Augur
Augur
Token: REP


Welcome to the future of forecasting

ICO dates
Start date: 2015-08-17
End date: 2015-10-01

Registrated in: USA

Platform: Ethereum

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https://augur.net/ Screenshot
Augur categories
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Augur whitepaper
Video
Augur token sale
KYC passing required No | Whitelist No | Restriction for countries No
Tokens for sale 11,000,000
Sold tokens 8,800,000
Acceppting ETH, BTC
Augur news, social
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Random whitepaper excerpts

2
Event
created
BEFORE THE EVENT: FORECASTING
Market
opens
Betting
Event
included in
market
Event
happens!
Event(s)
mature
User encrypts
report and
broadcasts
Reporting
Quorum
reached
Reports
decrypted
Consensus
AFTER THE EVENT: REPORTING
Reputation
updates &
BTC payouts
FIG. 1. Simplified outline of the actions in a prediction market, separated into before and after the event.
fields is accompanied by a
units
field.
Although there are three types of tokens, users have a
single cryptographic private key.
3
Augur addresses are
simply base-58 hashes of their cryptographic public keys,
to which users can send tokens. The different types of
token are distinguished from one another solely through
the ‘units’ field. Therefore, users sign the transaction
data of a Reputation payment in exactly the same w...

3
cryptocurrency, say ‘USDCoin’, and put them on a few
exchanges to be traded. If the price were above one dol-
lar, the coin algorithm would print more coins; if below
a dollar, the algorithm would discontinue printing. This
allows the price of the coin to stay relatively close to a
dollar.
4
Another pertinent question is how to distribute the
coins used to buy shares of predictions. A few options
are available: 1) having a Bitcoin sidechain be the mecha-
nism to buy shares, 2) using a seigniorage model to create
a ‘Cashcoin’ or ‘USDcoin’ that maintains its value with
respect to the US Dollar, and 3) using a hybrid approach
of 1 and 2.
In our view, the best option is to sidechain Augur to
Bitcoin, and have a new seigniorage based coin to al-
low users to both wager with Bitcoin,
and
another cur-
rency which would be used more for longer term wagers in
which volatility would become an issue. This provides the
bene...

4
BTC (from Alice)
CreateEvent
BTC (to E1)
BTC (from Joe)
CreateEvent
Event: “Hillary Clinton wins the 2016 U.S.
Presidential Election.”
Binary: Yes
Topic: Politics
Valid Range: [0, 1]
Fee: 0.01 BTC
Maturation: November 5, 2016
Creator: Joe
Event ID: E2
BTC (to E2)
BTC (from Bob)
CreateEvent
BTC (to E3)
BTC (from Chris)
BTC (from Tom)
CreateEvent
Payment
BTC (to E4)
BTC (to Joe)
BTC (from E1)
BTC (from E2)
BTC (from E3)
BTC (from E4)
BTC (from Joe)
CreateMarket
∞ shares (to E1)
Title: “Joe's bizarre bazaar”
Events: [E1, E2, E3, E4]
∞ shares (to E2)
Loss limit: 10 BTC
Trading fee: 1%
Funding: 27.72588722 BTC
∞ shares (to E3)
∞ shares (to E4)
Creator: <Joe's BTC address>
Market ID: M1
BTC (to M1 pool)
FIG. 2. CreateEvent transactions are payments from the user’s a...

5

Funding: up-front funding provided by the mar-
ket’s creator, which covers the creator’s maximum
possible loss in this Market. This is calculated us-
ing the
loss limit
, a parameter specified by the user.

Loss limit: this parameter is set by the market’s
creator. The loss limit ( ) sets the maximum
amount of money the market’s creator can lose if
the number of shares goes to zero:
maximum possible loss =
×
log
N
out
(1)
N
out
refers to the number of outcomes, across all
events, in this market. Greater values of translate
to greater market liquidity, but greater potential
loss for the market’s creator.

Creator: the address of the market’s creator.
CreateMarket Transaction
As shown in Fig. 2, the CreateMarket transaction has
an input and an output for each event included in the
market, plus one additional input and output for the
use...

