In recent years, decentralized platforms for organizing gambling and lotteries began to appear more and more often. The Augur network is one such shell that uses blockchain technology to predict the results of various events. As a basis for Augur, the Ethereum network is used, while users in real time form an opinion on this or that outcome of events. The predictions of network participants are so accurate that forecasting through blockchain technology can very soon change the format of the gambling market.
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The process of working in Augur for a regular user is to create an event by spending a certain amount of Ethereum on it. Then you need to establish the cost of buying shares for depositors who are interested in receiving a reward. Usually, users release an event, which has two options - yes or no. After the collection of the cryptocurrency, the process of waiting for the results begins, which is accompanied by changes in the forecast of the result, depending on the choice of network participants. Thanks to this approach to forecasts, it becomes possible to increase the yield of certain rates.
The most common variant of earning in the Augur network is asset trading. Buying shares at the initial stage of the event, you can sell them more expensive depending on the approaching outcome of this event. With each win you need to pay a certain amount of fees, which depend on the amount of reward.
The Augur digital currency is called REP, and its main function is to manage the Oracle Augur decentralized shell. Since payments in the network are carried out exclusively in the REP, every 27 days after the event is completed, the remuneration report must be sent.
The large Internet exchange Coinbase has singled out the Augur project as one of the most interesting and promising blockchain systems of the year 2015. The main competitor for Augur was another forecast and prediction platform called Gnosis. A distinctive feature of Gnosis can be considered proportional awards depending on the number of shares, while Augur focuses on fees from the volume of trading.
Buy or sell tokens with the REP mark can be on such exchanges as Bittrex, Kraken or Poloniex. Save coins are best in Jaxx and Exodus virtual wallets. It is also recommended to place REP on the Ledger Nano S or Trezor hardware wallets.
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Augur is one of the earliest projects built on the Ethereum network. The platform has proven itself as a reliable and convenient mechanism for investments and forecasts. The information obtained because of users voting for the most likely result of the event is used as an asset and thereby widens the circle of network participants. Because of the growth in popularity of Augur, the capitalization of the same cryptocurrency increased to 400 million dollars.
Editor: Yuliya Soroka