Augur’s purpose is to democratize and decentralize finance. We’ll do this by enabling anyone, anywhere, at anytime in the world to create and speculate on derivatives at a low cost for the first time. If Bitcoin gave us decentralized currency and Ethereum brought decentralized computation, Augur will enable a decentralized financial system. We have cryptocurrency, now we need something to use it with. As a side bonus, prediction markets give us better forecasts for the future, more direct hedging and speculation mechanisms, and finally fulfill the vision set out by Hayek[¹] and Arrow & Debreu[²] long ago.