Augur is a decentralized peer-to-peer platform powered by the Ethereum blockchain. It was created with the aim of forecasting events in the marketplace, based on the opinion of multiple network participants, called “oracles”.
Currently, most news is made public once the event has already happened and in a totally centralized way, with the chance that the author may make mistakes, or be corrupted and manipulated to alter the news before disclosure.
This is how the project was presented by the company in the promotional video.
In reality, it is primarily used to make bets on the results of certain events, which can range from sports to finance, from global politics to tech, from crypto to television programs, all the way to betting on how many inhabitants there will be on Mars in 2060, by which time Augur will probably have disappeared years ago.
In terms of technical operations within the platform, each user can open a so-called “market”, i.e. a representation of a probable outcome related to a specific event.
Those who want to participate in the bet will have to buy or sell a certain amount of tokens at will and wait for the expiration date.
At this point, those who have placed a bet on the right outcome will receive their tokens back plus a certain reward.