Introduction to Augur, an open-source, decentralized betting marketplace

Re:Introduction to Augur, an open-source, decentralized bett... by wyldfire on Monday August 20, 2018 @11:08AM (#17800570)

> September 2015 - Augur’s token sale raises $5.2 million

Conspicuously missing from this article: Augur's business model. They presumably get a house take?

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Re:Introduction to Augur, an open-source, decentralized bett... by gibsons77 on Monday August 20, 2018 @11:13AM (#17800626)

No they do not. REP token holders get a "house take" in some contexts. Augur isn't a company, so a business model doesn't really make sense. Augur is a protocol, and the Forecast Foundation is a non-profit that supports some development.

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Re:Introduction to Augur, an open-source, decentralized bett... by wyldfire on Monday August 20, 2018 @11:16AM (#17800646)

> Augur is a protocol, and the Forecast Foundation is a non-profit that supports some development.

Who got the $5 million?

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Re:Introduction to Augur, an open-source, decentralized bett... by toine_toine on Monday August 20, 2018 @11:21AM (#17800685)

> Who got the $5 million?

The foundation to fund development (which they kept in Ether so is much more valuable than $5million when the sale happened).

He's right, it's a protocol. There is no method for them to take a cut. The protocol gives the fees to the REP holders who report the outcome by staking their REP tokens.

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Re:Introduction to Augur, an open-source, decentralized bett... by gibsons77 on Monday August 20, 2018 @11:24AM (#17800710)

http://allcoinsnews.com/2015/08/27/augur-raises-over-usd-4-m...

Tl;dr is that 80% went to public, 16% to founders and 4% to foundation.

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Re:Introduction to Augur, an open-source, decentralized bett... by granaldo on Monday August 20, 2018 @11:31AM (#17800759)

For the record, augur raised during time when ether was less than $10 https://www.coingecko.com/en/coins/augur Who knows what that fundraised amount can be worth now

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Re:Introduction to Augur, an open-source, decentralized bett... by drdeca on Monday August 20, 2018 @11:13AM (#17800619)

My understanding is that the development of Augur was funded by the initial sale of REP, and that the organization presents itself as only developing the software, not as creating or running any of the specific markets.

So, no, I don't think they have a house take? However, the individual markets are each made by someone, and I believe that these "market makers" are financially rewarded through I guess a sort of a house take thing?

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Re:Introduction to Augur, an open-source, decentralized bett... by justacat on Monday August 20, 2018 @11:25AM (#17800724)

I looked at their site briefly and didn't quite see the answer to this, on the bottom of their FAQ (https://www.augur.net/faq/) it says:

Fees on the Augur protocol go directly to the market creator and REP holders who report and dispute outcomes. The Forecast Foundation does not recieve any fees from actions, trades, markets or use on the Augur protocol.

I guess this has to do with them being a decentralized marketplace, which as the article discusses does have some cool perks.

In the USA, PredictIt.org is a site that is also aimed at prediction, but they take a 10% fee on profit, and then a 5% fee on withdrawal. Seemingly a lot more volume on their markets than Augur at the moment, with some of their markets having hundreds of thousands of shares traded, and thousands of comments.

https://www.predictit.org/About/HowItWorks?page=home

Edit: After I posted I now see that Gibsons77 gave a better and more concise answer to the question

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