Ethereum Blockchain-based Prediction Platform Raises $4.7 Million – The Basics about Cryptocurrency

Post the successful launch of crowdsale, Ethereum blockchain-based prediction platform Augur has raised $4.7 million till date, with $2.5 million coming in the first 3 days. The sale is still undergoing on “”

Ethereum is a much-in-news decentralized blockchain network quite similar to the Bitcoin network.

Speaking on the sale, Vitalik Buterin, Founder of Ethereum, said that “I think Augur is one of the most promising applications of blockchain technology out there.

Max Keiser, Host of Keiser Report also pitched in a good word by saying that “Augur solves legacy ‘prediction market’ problems with blockchain decentralization and the overall design is world class.

Ethereum blockchain-based Augur describes itself as a company which is centered on the idea that the collective Wisdom of the Crowd can more accurately predict outcomes and trends than the alleged expertise of pundits and polls. It also works on the principle that placing a predictive market in a decentralized environment will help in eliminating the risk of cheating and corruption.

For more information, see this 2-min video tutorial on Augur – How A Decentralized Prediction Market Works.

So in a nutshell, one can conclude that essentially Augur works on the notion that allows the users to make a prediction on any subject that catches their fancy, be it elections, world events, opportunities, or anything with even very remote possibility such as the destruction of our solar system.

But, it should be remembered that Augur is not alone in this field. Iowa Electronic Markets (IEM) is a ‘centralized’ market and it too grants its users the choice to bet upon any events such as the U.S. political issues. This company has successfully been predicting the outcome of U.S. elections since 1988!

What is most surprising is the fact that this method has proved to be far more accurate than the polls and the expert opinions on which currently the media depends upon.