Augur is a decentralized forecasting platform. On this platform, users can make predictions about the outcomes of a particular event. They do this through the "wisdom of the crowd principle". Also called the wisdom of the masses in Dutch. With this the information obtained from a large group is converted into the most logical result. Correct predictions are rewarded within the network. Bad predictions a 'fine'.
Augur is a decentralized oracle and prediction platform built on the Ethereum blockchain that was founded in 2014 by Jack Peterson and Joey Krug. Augur consultants were founders of Intrade Ron Bernstein, Robin Hanson and Ethereum founder Vitalik Buterin.
In April 2015, Augur's first contract was uploaded to the Ethereum network
At the creation of the platform in 2015, a total of 11 million REP coins were created. REP stands for "reputation". It is the reward you receive for correctly passing on a certain event.