Shortly after, Coinbase selected Augur as one of the five most exciting Bitcoin projects of 2015. The team released the first public version of Augur in June 2015. Vitalik Buterin, the creator of Ethereum, is an advisor to Augur. The Designated Reporter must include a stake with the outcome they report. If the Designated Reporter successfully reports an outcome, you get your No-Show Bond back. The first person to do so receives the No-Show Bond which they must use as their stake. In the Open Reporting Phase, anyone can report an event outcome. If the Designated Reporter fails to report an outcome, you, as the Market Creator, lose your No-Show Bond and the event enters the Open Reporting Phase (b). After the market event occurs, the Designated Reporter has three days to report on the outcome of the event (box ‘a’ below). When you create a market you need to choose a Designated Reporter and post a No-Show Bond. You stake REP to report on the outcome of events for the different markets. The REP token powers the Augur Decentralized Oracle System. The larger your earnings, the higher the fees you’ll have to pay. The settlement fees include the creator fee set by the market creator and the reporting fee used in the Decentralized Oracle System. You need to pay settlement fees from each of your winnings. The number of ticks is the number of possible price points between the minimum and maximum prices in a market. Payout = Number of shares * Price / Number of ticks You can also earn money if you predicted an event correctly and hold shares when the market closes.
Real world catalysts may cause an event to be more/less likely to happen over time. With fluctuating share prices, it’s possible to buy positions at a low cost and sell them higher as sentiment changes. There are two ways to make money as a trader. The higher the price you buy a share for, the more likely you believe that the event will happen. Shares are worth anywhere between 0 and 1 ETH. You’re fairly confident that it’ll reach $6k before 2020, so you put in a bid to buy 50 shares at 0.6 ETH a share.
HOW TO SPEND TOKENS IN SIMTOWN MARKET FULL
You can find a full explanation of the different markets here.)īecause Coinbase recently added Bitcoin Cash to their platform, this market interests you. (For the sake of simplification, we’re going to stick with binary, yes/no, markets in this article. For example, you see a market, “Will Bitcoin Cash reach $6k by 2020?” Trading Event Sharesīesides creating markets, you can buy and trade shares that represent the odds that the event in a market will happen. However, they need to be high enough to cover the initial Ethereum cost you spent to create the market. As a market creator, you receive this fee and it must be between zero and fifty percent of the winners’ rewards.Īs a market creator, you want to keep the creator fee low enough to incentivize people to bid using your market. The creator fee is a percentage of the rewards that winning traders receive. Now, however, market creators set a creator fee, and there are longer maker/taker fees. Originally, when you created a market, you would set the taker and maker fees (the cost to buy and sell shares on the books) of that market. Markets can be anything from “Will the price of Bitcoin hit $20,000 before the end of 2019?” to “Will aliens show up on Earth in 2018?” You need to spend a small amount of Ethereum to create an Augur market. The two primary actions available to you on Augur are: In this Augur guide, we’re going to talk about:
The less likely an event is to occur, the bigger the reward you can earn predicting its success.Īugur uses “The Wisdom of the Crowd” from predictors on the platform to create real-time predictive data that’s oftentimes more accurate than the leading experts.īy bringing blockchain technology to the prediction community, Augur provides you an option with fewer fees, greater accessibility, and better accuracy than other markets. In a prediction market, you can bet on the outcome of future events to get monetary prizes. Augur is a decentralized prediction market platform that utilizes the Ethereum network.
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