Aug 172015
 

Augur Fundraising

Augur, the decentralized prediction marketplace to be built on top of Ethereum, has raised over half a million dollars on the very first day of the crowdfunding. The crowdfunding program has been eagerly awaited by investors, as they bet on future applications of cryptocurrency beyond just currency. The team had to wait for an official Ethereum launch before announcing their own crowdsale, since Augur is built on Ethereum (owing to a higher programming flexibility of smart contracts on Ethereum than Bitcoin). The team promises that people can use Bitcoin to place their bets on events.

As of this writing, Augur raised over 1750 BTC and over 99,000 ETH, the two ways to crowdfund this project. The team has also partnered with ShapeShift in order to accept other altcoins, which are then immediately converted into Bitcoin. The total raised so far (at BTC/USD of 257.77 and ETH/USD of 1.17 reported by Coinmarketcap) is around $567,788. The crowdfunding seems to be quite successful so far, and based on the incentive schemes (15% extra for first 5 days), it appears that most of the money will be raised within the first 5 days.

Long-Awaited Crowdfunding

Augur’s crowdfunding has been awaited by many in the community, with it being postponed initially after Koinify pivoted from providing a crowdfunding platform. Originally, Augur crowdsale was supposed to take place on Koinify, which had hosted other successful crowdsourced projects in the crypto space such as GetGems and Factom. Also, the launch of this crowdsale was delayed due to delays in the production release of Ethereum, although the Augur team built an alpha application to test on top of the Ethereum testnet.

Also, the current crowdfunding will be managed by the Augur Forecast Foundation, BitGo and Vitalik Buterin, the founder of Ethereum. Vitalik has been one of the early funders of the project, and seems to be fairly involved in the project and the team. Augur also appears to be the first major release on Ethereum, so will be closely watched.

Prediction Markets

Prediction markets in a decentralized, uncensored manner, will provide for very interesting intelligence from the so-called ‘wisdom of the crowds’. The phenomenon has been studied quite extensively in academia, but researchers have been limited in their research because they are considered illegal in the United States. With the opening up a platform like Augur, this might easily change in the future, providing an invaluable tool to researchers to gather intelligence.

The idea of Augur is based on the Truthcoin whitepaper, although it has been modified substantially by now. The reputation tokens (which is what the presale is for) called REP will be distributed among the masses, and they will vote on event outcomes. Everyone has an incentive to vote for the ‘right’ outcome i.e., with the crowd, which gains them more reputation points. Otherwise, they lose reputation points.

Recently, Reason ran a detailed article on Augur, exploring how it could be a betting platform, especially sports betting.

No tips yet.
Be the first to tip!

Like this post? Tip me with bitcoin!

1Er9g2iLDBXkXcKXLeyAcGS8RSDRDcSqBY

If you enjoyed reading this post, please consider tipping me using Bitcoin. Each post gets its own unique Bitcoin address so by tipping you're not only making my continued efforts possible but telling me what you liked.

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Aug 092015
 
Companies Leaving New York Ahead of BitLicense

The full effects of New York’s dreaded ‘BitLicense’ laws for startups are becoming more apparent as the deadline for compliance looms, with many Bitcoin startups and entrepreneurs closing their services to New York residents rather than spend hundreds of thousands of dollars trying to get a BitLicense. This move could have a profound effect on New […]

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Aug 082015
 
Augur Announces Crowdsale of Reputation Tokens

Augur, the decentralized prediction marketplace that aims to create a fully decentralized oracle by aligning the economic interests of participants reporting on events so they are honest, has announced its crowdsale of reputation tokens that are central to the working of Augur. Augur is being built on top of the Ethereum blockchain, and since Ethereum […]

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Jul 262015
 
Litecoin Difficulty Rises Modestly With 1 Month Reward Halving Window

Litecoin difficulty rose modestly earlier today, with less than 1 month remaining for the expected Litecoin Reward Halving date, which will cut the mining rewards per block of Litecoin mined from 50 Litecoins to 25 Litecoins. Bitcoin had the same block rewarding halving back in November 2012 going from 50 to 25 Litecoins, at a […]

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Jul 122015
 
Bitcoin Difficulty Tops 50,000,000,000 For First Time

Bitcoin difficulty has topped 50,000,000,000 for the first time ever, reaching an all time high of 51,076,366,303, as the price of Bitcoin continues to rise on the Eurozone crisis in Greece and the stock market crash in China. The Bitcoin network from a mining perspective has still remained quite healthy even during an extended price slump, […]

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Jun 172015
 
4 Top Selling Books about Bitcoin (Review)

This is a guest post from Ofir Beigel of 99Bitcoins Since Bitcoin has come to the public awareness in 2013 there have been many books written about the currency. These books cover different topics such as Bitcoin basics, Blockchain overviews, ways to make money with Bitcoin and the history of Bitcoin. In today’s post I’d like […]

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Jun 162015
 
Augur Launches Alpha on Ethereum Testnet

Augur, the decentralized prediction market system built around the truthcoin whitepaper, has officially launched its alpha on Ethereum Testnet. The alpha allows users to perform basic functions that are expected in the final product, including adding a new prediction market and betting on existing ones. Since Ethereum is yet to launch its final version, this […]

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Jun 162015
 
Coinbase Reaches 3 Million Wallets

Coinbase, founded by Brian Armstrong and Fred Ehrsam in June 2012, has reached 3 million hosted wallets on its service. Coinbase is one of the most popular Bitcoin hosted wallet services, and recently became a popular Bitcoin exchange as well. The company also allows users to purchase Bitcoins directly with their local currencies and also […]

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS