EB143 – Joey Krug: Augur – A Decentralized, Crowdsourced Prediction Market Developed On Ethereum

Prediction markets are fascinating monetary instruments which have actually shown to be precise at making predictions on things like the outcome of elections, geopolitical events and sporting occasions. But in our greatly regulated financial world, they are the topic of much controversy. In 2013 for example, a popular United States forecast market, Intrade, was forced to close down following a civil fit submitted by the CFTC. While some people consider forecast markets to be a beneficial tool for society, others consider them to be a type of gaming, which is one of the reasons that they have been met with such resistance in particular nations. A simply decentralized forecast market would run outside the scope of the managed financial world and be resistant to censorship and outdoors intervention.

We’re joined by Joey Krug, Co-Founder and Core Designer at Augur, a decentralized prediction market improved Ethreum. The task, which was initially meant to be a Bitcoin sidechain, has actually ported to Ethereum and is currently in beta on the Testnet. Users can forecast real-world events, such as the result of the United States election, and earn profits if they are accurate in their predictions. Reporting on occasions is crowdsourced utilizing a consensus-based system much like proof-of-stake.

Topics we discussed in this episode:

  • How forecast markets work
  • The debate around prediction markets
  • The Augur project and exactly what it is aiming to attain
  • The evolution of Augur
  • The different parts of Augur
  • Reporting on occasions and the reputation token
  • Security, attack vectors and how they can be alleviated
  • Augur’s company design
  • The ethical aspects of forecast markets
  • Augur’s structure and governance

Links mentioned in this episode:

  • Augur
  • Augur Git Repo
  • Augur Docs
  • EB139?'” Martin K?ƒ& fnof; ppelmann: Gnosis?'” The Ethereum Prediction Market
  • EB97?'” Paul Sztorc: Truthcoin & Prediction Markets, From Information-Overload To Crowd Intelligence
  • EB98?'” Robin Hanson: Futarchy, Prediction Markets And The Difficulty Of Disruptive Innovation
  • EB141?'” Ralph Merkle: Revolutionizing Democracy Using DAOs

Sponsors:

  • Jaxx: Wallets that Unify the Blockchain Experience Across Gadgets JAXX.io
  • Ledger Nano: Smart card security for your Bitcoins – Get 10% off your very first order when you use the code EPICENTER at ledgerwallet.com

Series notes

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Center Bitcoin is hosted by Brian Fabian Crain, S?ƒ& fnof; bastien Couture & Meher Roy.Visit our site Sign up for our newsletter Twitter The Let’s Talk Bitcoin Network

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