Fall in the USA, Augur will b allowing participants to be able to wager money on any future event they choose. It is believed that software will be setting the odds, it will collect bets and also disperse the winnings. The price of this should give Sportsbook operators in Nevada food for thought. They say that an estimated one percent of each pot will be used to keep the system running.
Augur is not a fully-fledged casino. You are not able to play running lotto, roulette or poker, on the platform, which could be tricky, however it is great for sports betting.
The novel thing about Augur is it will not be controlled by any person or entity, and it will not operate off any persons computer network. All money in the system will be on a peer-to peer cryptocurrency like Bitcoin, this means that credit card companies and/or banks will have no need to be involved. Should the system run afoul of regulators, and if it is successful, it definitely will, they will find that there isn’t any company that they can sue, there will be no computer hardware they can pull out of the wall, nor any CEO to be able to jail.
This is certainly a new legal territory and should Augur catch on as as a tool to be used for anything from stock prices to basket ball games, can government do anything to stop it?
Augur is a marketplace that is peer to peer and decentralized, this is a new type of entity that has been made possible by breakthrough in computer sciences recently. These platforms facilitate the exchange of services and goods between strangers on a platform that is not administered or controlled.
Augur’s software will be run on Blockchain, this is a concept that was introduced during 2008 when Bitcoin as invented, essentially it is a database that is shared for the execution of trades powered and maintained by the users.
Augur will be utilizing a ground-breaking project called Ethereum which expands on this concept. Ethereum actually lets Augur's complete system to be operated live on blockchain. This means that the processing power and software that involves the functioning of Augur will be distributed between thousands of computers. To destroy Augur would involve the unplugging of every computer of all participants worldwide who is participating in the Ethereum blockchain worldwide.
Augur’s developers work for a San Francisco based non-profit, they attend conferences, have legal representation, and they talk freely what they are up to with the reporters. Augur has even commissioned a cheesy promotional motion graphics video that is favored by new tech startups.
Approximately half of the about $600,000 that was raised by Augur's development team has come from Joe Costello, a successful tech entrepreneur, who was once the ‘top pick’ of Steve Jobs to become Apple’s CEO.
Twenty-year-old Pomona college dropout, Joey Krug, and the lead developer of Augur, does not use the word “gambling" to describe their venture. He and his five team members call Augur a “prediction market,” this term emphasizes information that is generated when a lot of people have a mutual financial incentive and feed this expertise into a sophisticated algorithm.
The Augur’s developers hope that using their platform it will be possible to use Google search for looking up future events. The developers feel that this will usher in a better world, with a more informed policy on decisions and much less malinvestment.
Augur also serves the purpose of cost effective savings as well as convenience to gamblers. The restrictions on gambling usually serves to protect government revenues mostly at the expense of the gamblers. State sanctioned casino operators pay very high taxes and the state run lotteries usually fleece the customers. There isn’t any logical or moral case for the government’s restrictions on gambling, because there is no third party will be harmed when consenting adults place wagers on the future.
Augur has the potential to make a safer world because they take away a market share of gambling from industry Criminals.