What if you could place a bet on the outcome of any event at all? Not only sports, but elections, meetings, awards… and a lot more?
Joey Krug is chief architect at Augur, a project that’s building a truly decentralized prediction market. While the concept of prediction markets isn’t new and several have existed in the past, many ran into hassles with regulation and disputes over payouts.
Augur wants to completely automate a prediction market’s operation, using smart contracts on the Ethereum platform. It’s no easy task — Augur is automating not only the trading system but also needs to verify outcomes and results somehow. How do you determine exactly what happened, and verify it if the result happens to be ambiguous?
Joey tells Dan and Jon about Augur’s current development status and how its native token, called REP, drives a reputation-based network of human participants to keep the machine running smoothly.
He also goes into some of the technical challenge his team has faced in developing a working product, and gives his ideas on what a forecasting network like Augur could be useful for. Listen in to hear about this blockchain project that’s been getting a lot of attention.
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