Joey Krug, Core Developer Of Augur.net – The Future Of Blockchain-Based Prediction Markets
Finding Genius Podcast
Richard Jacobs
4.4 • 1K Ratings
🗓️ 5 December 2016
⏱️ 41 minutes
🧾️ Download transcript
Summary
Augur allows anyone in the world to create a prediction market easily and quickly on the Ethereum blockchain, and to use smart contracts to take odds from betters and issue automatic payouts once a prediction result has occurred and been vetted.
As a creator of a market you will have to make available some opening funds for the market & in return you'll get half of all the trading fees that would be collected throughout the lifetime of that particular market.
Betters can take either side of a prediction by paying a small, odds-based fee. For example, if you think that Leonardo DiCaprio will end up winning another Oscar award, then you can place a bet that favors this particular outcome. If your prediction turns out to be correct, you will win Ether profits in relation to the odds at the time of your bet.
This is fascinating stuff and Augur is set to become a global, decentralized, blockchain-based prediction market. Find out more by listening to my interview with Joey Krug, Co-founder & Lead Back-End Developer. Make sure to review & subscribe to the podcast.
Transcript
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| 0:00.0 | Welcome to Almost Here, Round the Corner of Future Technology Podcasts with Richard Jacobs. |
| 0:07.9 | Future Technologies always to transform our lives for better or worse are the focus of this podcast. |
| 0:13.6 | Almost here means these technologies are now here and starting to be used. |
| 0:18.1 | We're just around the corner. |
| 0:19.7 | From Bitcoin to artificial intelligence, 3D around the corner, from Bitcoin to artificial intelligence, |
| 0:22.0 | 3D printing, blockchain, virtual reality, and more. |
| 0:27.2 | Hi, this is Richard Jacobs with Future Tech Podcast, almost here around the corner technology. |
| 0:33.8 | Today I have a very special guest, Joey Krug, lead developer at Auger, prediction market |
| 0:40.3 | that's going to be coming online shortly based on the Ethereum blockchain. |
| 0:44.3 | How you doing, Joey? |
| 0:45.3 | Good. Thanks for having me. |
| 0:47.3 | Yeah. So for people that don't know, can you talk about what Auger is and what it's supposed to do |
| 0:54.8 | when it comes out? |
| 0:55.8 | Yeah. |
| 0:56.8 | Yeah. |
| 0:57.8 | So prediction markets are this very old idea in economics. |
| 1:02.3 | Basically the economist Frederick Hayek in the 50s kind of proposed this idea. |
| 1:05.8 | He said there's lots of information in the world today, almost like too much, and that's especially true today. |
| 1:13.6 | And the idea is, well, how do you get all this information into like one tiny useful piece of information? |
| 1:19.8 | And the idea was free market pricing. |
| 1:22.4 | So the idea of the prediction market is prediction markets allow you to create financial markets on whatever you want. So that can be anything from how many iPhone 7s will Apple sell next quarter to will |
| 1:32.9 | Russia and invade Estonia within the next five years to who will become president of the United |
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