Prediction went to another dimension when Augur built a decentralised prediction market platform on the Ethereum network. The lesser the possibility of the occurrence of an event, the bigger the reward. W
Augur is utilising blockchain technology to provide the prediction community with a lower transaction fee, higher accuracy and better accessibility.
Augur uses “The Wisdom of the Crowd” mechanism which allows community members create real-time predictive data with better accuracy. However, Augur Decentralized Oracle System which is powered by Reputation Tokens (REP) has more uses cases than predicting the outcome of a football match.
This may probably seem like the platforms primary use case, but then it is the perfect bet for opinion-related sports betting. Augur operates with a “yes” or “no” Binary-related question system that allows its users to place their bet on their favourite teams and predict who will win the next match.
Augur (REP) In Public Opinion
Augur can be used to predict the outcome of political and presidential related issues. Predictors can also use the platform for movie and music awards, predicting who will win a coveted prize.
The use case of Augur also extends to Businesses sector. It can be used to estimate budgets, the time frame for project completion or even who the employee of the year might be.
Margin Trading Prediction With Augur (REP)
Augur will enable betting on Margin trading. Making it possible to know what coin to remain bullish or bearish on.
A Decentralised Prediction Marketplace
Augur utilises a prediction marketplace that allows the outcome of an event to be made based on a majority consensus principle. The platform creates a robust prediction market based on the REP tokens.
A Forecast Platform
Augur creates a platform where basically anything can be forecasted. However, because it is incentivised, some predictors might attempt to report an incorrect outcome. If it doesn’t match up with the market consensus delivered outcome, the market identifies this and the dishonest reporter is punished.
Augur’s Investment Decision
Key players can make decisions based on the predictions on Augur platform. This is because despite being decentralised, Augur ensures an honest system. If a user reports an event, he is rewarded with REP only if it matches up with the agreed consensus of the other reporters within the network. The user can then use the REP for continued participation in Augur Oracle reporting.
Augur allows easy and accurate predictions. This will enable users to hedge bets, thereby protecting their fund. Not just for users placing bets but for those depending on the predictions.
Augur (REP) Permits Market Access
Augur will enable investment access to markets that have previously been unavailable, do not have existing investment or speculative vehicles.
Augur (REP) Enables Insider Trading
Augur can enable predictions to be placed on information that is yet to be made public thereby enabling Insider trading so long as you do not work in an SEC-regulated company.
The Augur’s system offers more significant benefits than the traditional prediction system. Asides from being based on an incentive, decentralised oracle protocol, it provides users with the freedom to create diverse prediction markets. Augur is unrestrained and allows participation in markets which have previously been inaccessible.
Augur, through its tools, displays versatility and formidability ahead to other Cryptocurrencies in the market. Despite the fact it is not among the top ten coins in the table, its potency in real-world use case makes it a distinct blockchain technology in the crypto space.
With all these functions, many crypto lovers, even beyond those who engage in betting, are now seeing Augur (REP) as the best place to place their investment.
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