Augur is a blockchain-based prediction market platform based on Ethereum’s blockchain scheduled for release in Q1 or Q2 2017.
Augur allows anyone in the world to create a prediction market easily and quickly on the Ethereum blockchain, and to use smart contracts to take odds from betters and issue automatic payouts once a prediction result has occurred and been vetted.
As a creator of a market you will have to make available some opening funds for the market & in return you’ll get half of all the trading fees that would be collected throughout the lifetime of that particular market.
Betters can take either side of a prediction by paying a small, odds-based fee. For example, if you think that Leonardo DiCaprio will end up winning another Oscar award, then you can place a bet that favors this particular outcome. If your prediction turns out to be correct, you will win Ether profits in relation to the odds at the time of your bet.
This is fascinating stuff and Augur is set to become a global, decentralized, blockchain-based prediction market. Find out more by listening to my interview with Joey Krug, Co-founder & Lead Back-End Developer. Make sure to review & subscribe to the podcast.