Summary

Augur is an open-source, decentralized oracle and prediction market platform built on the Ethereum blockchain. It was founded in 2014 by Jack Peterson and Joey Krug funded by an ICO that was launched on August 17, 2015, and ending on October 1, 2015, raising over $5,000,000USD from over 4000 investors. The goal is to provide a blueprint for a decentralized prediction market using Bitcoin’s input/output-style transactions.

Team

Both Jack Peterson and Joey Krug (founders) have had previous experience in IT and development with positions in the company as Lead Developer and Senior Developer respectively. They currently have a total of 12 members on their development team who are dedicated to keeping the Augur oracle honest and trustworthy.

How Augur Works

Users of the Augur platform will feed real world information into Augur’s contracts. Augur then provides incentives to REP token holders to ensure the accuracy of the information provided. For a user to participate in Augur, they can trade shares in markets, create prediction markets, and/or participate in the reporting system. Market creators will set the event start and end times, a designed reporter, resolution source, and settlement fees. Traders pay settlement fees when positions are settled within a market.

Key Highlights

• Ability to forecast events with rewards for predicting the outcome
• The project is still in Beta with limited features