Augur (REP) Prepared For A Potential Positive Future
Augur (REP) experienced a very interesting increase in volume between July the 15th and the 16th. The total money at stake in this decentralized prediction platform, based on Ethereum (ETH), exceeded $300,000 dollars.
Protection Against Risk
One of the most important actions at the enterprise level is the ability to protect against risk. For example, a farmer might bet on annual rainfall in his country as a hedge against the deterioration of crops due to drought. This provides downward protection by limiting benefits to support your family and keep the business afloat.
At the moment, interesting businesses are emerging. For example, the accountability of the ICO market, such as MedCredits, which plans to raise money through a symbolic sale. This company has now created a business platform to bet if it adheres to its roadmap, launching an application on the Ethereum network.
Augur (REP) is another of these relevant examples. It is beginning to be considered important, becoming the leading blockchain live betting application. With a blockchain platform that measures the results of real-world events, it recently posted a 51 percent increase in open interest rates to more than $325,000 during its last period. It is thought that the World Cup probably had something to do with these figures. The FIFA World Cup is one of the most important sport events around the world, and the last one in Russia was not the exception.
A single market represents about half of the open interest in the platform (about $150,000 dollars) and has driven most of the increase in open interest in the last 24 hours.
Augur is experiencing rapid growth. If readers don't know what it is, this brand is known to the community as the decentralized betting platform. Although it's more than that, it's actually a decentralized predictive platform with an oracle service that can use community knowledge to establish a complete and accurate predictive platform.
“We will see a world where one day asking Siri “who will win the 2020 presidential election in the us” will return results that say “according to augur, John Mcafee has a 47% chance to win the 2020 presidential election”. Co-founder of Augur, Joe Krug.
The underlying theory behind all this is that community-generated knowledge is valuable and accurate as long as there are informed forecasters. Augur users are rewarded for being on the right side of a result: REP or Reputation Tokens.
The ICO of the Augur occurred from August 17 to September 5, 2015. 8,800,000 REP tokens were sold at that time, with the rest in the hands of the founding team. The ICO collected 19,053.92 BTC and 1,176,816 ETH.
The REP cannot be mined. Instead, it is earned by people who provide truthful reports on the results of market events. It can also be won by market makers, and there is a reward program that occasionally rewards REP for performing certain actions.
Now, it is expected that only the most informed individuals will risk their money in making a prediction, and the most informed forecasters will provide more accurate predictions over time, so stock prices in the prediction markets will accurately reflect the real possibility of such an outcome occurring.
At the moment of writing this article, Augur is the 37th most important virtual currency in the market. Each REP token can be bought for $35 dollars.