The Future of Forecasting
IS THE INTERNET about to become clairvoyant? Google’s already very good at answering questions, but what happens when we inquire about things that haven’t happened yet? What if you could accurately predict the future using the wisdom of the crowd? Would you use it to become rich?
Choose an event, create a market, buy and sell shares, report the outcome and claim your winnings. That’s the basic premise for Augur’s decentralized prediction markets, which went live on the Ethereum network in July, 2018. One of its most valuable early markets was the outcome of France vs. Belgium in the world cup semi-final. After France proceeded to the final, those who predicted correctly were paid out in ether, to the tune of $20,000.
Why would the public shift from traditional bookmakers to crowdsourced prediction technologies like Augur? Several reasons: Augur trading fees go directly to market creators and reporters, so you can be both punter and bookmaker. If you can’t find the market you want, you have the power to create it. The payouts are automatically enforced by smart contracts as soon as a winning outcome is declared. And anybody anywhere can participate, so those in developing countries can hedge against catastrophic events like natural disasters, market crashes and geopolitical upheaval. Heads you win, tails… you don’t entirely lose.
Circulating Supply: 11,000,000 REP