Augur is a decentralized prediction market platform built on the Ethereum Blockchain.
It is officially released on June 2015 And is Ethereum’s earliest projects. Augur leverages on the wisdom of crowds. The hypothesis is that a large group of people is collectively smarter than the smartest individual in the group.
Hence, Augur’s predictions tend to be closer to the truth. Using wisdom of the crowd to predict future events, Augur eliminates counterparty risks and risks that centralized servers face.
At the same time, using blockchain’s worldwide reach, Augur created a global market.
How does it ensure rational predictions?
Users utilize Augur tokens to bet and predict. The ones who predicted correctly will win the tokens from the losing side.