A cryptocurrency project called Augur promises to predict the outcome of real life world events and may soon invite its community to bet against its success.
Created by the Forecast Foundation in 2015, the crowdsourced prediction protocol raised $5.5 million by selling REP tokens long before the term initial coin offering (ICO) had taken hold. Now, after the release of a new version of its white paper, the system that would allow global users to bet on the outcomes of real-world events is getting close to a test launch.
But while Augur will allow people to bet on all sorts of events, the founders say users will have only one market to make when it goes live and that market is: ‘Will Augur be hacked?’ or ‘Will there be a critical vulnerability discovered in Augur’ by a certain date?'”
According to Wikipedia, Augur was founded in 2014 by Jack Peterson and Joey Krug to develop a decentralized oracle and prediction market platform on the blockchain that could be deployed by anyone as open-source software. The alpha version of Augur was released on the Ethereum-testnet on June 16, 2015. The first beta version was released in March 2016. A main network release of the first official Augur trading market (the bounty market) is currently planned for early 2018 (with the full Augur platform released for deployment in stages following the successful resolution of this inaugural market).
Augur (REP) currently has 11 Million tokens in circulation. This means they are relatively few when compared to Ripple (XRP) with 39 Billion and Stellar (XLM) with 18.431 Billion tokens in circulation. This relatively low supply might be the reason the token is currently trading at $34.93 even during the current dip in the cryptocurrency market.
At its peak, Augur (REP) was trading at $107 on January 12th. This is less than a month ago. The current price is a staggering 67.4% drop from this value.