6
OP EVENTLOOKUP
ensures that the target event ID
matches one of the events in the market.
OP ISBITCOIN
verifies that the units field in the unlocking input Script
is
bitcoin
; this instruction is in the Script for the shares
outputs. Similarly,
OP ISSHARES
verifies that the incom-
ing units field is
shares
, and is in the equivalent Script
for the market pool (Bitcoin) output.
Happy with the market, Joe then publishes it. This
deducts the log
N
E
market funding payment from his
account, and broadcasts his CreateMarket transaction to
the Augur network. Miners can then pick up and include
this transaction in a block like any other transaction.
Once it is incorporated into a block, and attached to the
blockchain, Joe’s Market becomes visible to all users of
the Augur network.
III. BEFORE THE EVENT: FORECASTING
Joe’s prediction market has now been created. When
the mar...

7
BTC (from Bob)
Payment
BTC (to Paul)
BTC (from E1)
BTC (from E2)
BTC (from E3)
BTC (from E4)
BTC (from Joe)
CreateMarket
Title: “Joe's bizarre bazaar”
Events: [E1, E2, E3, E4]
Loss limit: 10 BTC
Trading fee: 1%
Funding: 27.72588722 BTC
Creator: <Joe's BTC address>
Market ID: M1
∞ shares (to E1)
∞ shares (to E2)
∞ shares (to E3)
∞ shares (to E4)
BTC (to M1 pool)
BTC (from Paul)
shares (from E2)
Buy
Market: M1
BTC (to E2)
Event: E2 (“Hillary Clinton wins
the 2016 U.S. Presidential
Election.”)
shares (to Paul)
Outcome: Yes
Amount: 5 BTC
Price: 2 shares/BTC
BTC (to M1 pool)
BTC (to Joe)
FIG. 3. Example of a Buy transaction. Here, Paul buys shares in the ‘Yes’ outcome of the Event ‘Hillary Clinton wins the
2016 U.S. Presidential Election’. The shares used as an input to the transaction come from an u...

8
'units': 'bitcoin',
'scriptSig': '<market ID>
<market data >
<event data >'
}
],
'vout':
[
{
'n':
0,
'value':
5,
'units': 'shares',
'outcome': true,
'script': 'OP_DUP
OP_HASH160
<event ID>
OP_EQUALVERIFY
OP_MARKETCHECK'
}
,
{
'n'
:
1,
'value'
:
10,
'units': 'bitcoin',
'script'
:
'OP_DUP
OP_HASH160
<Paul ’s hash -160>
OP_EQUALVERIFY
OP_CHECKSIG'
}
]
}
Buy and Sell transactions are
atomic
, in the sense that
either the entire transaction succeeds, or the entire trans-
action fails. That is, it is impossible for Paul to send
Bitcoin to the event address, and not receive shares in
return. In traditional database terms, either the entire
transaction is committed – broadcast to the network, in-
cluded in ...

9
Reputation: 42
Event
Hillary Clinton will win the 2016 U.S. Presidential election.
The unemployment rate will be lower at the end of 2017 than at
the end of 2016.
If Hillary Clinton is elected President in 2016, the unemployment
rate will be lower at the end of 2017 than at the end of 2016.
Hillary Clinton sucks!
Your Report
NO
YES
YES
INVALID
Submit Report
FIG. 4. Sample Report. Reputation owners report on the
actual outcome
of an event, after the event has occurred. Each
‘Your Report’ entry is initially set to
NO REPORT ENTERED
; if submitted that way, the user will not receive credit for reporting
on that event.
INVALID
reports are permitted – in fact, encouraged! – for poorly-worded and/or indeterminate questions, since
truth-by-consensus works well only for outcomes which are easily and objectively determinable. Since this user’s Reputation
is 42, his/her ballot has a
weight
Jack Peterson, PhD
Jack Peterson, PhD Co-Founder & Lead Developer

Joey Krug
Joey Krug Co-Founder & Senior Front-end Developer

Stephen Sprinkle
Stephen Sprinkle Senior Front-end Developer

John Danz
John Danz Front-end Developer

Jackson Broussard
Jackson Broussard Front-end Developer

Serena Randolph
Serena Randolph Front-end Developer

Aaron Drake
Aaron Drake Senior Back-end Developer

Alex Chapman
Alex Chapman Back-end Developer

Ryan Garner
Ryan Garner Back-end Developer

Micah Zoltu
Micah Zoltu Contract Developer

Tom Kysar
Tom Kysar Director of Operations

Ivan Petric
Ivan Petric Marketeer

Tom Kysar
Tom Kysar
Director of Operations
Advisor - XYO Token Market Economy
Joey Krug
Joey Krug
Co-Founder & Senior Front-end Developer
Pantera Capital Co-Founder Augur
Founder of Augur