As described in their whitepaper, Augur has set out to create the first decentralized, open-source platform for prediction markets. Based on the ideas of game theory and wisdom of the crowd, prediction markets achieve greater forecasting accuracy than any individual experts can. However, the problem with previously existing prediction markets is that they were all centralized.
By providing a decentralized solution, Augur allows people from anywhere in the world to ask a question about the outcome of a future event, as well as buy and sell shares on the outcome of any market they wish to participate in. Moreover, it allows thousands of users to report on outcomes, thus removing the need to trust in an individual reporter.
Augur has assembled an experienced team of developers, led by co-founders Jack Peterson and Joey Krug. Additionally, they have several notable advisors including the founder of Ethereum, Vitalik Buterin, trading expert Ron Bernstein, economist Dr. Robin Hanson, CEO of Enlighted Joe Costello, and Lightning Network founder Elizabeth Stark.