Augur is a blockchain powered decentralized prediction market build on the Ethereum network. Prediction market are places where people can trade on the probability of an event happening. Augur relies
on “crowd wisdom”,meaning that the prediction or reporting of enough people is better than relying on the opinion of a few experts.
Users create and bet on events using the REP token, and receive incentives for predicting or betting on the right outcome, or get penalized for incorrect reporting. This is all made possible by utilizing the smart contracts available on Ethereum.
Prediction markets are often times very difficult to create due to many regulatory hurdles. Augur aims to eliminate this issues by creating a trustless, decentralized platform that anyone can easily take part of.
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