Augur proves its worth During US Elections

hi guys it's mark with crypto daily today's topic augur proves it's worth during US elections as we move forward make sure that you are subscribed to our channel for future videos as well as visit crypto daily code UK for the latest market blockchain encrypted news I'm not your financial advisor and this is not an investment advice if you're planning to invest make sure you do your own research in trade safe augur has been doing quite well for the last year with its rep cryptic currency and it's somewhat similar to the rest of the cryptocurrencies when we look at the charts during the cryptocurrency boom at the end of last year and beginning of this year and then another spike during may but what's most interesting is that between September and this time has been pretty stable as we can see from the chart augur is built on the etherium blockchain and facilitated by its negative token rep by definition augur is a decentralized oracle in a prediction market protocol that is owned by the people who use it and of course rep investors users of the augur network can make predictions that in turn have a monetary value just like a bet this means that users can predict on political movements cryptocurrency movements and even natural disasters augur is an open world full of markets that users can place bets on so what is augur augur is a decentralized oracle and peer-to-peer protocol for prediction markets huggers free public open source software portions of which are licensed under the general public license GPL for short and portions of which are licensed under the Massachusetts Institute of Technology MIT license augur is a set of smart contracts written in solidity that can be deployed to the etherium blockchain furthermore augur is a protocol freely available for anyone to use however they please agar is accessible through a desktop client app similar to interacting with an aetherium or Bitcoin node users of the augur protocol must themselves ensure that the actions they are performing are compliant with the laws and all applicable jurisdictions and must acknowledge that others use of the auger protocol may not be compliant users of the auger protocol do so at their own risk according to the auger website here are the few use cases for the auger Network political forecasting turn political knowledge into predictive power by trading on the outcome of upcoming elections potential policy decisions and other political events event hedging hedge against catastrophic events like natural disasters market crashes and geopolitical upheaval by betting that the event will occur weather prediction harness the power of crowds to create a more accurate weather prediction tool for events like hurricane landfalls heat waves and daily temperature averages company forecasting companies can use augur to guide decisions making by forecasting vital information such as total product sales and project completion times so how does this work using augur is a simple process firstly a user must select an event that they want to hedge against and this event will be looking into u.s. midterm elections so let's stick with that within the event users can bet on a particular market or create their own a market may include like in this example Republicans or Democrats to take the house in the US midterms now other investors can trade on the outcome of the market they can back whatever outcome they want to bet for just like in this example other investors can be a bunch of a theorem or rep tokens on Democrats taking the house in the u.s. midterms as augur is decentralized the final outcome must be reported before the winning bets are returned this gives users a chance to dispute the outcome in a case when it's false or unfair finally those who own the winning shares of the market will receive the payout and the contract is closed what augur simply does is it takes a traditional betting format and brings it to the blockchain as we have stated augur has been in the news this week for holding its cool during an increase of activity as a result of US midterm elections since augur is built on an ethereal network it is often assumed that if theorem products are unable to handle high volume traffic and large-scale transactions even so though during the recent US elections it is alleged that augur has seen an incredible number of 1.65 million in bets with as much as $900,000 coming through on the same day according to a fear in world news the decentralized prediction platform up auger that is built on the theorem network has achieved an impressive feat of handling approximately 1 point 65 million in bets during the US midterm elections were held on the 6th of November this year during the day of the midterm elections the value of bets had initially reached $900,000 only to surpass the 1 million mark as the day came to a close further researching the bets made using augur on the tracking website of predictions global we find one particular bed that asks which party will control the house after the 2018 US midterm elections the volume of this bet currently stands at one point 625 million Unger has a pretty cool website it has a step by step instruction actually how the cycle works the auger cycle choose an invent step number one then create a market buy and sell shares report the outcome and claim your winnings we will drop the link down below for you to further check it out for yourself in terms of value it doesn't seem that much in comparison to other blockchain transactions however for a project like auger it seems like a big deal but this tells us is two things firstly scalability on the theorem network might not be as drastic as we think and secondly this proves that there is a growing interest for cryptocurrency and blockchain technology so much so that people are now using it to bet on the outcome for major political elections that's it for today guys as usual we appreciate you on this channel and welcome all of your comments down below also if you liked the video give it a thumbs up and subscribe for future ones don't forget to visit crypto daily Co UK and we will see you tomorrow

2 thoughts on “Augur proves its worth During US Elections”

  1. Do you think Augur has a place within the blockchain revolution, or is this project just a bit of an underground novelty?

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