[Dorothy’s Playlist] Augur and Cent
Making incomes by providing an accurate prediction is not novel. In the past, these revenues revolved mainly on a few people of specialized knowledge. What is novel, however, is how it is done, namely, through Blockchain technology. With this new way of connecting people, new dApps are adopting the good old idea of the social network, and turn it into various income-networking platforms. Today, we are introducing you to two dApps in the prediction market with exciting projects: Augur and Cent.
Augur offers users a unique way of making incomes. In a nutshell, users can choose an event they want to place a bet. If you cannot find an event that you like, you can create one. Once you purchase your share of a given event, the price of the share will rise and fall depending on factors affecting the said prediction. Once the prediction is resolved (the time-period is passed assigned for the given prediction) and you have made the right prediction, you will get your payout deposited straight into your Ethereum wallet.
Essentially, Augur wants to create a platform that gathers collective wisdom on important upcoming events. With the ETH rewards, people will be incentivized to make their best prediction, and the quality data collected through this process will be useful for making political forecasting, event hedging, weather prediction, cryptocurrency speculation, and more.
Just as the moral progress of the 19th Century abolished most racial slavery, the technological progress of the 21st Century will abolish most economic slavery. by Max Brody
I took the above quote from an article written by Max Broday, one of the founders of Cent. We found the philosophy. We love the idea of accentuating the current social network system for what it really is, content network system, and how Cent is built to incentivize the content creators for their work.
It is a type of network that allows anyone with contents to earn income for their creation. Cent platform incentivizes users in the following four ways: seeds, replies, sorts, and tips.
A creator posts their work on Cent, and it is open to Cent users to view. If any of them love the work, they can seed money to the work. Interestingly enough, you receive a portion of seed money deposited after yours. If you are among the first few seeders of wildly popular content, this represents a significant income for you. This really incentivizes users to discover up and coming contents with huge potential. Creators can attach bounties to posts (maybe asking for new logo design) that reward the best responses. By applying to posts, you can earn the bounties attached to it when your response is selected. For the fair chance of having your response selected, the “best” response is chosen by the community. Users can also earn by sorting through replies.
We are very excited to see how the application of blockchain technology such as Augur and Cent will reshape the prediction industry in a way that benefits more the participants of a given network, less the facilitator.
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