Augur is a tokenized platform for prediction markets that utilizes the "wisdom of the crowds" concept to predict as well as verify the outcomes of events. The platform enables users to create events in an open-market setting, where users place bets according to their prediction of the outcome. The Augur platform will support three categories of events: Binary Events, when the outcome is either yes or no; Categorical Events, when there are multiple discrete outcomes; and Scalar Events, when outcomes are determined by upper and lower numerical bounds. There are many use cases for prediction markets, and Augur incorporates a system that can be used not only for betting, such as on a sporting event, but that can also be used as a hedging tool, such as hedging against interest rate hikes. Independent oracles (i.e. randomly selected groups of Augur token holders who have not bet on the specific event) are tasked with verifying the outcome of each event. Both the creators of events and the oracles verifying outcomes are equally compensated from the fees collected from bettors. Event fees are directly proportional to betting volume and/or the popularity of an event. As of February 2018, Augur’s development team continues to develop the platform’s Graphical User Interface and host bug bounties.