In a 2016 study, Juniper Research found that the global online gambling industry is on pace to reach nearly $1 trillion in value by 2021. To many people, that might sound like a negative thing. After all, gambling doesn’t really provide any value to society besides giving millions of adrenaline junkies their fix, right? Not so fast…
One particular form of gambling, as it turns out, can have a very positive impact on how well our society functions. This “useful” form of gambling, commonly known as prediction markets, can efficiently provide insights into the probabilities of various outcomes for real-world events.
Importantly, prediction markets have proven to be more accurate than individuals or even small groups of experts at forecasting event outcomes. As a result, they can help businesses, scientific researchers, government organizations, and other human institutions to better prepare for the future. And that makes them incredibly valuable.
Prediction markets aren’t anything new. In fact, there is evidence of prediction markets existing in 16th century Italy to wager on the papal succession and the outcomes of civic elections in Italian city-states.
That being said, there is a new type of prediction market which might well prove to be more useful than any prediction markets of the past or present. I’m talking, of course, about decentralized prediction markets. Specifically, I’m talking about Augur – the long-anticipated oracle and prediction market platform built on the Ethereum blockchain.
Augur’s smart contracts are being deployed to the main Ethereum network on July 9, 2018 at 18:01 UTC.
In this article, you’ll learn why decentralized prediction markets are one of the most promising current applications for blockchain technology, why Augur’s launch is so significant, and what to do if you own or want to own Augur’s native token, REP.Advantages of Decentralized Prediction Markets