Prediction markets are commonly thought to be the best forecasting tool. Augur is an open system where anyone monitor anywhere can produce or trade in prediction markets in any subject. Consider it as an"Early Warning System'' with the most precise event forecasts, a potential"Google Search","Bloomberg Terminal" or"Reuters Terminal" to get crowdsourced event forecasts.
The system intends to utilize the"Wisdom of Crowds'' ("collective intelligence''-RRB- via market incentives,"Long Tail'' dynamics and blockchain technologies to securely generate a more precise, strong and unfiltered array of lively event forecasts than any other can match.
Augur is self-regulating decentralized, pseudonymous and autonomous. It offers the promise of markets without exposure to principal-agent problems, risk or central points of failure, control or censorship. No individual is in a place to threaten the integrity or in direct charge of somebody else?s capital.
The program consists of smart contracts deployed on a blockchain system, which empowers while profiting from #x27 & the community; s security applications deployed to be immune to outages. All interactions with markets are conveyed as database transactions between accounts powered by software instructions that were immutable.