The world of prediction market and cryptocurrency sports betting are about get a makeover. This fall, Augur will introduce its newest prediction market technology with the help of blockchain, creating a decentralized sports betting platform that doubles the excitement.
Possessing a decentralized community for online market predictions makes for more reputable sources by eliminating third parties since the crowd will be providing reports on the events that happened.
The wisdom of the crowd is the theory this market will be based on. It states that a collective opinion is more likely to be accurate than any experts opinion. This may then be applied to the uncertainties sports betting carries with it.
Moreover, centralization makes prediction markets easy to stop. After an occurrence, the reports are made, thereby making room for mistakes, manipulation, and alteration of outcomes.
Solely purposed for the digital currency market, the decentralized system lets users handle all bets, payouts, and odds, which are calculated from the number of predictions on a phenomenon. This might just give bookies a run for their money.
What is Augur?
Augur is a prediction market that rewards its users for correctly predicting possible outcomes of events. Different from Bitcoin casinos, it permits people to get a glimpse of what can occur in the future, which in effect lessens the chances of making poor decisions.
The platform allows for the creation of different subjects that can be applied to market predictions. Every participant is involved in the execution of the upcoming system as a common database will be available for everyone to access.
Essentially, bettors can buy these predictions, which offer a return percentage depending on the odds. This value will move around according to the statistics of the predictions before the event occurs.
Bringing algorithm and human intuition together, the predictions are made more consistent.
Each user has the option to buy reputation tokens, also known as REP. This will not represent a new form of cryptocurrency, but rather a score integrated with a user. Token holders are required to report on the outcome of predictions on Augur every eight weeks.
Reputation tokens are not needed in order for players to participate. Both predictions from token holders and the public are combined to generate a consensus of the result.
The crowdsale will last for 45 days, starting from Aug. 17 to Oct. 1. Only 11 million reputation tokens will be sold. Signups are welcome as early as today.
Pushing Bitcoin technology to places
The blockchain technology is not only useful for cryptocurrency purposes, but also for the improvement of the Bitcoin games, as shown by Augur. Users who are already familiar with the advantages of Bitcoin will feel at home here. Bitcoin sports betting on Augur brings safety features and online anonymity that will serve as a haven for bettors. The addition of Augur to the list of Bitcoin prediction markets, which also include Betmoose and Fairlay among others, makes this sector varied and filled with options.