Hello Wonderful Steem Community,
YooDoo team and @dapplovers yesterday started running contest for review MyEtherWallet Supported DAPPs listed on State of the DApps. Here's my 1st participation entry about Augur.
What is a Augur?
Augur is a protocol that let users to create their own prediction markets. The Augur protocol rewards giving to the users who're correctly predict for next events. Prediction markets allow to buy & sell shares in the outcome of any upcoming event to protocol users. Augur built up based on Ethereum platform. This Etehreum DApp compatible with MyEtherWallet. Here's most advancement thing is any user can create a market around the outcome of a future event. The Augur protocol meaning a process created to ensure an ultimately correct result. Augur market protocol has ERC-20 taken name called REP. If you want to trade shares in a prediction market on Augur you just need ETH tokens.
Why did the founders start Augur?
I wanted to see cheaper global markets without intermediaries taking large fees on both sides and it’s a natural use case for blockchain tech.- co-founder Joey Krug
Keep in mind this the first release of a bleeding-edge open source financial application running on the Ethereum platform. This means you will have to own and use Ether(ETH) to participate in certain actions. To participate in other actions you’ll have to use the native application token known as Augur “REP” which is short for “Reputation”.
How to get started & setting up using the Augur?
After downloading the application, open it up. Click connect to start syncing.
Then you’re full synced on MAINNET, click on the Open Augur App. This will open a tab on your browser.
Next you want to click on the “Account” button in the upper left side. Edge is the only one option in which you don’t have to own other hardware. If you already have an Edge account, you can use your mobile Edge Wallet create an account for your Augur. Click on Connect Edge Account.
Then you've two options for create account. If you have the Edge Wallet, scan the QR code with the scan button at the bottom of your wallet.
If you don’t want to use the QR scan option, just want to create a new account insert username, PIN, and password combo.
After setting up username, password, and PIN, your account will be create. You've access to set up your account recovery.
How to Create a Market
After downloading the Augur protocol and creating an account go to the tab of Market.
After set up the Market Question you choose the range of conditions when engaging with your market.
Then you need to stake various value of ETH and REP to set up your market. However this is some difficult task. So I recommend you please learn better how to create market.
Main components of Augur.
- Augur in 03 steps – Pick an Event, Buy and Sell Shares and Claim Your Winnings
- Cryptocurrency Speculation
- Weather Prediction
- Political Forecasting
- Event Hedging
Good things about the My Augur
- Users Participate in any of those markets
- There's no third party creating money from your bets. So fees is very low.
- Augur open to all.
Augur is not easy to to download. But very easy to make and bet market predictions. Before participate any kind of predictions must need to have ETH. So user must need to collect Eth. I prefer there's interface. After considering whole things I give 3.5 start ratings to Augur Eco system.