As of writing these words, the cryptocurrency market is divided into 80% Bitcoin market capacity, and the rest, 20%, is the market capacity of the alternative currencies (Alts). This ratio is likely to change over time, in favor of Alts. Last year was a very significant year in the field of Alts, with lots of new projects and fundraising. Some examples can be crypto decentralized social networks, decentralized exchanges, and many more.
A year ago, a new project came out called Augur. August is actually an Altcoin which brings prediction markets onto a decentralized network. Augur creates an environment to gain future profits following predictions.
The pre-sale took place on August 17th, 2015, and lasted for about 1.5 months. The amount raised was imaginary for that time, a little more than 5 million USD. On the first day only, 2000 Bitcoins were raised, equivalent at that time to $500,000 back then (Today 2000 BTC is equivalent to 1,200,000$).
The goal of the pre-sale was funding the platform and distribution of Augur tokens, The REPs, for early investors.
The name of the token: Reputation (REP).
The amount of REP tokens created during pre-sale: 11 million.
Powerful cutting edge predicting tool
Augur platform built over the Etherum platform. Augur is actually a DAPP Application (Application on the Blockchain). According to its founders, Augur aims to make clear assessments of the likelihood of future events. The team consists of seven developers; the most famous among them is Joey Craig. Craig was awarded a $ 100,000 prize from the IEL foundation, a foundation that encourages science and technology projects.
The basic idea is: Two brains are better than one. The most predictions you have – the more accurate you will be. Imagine a system that provides an early forecast in any field of our life – finance, technology, politics, and more. Augur aims to be the first global market forecasting system. Tony, Augur’s marketing manager, believes Augur will become the world’s leading tool for forecasting: “The accuracy of prediction markets is based on the idea of the wisdom of the crowd”.
Prediction markets have proven to be more accurate than individual experts, surveys, etc. They are expected to provide real-time data, which is traded for real money.
Distribution of the REP tokens is expected to take place on September 9th. That time we expect the beginning of trading REP at the major exchanges. Joey estimates that by the end of this year, the developers will release the product.
Reference: Joey’s interview dated August 2016.