Augur: Bet or Bust?
There are thousands of crypto projects out there and let’s be honest, most of them just aren’t very interesting, a copycat of another project, or don’t have much of a use case. After months of putting together my Binace User’s Guide, I have been through countless white papers and websites and have seen the trash and the class down to the foundations. While most of these projects are, well for lack of a better word, useless, there are a few however that really stood out and shine above the rest. One of the projects that I found most appealing Augur.
What’s so special about it?
Augur lets you make bets on anything from who will win the world cup in 2018 to the year the world will end. The idea as far as I can understand, is that if enough people believe something, it’s most likely that it will become reality, so the data is then stored for scientific research.
One of my favorite ways to find out if a project is worth investing in or not is by just simply using it, so I did just that. At first glance, the site looks nice and well put together. It sort of feels like a new age gambling site. Unfortunately it doesn’t seem like they have a test net available, so I bought a little bit to try it out.
The interface is well designed, but I had a little trouble figuring out how it worked. Furthermore, there’s not too much as far as “help” or “faq” options available once you actually get down and dirty with it. It allows automated payouts which is nice, however depending on the finality date of the survey, it might take some time for your predictions to play out and pay out, if they do.
Overall I think the idea is interesting, but I’m not entirely sure if this would catch on. Personally, I don’t think I would use this long term, but it might be fun if it had more mainstream adoption. One issue I definitely see in this however is the possibility to manipulate the market. Hypothetically, if someone already knew the outcome of a question, they could go all in on it and take all of the profits. If they did this enough times, It could damage the economy long term and weaken the overall value of the coin. It’s a neat idea, I give it that, but it will certainly more widely adopted before being considered any more than a speculative investment.
With that in mind, let’s take a look at the team.
Augur was created by the Forecast Foundation, a group of developers who formed a non- profit organization that simply supports the ecosystem of the platform itself. Their mission is, “to support the development of open-source trading protocols, oracle systems and related technologies that advance transparent, open and financially sound market, as well as their underlying protocols and toolings.” If you take a look at the github page for the project, it’s top 3 project designers are Arron Drake of Sunnyvale, CA (over 800 contributions in the last year), Beau Gunderson of Seattle, WA (over 3000 contributions in the last year), and Joseph Krug of San Francisco, CA, (over 300 contributions in the last year). The team that’s been active on the github looks solid at a glance, but do with that information what you will.
What do you think? Have you used Augur? Do you see this catching on or making a difference in the future of blockchain technology? Let me know in the comments and we’ll have a discussion about it.
I hope you enjoyed this article, thank you for reading and as always, go long and prosper.
Team & Talent9.0/10
Website & Applications8.0/10
Marketing & Reach6.0/10
Track Record & Progress7.0/10
- Unique idea
- Scientific Advancement Possibilities
- Doesn't seem practical
- Feels Like a Fad
Written by satoshispockamoto