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What is Augur and why is it cool?

Augur is a decentralized prediction market built on Ethereum. Think of it like a market place where you can bet on future events, like the outcome of the 2020 US Presidential Election. The benefits of this are 2 fold. First, Augur is a peer-to-peer prediction market place with all the benefits of a decentralized system, such as censorship resistance, lower fees, reduced trust reliance on a third party, and more. The second benefit is a little more technical.

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Someone cashed in for 636 Ether with a bet that Trump would win the election on PredictionToken, which allows you to make and take peer-to-peer bets on a yes or no outcome with the result verified in the blockchain.

The way it works is a smart contract mints Yes and No coins on the Ethereum blockchain whose value is tied to future events. Yes or No coins can be bought and sold on an exchange like EtherDelta. Once the event comes to pass, the result will be verified and written in the blockchain by Reality Keys. After that, the winning positions’s coin can be redeemed for 1 Ether each while the losing position’s coin are not worth nothing.

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