Overview

The prediction market is stated to be the best tool for forecasting. It is an open global platform and anyone can create, trade or monitor about any topic in the market of prediction. It is like the accurate event forecasts of “Early warning system”, “Google search”, “reuters terminal” or the “bloomberg terminal” for the forecast of crowdsourced events.

Augur is self regulating, pseudonymous, decentralized and autonomous while offering a market without the exposure to the risk of the counterparty, censorship or failure, control of the central point or the problems of the principal-agent. No one is in direct control of some other person’s funds or also in the position to threaten single handedly the integrity of the system.

The plan of the system is to utilize “wisdom of crowds” through the market incentives, blockchain to generate in a secure manner for accuracy, “long tail” dynamics, robust and the unfiltered array of the dynamic event forecasts instead of other alternatives that can match.

The software consists of the smart contracts that are perpetually deployed on the network of the blockchain that let the application deploy and be immune to the outages that are local while also being beneficial from the security of the entire community. All the interactions with the market are also communicated as transactions of the database amongst the accounts that are unique and powered by the instructions of the immutable software.