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The cryptocurrency world has evolved to places many could never have predicted. This is evidenced by how the cryptocurrency world has been expanded into prediction forecasting. Cryptocurrency and prediction forecasting may have more in common than you think. And not just through your average stock market play (which is a form of forecasting). I’m talking about a coin that combines the two: cryptocurrencies and forecasting. That is exactly what Augur has accomplished.
First, a cryptocurrency is a form of currency that is built on a blockchain. The blockchain is the ledger where all of the transactions are stored. As cryptocurrencies have taken off, billions of dollars are circulating the world in the form of digital tokens, and their reach is only getting wider.
Augur (REP) is a unique cryptocurrency, because it does not have its own blockchain. Augur is a decentralized application that lives on the Ethereum platform. That technical definition of Augur doesn’t actually tell you what the app accomplishes. Websites like Reddit can help define Augur, but for now, keep reading.
Augur is a prediction market platform that incentivises correct predictions. Users predict real world events, like elections, sporting events and awards by purchasing shares in that event. The price of a share is based on an estimate of how likely that event is to occur. In practicality, it’s gambling with Ethereum tokens on real world events. But Augur is different than current prediction markets, as it’s not controlled by a centralized agency, which can be prone to mistakes and corruption. Instead it’s decentralized and crowd-sourced, providing more security.
A couple steps are needed in order to buy Augur. First, you’ll need the MyEtherWallet. After creating an account, purchase either Bitcoin (BTC) or Ethereum (ETH) through sites like Coinbase and Cex.io. Depending on availability, you can also purchase Bitcoin with cash or with credit card through a Bitcoin ATM.
Once the Ethereum or Bitcoin is purchased, you’ll need to use an exchange site like Changelly in order to exchange it into Augur. The Augur can then be transferred to your MyEtherWallet by inputting your transaction address.
When you’re ready to sell your Augur, a similar sequence of steps is necessary. The exchange site Changelly will allow you to convert your Augur back into Bitcoin or Ethereum. Once that transfer has occurred, enter the address given in your MyEtherWallet, where the new Bitcoin or Ethereum will be stored. From there it is easy to cash out your cryptocurrency and turn it back into the fiat currency of your choice through sites like Coinbase. Then through the use of your bank account and possibly an ATM, you can withdraw your money to USD.
There are many different ways to use Augur. The primary one is to use it as a prediction forecast application. This is a means of investing in more Augur by predicting the outcome of real world events. The price of a share is based on the probability of that event occurring. You place tokens, which represent money, on the outcome you think will happen. If you’re right, you get your original tokens back, and the same amount you put down as winnings. If you’re wrong, you lose the tokens you bet.
Augur is also unique because you can actually sell your share before the outcome of the event is revealed, assuming the value is beneficial. This is something that traditional bookie gambling doesn’t allow.
Another way to use Augur is to invest in the coin itself. By storing Augur in your wallet you can watch the value of the coin rise and fall. The exchange rate of Augur into a fiat currency or even another cryptocurrency will help you determine if it is time to buy or sell. If you bought Augur early enough, selling it now could make you a healthy profit. Likewise buying it now could still produce a nice dividend in the future. There are many ways to use Augur. Even Augur poker is a possibility.
Mining a cryptocurrency is contributing to the blockchain. In this case, you are contributing to the Ethereum blockchain. This is because Augur does not support its own, but rather is a decentralized application that is built upon Ethereum’s blockchain. Being able to mine is challenging, but lucrative. Miners need specialized calculators to help with the process.
Mining Augur can be done through a downloadable application, or cloud services like Genesis Mining and EOBOT. You can also contribute to the success of the blockchain by reporting correctly on the events which people have been predicting. By reporting correctly, you are ensuring that corruption stays out of prediction forecasting, keeping it a safe and secure place to make a profit. The profitability of mining Augur is based on the market cap of the coin.
Because Augur is built on the Ethereum blockchain, its scalability will correspond with the scalability of Ethereum. By looking at the Ethereum price chart, you’ll be able to see the tremendous growth it has enjoyed. And as Ethereum has grown, so has the number of transactions per second that it is able to handle. That being said, recent reports of further development by the Augur team show that by moving Augur to a new infrastructure, they’ll be able to handle the growth and scaling necessary.
Augur is indeed a unique coin. It has successfully combined two things that humans seem to love, gambling and cryptocurrencies. It’s arguably safer than traditional gambling, yet can but just as, if not more, lucrative. As long as gambling and cryptocurrencies exist, you can be sure that Augur exists as well. And many eyes will be on the Augur chart to see how it does in the coming years. Maybe Augur’s growth will be something you can bet on with Augur tokens.