Augur is an Ethereum-based decentralized prediction market that leverages the wisdom of the crowds to create a search engine for the future that runs on its token, REP. Augur allows users to create their markets for specific questions they may have and to profit from the trading buys while allowing users to buy positive or negative shares regarding the outcome of a future event.

History of Augur (Cryptocurrency)

The idea for Augur was initially conceived in 2014 by co-founders Jack Peterson, Joey Krug, and Jeremy Gardner. As described in their White paper, Peterson and Krug sought to create the first decentralized, open-source platform for prediction markets.

Augur (v1) was launched in 2018, showing great potential for blockchain’s getting involved in prediction markets. The introduction of the combination of prediction markets and crypto came with great speculation from market regulators. Additionally, the platform saw a lot of potential legal issues, with some users creating assassination markets which many feared could incentivize the real killings of celebrities and others. Shortly after its launch, these potential legal issues caused the site’s growth to quickly declined within a few months.

Its second version, known as Augur v2, was launched on Ethereum Mainnet on August 1, 2020. The update introduced a scam filter that removes potentially fraudulent markets to an area that is harder for users to access. Also with the implementation of 0x open-source software, Augur v2 uses free peer-to-peer bets instead of a system that charged users fees to make bets. Users can now bet DAI instead of Ether T.(/wiki/lang_en/jack-Peterson), Joey Krug, and Jeremy Gardner. As described in their White paper, Peterson and Krug sought to create the first decentralized, open-source platform for prediction markets.

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Augur (v1) was launched in 2018, showing great potential for blockchain’s getting involved in prediction markets. The introduction of the combination of prediction markets and crypto came with great speculation from market regulators. Additionally, the platform saw a lot of potential legal issues, with some users creating assassination markets which many feared could incentivize the real killings of celebrities and others. Shortly after its launch, these potential legal issues caused the site’s growth to quickly decline within a few months.

Its second version, known as Augur v2, was launched on Ethereum Mainnet on August 1, 2020. The update introduced a scam filter that removes potentially fraudulent markets to an area that is harder for users to access. Also with the implementation of 0x open-source software, Augur v2 uses free peer-to-peer bets instead of a system that charged users fees to make bets. Users can now bet DAI instead of Ether.

How to Buy Augur

How do I buy Augur Token?

While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or Ethereum. Here’s more on how to invest in bitcoin.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies. Also, a growing number of online brokers offer cryptocurrencies, such as eToro, Webull, and Sofi Active Investing. Robinhood offers free cryptocurrency trades (Crypto.com is available in most, but not all, U.S. states).

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.