Today we will explain what the Augur Project is, how it works and its importance for the markets. In addition, we will explain his beginnings and how he has been making his mark on the audience.

What Is Augur? Function And Importance

Augur is a decentralized forecasting marketplace based on Ethereum that leverages the wisdom of the crowds to create a search engine for the future. It works with its own token, REP.

REP allows users to create their markets for specific questions and to take advantage of commercial purchases while allowing users to purchase positive or negative actions regarding the outcome of a future event.

You make your predictions by exchanging virtual actions as a result of events that happen in the real world. If you think the Angels will win the World Series, or “X” actor will win the Oscar, then you will buy shares in those results. If you buy shares in the right results, you will earn real money.

The ‘Reputation’ is not an investment, but a necessary tool for platform to work. The vast majority of Augur participants will never have, see or need to use this reputation. However, it is extremely important to understand how REP works to fully understand the Augur platform.

Beginnings And Growth

Your ICO raised over 2,000 BTCs and 100,000 Ethers on its first day. This was done from 17 August 2015 to 5 September 2015. The virtual currency of Augur is the marketable tokens called REP. There are a total of 11 million coins, as announced in August 2015.

A total of 8.8 million (80%) of the 11 million tokens were sold to investors. The remaining 2.2 million tokens were distributed to the team/counselors (16%) and The Forecast Foundation (4%), a non-profit organization that is formally responsible for managing the maintenance, enhancement and promotion of the platform.

During the sale, Augur collected 19053.92000 BTC and 1176816.43 ETH, representing a total of 5,318,331.63 USD. The proceeds from this massive sale will be used primarily to finance the development of Augur beyond its initial launch.