Today, 9 July, 22:00 GMT the start of the network peer-to-peer platform market predictions Augur.
Market predictions are considered to be an effective tool for decision-making because, in contrast to traditional tactics where the information comes from one source this method is based on the concept of the “wisdom of crowds”. Her idea is that if you allow people to bet on the outcome, it will lead to effective decision-making because people will have the opportunity to earn money on their unique insights.
The Augur platform allows users to predict the outcome of almost any market events that will take place in the future. To do this, they make predictions and appoint a Trustee responsible for the message about the outcome of events, then traders can buy shares at a probable final results. When the outcome becomes known, the participants receive honoraria the amount of which is directly linked to rates for a particular development.
The platform has a built-in model of conflict resolution and encourages holders of tokens REP to eliminate any misinformation to the incoming data was the most truthful and unbiased. All operations are done via peer-to-peer model with no Central control.
In 2015, the project raised $5.5 million during krautsalat, which offered a token REP, and then held one of the first ICO in the Ethereum blockchain. It is worth noting that the founder of Ethereum, Vitalik Buterin, was one of the first advisors that joined Augur.
After you launch the core network, current smart contract containing tokens REP, freeze, and assets are automatically transferred to your new smart contract. It is expected that a smooth migration will be completed in a few hours after launch.
It is reported that in anticipation of the launch of the most part users do not need to take any action. However, those users who keep their tokens on a decentralized exchange (DEX), such as Ether and the Delta INDEX, it is strongly recommended to transfer their assets to another wallet or a centralized exchange.
The official report Augur says:
“If you have a REP that is stored on exchange contracts, Ether/ForkDelta or IDEX, you must withdraw them before the migration, which will be held on Monday, July 9, at 11:01 am Pacific time in order to get new tokens REP”.
To add, in the reward program for finding bugs meets startup HackerOne, and the total amount of awards for fixing critical vulnerabilities platform of $200 000.
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