Something New For Online Gambling 'The Augur Project'

Published Wednesday, August 12, 2015 -
Something New For Online Gambling 'The Augur Project'

In the online gambling universe the concept of predicting has scientists working overtime to develop new methods for seeing the future. The prediction business is a growing industry that online gambling operators use every day to create odds and make money.

Now something new has been added to the equation with the development of Augur which will let participants wager real money on any future event of their choosing. The Augur software will set the odds, collect the bets, and distribute winnings. The price alone should give Nevada sports book operators a little concern as only an estimated one percent of every pot will go to keep the Augur system running. Although gambling fans won’t find a casino or poker room on this Creative Commons platform it has been suggested that the potential for sports betting is great. Bitcoin is used exclusively and in many ways this prediction technology was inspired by the concept of virtual currency.

Augur is known as a decentralized peer-to-peer marketplace, an entity created by recent breakthroughs in computer science. The purpose of these platforms is to facilitate the exchange of goods and services on a platform that is administered and controlled by computers. Augur’s software will run on what’s known as a “blockchain" that's essentially a shared database for executing trades powered and maintained exclusively by users. Augur will make use of a new project called Ethereum that expands on this concept. Ethereum allows Augur's entire system to live on the blockchain. That means the software and processing power that makes Augur function is located in hundreds or thousands of computers.

Joey Krug, a twenty-year-old and lead developer for the Augur project doesn’t use the world “gambling" to describe his work. Krug and his five team members call Augur a “prediction market,” The questionable legality of a virtual platform that a person can gamble on sports and win real money has yet to be decided by the US Department of Justice.




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