He Raised $5.3m in Token Offering on Etherum Blockchain to help you bet on future events

Jack Peterson

In Episode #764, Nathan interviews Jack Peterson. He’s the co-founder of Augur which is a decentralized, prediction market platform that runs on the ethereum decentralized network.

Famous Five:

  • Favorite Book? – Handbook of Applied Cryptography
  • What CEO do you follow? – Elon Musk
  • Favorite online tool? — Ethereum
  • How many hours of sleep do you get?— 8
  • If you could let your 20-year old self, know one thing, what would it be? – “Don’t spend too much time on impractical things”

 

Time Stamped Show Notes:

  • 01:10 – Nathan introduces Jack to the show
  • 01:28 – Augur is a decentralized prediction market platform
    • 01:34 – The platform exists on a ethereum decentralized network
  • 02:09 – Bitcoin is the first blockchain which was initially intended for payment
  • 02:19 – Ethereum is a blockchain that is flexible, you can upload programs where people can execute their programs
  • 02:38 – Augur is a set of programs that run on the network of ethereum
  • 02:54 – The founder of ethereum was on Episode 758
  • 03:11 – Augur has a set of smart contracts on ethereum that people run
  • 03:57 – Augur is currently finishing their beta test and it is not yet live
    • 04:02 – Their smart contract code is undergoing security audits
  • 04:12 – Jack shares how to use Augur
    • 04:27 – The aim is to make the experience similar to accessing a regular website
  • 04:40 – Augur is a venue to bet on any world event
    • 04:49 – For example, making predictions with politics
    • 05:40 – The market you create is where you can buy and sell shares of the event
  • 06:25 – An example scenario: the Super Bowl
    • 06:40 – A market is where someone can place their bet
    • 07:10 – In a normal sportsbook, people can bet on the winner
    • 07:19 – Who will win the Super Bowl? This is the market on Augur and people can place their bets
    • 07:37 – You can buy and sell shares of any of the outcomes
    • 08:17 – The people in the market set the price of the shares
    • 09:06 – With the Super Bowl, there will be multiple outcomes
  • 09:28 – When you set-up the market, you set-up the order book for each of the outcome
    • 10:05 – You could place a bet by buying shares of the outcome
    • 10:41 – When your bet wins, the value of the shares go up and if you lose, it will be zero
    • 10:59 – “You’re betting on how likely the outcome is to happen”
  • 11:27 – Jack shares how someone who doesn’t have any experience in crypto can participate in Augur
    • 11:35 – First thing you need to do is get the crypto currency (you can use your credit card)
    • 12:01 – Augur isn’t involved with any platform that exchanges dollars to crypto, so you have to get it from third-parties
    • 12:30 – You can buy ether from Coinbase and use the ether to place bets on Augur
  • 13:10 – If you already have ether, you can already participate in a market
    • 13:55 – Augur has an embedded plugin similarly to Paypal which is for Coinbase and ShapeShift
    • 14:25 – If you signed in, you will have the ether to bet
    • 15:05 – You can create a market on the trading page
  • 15:37 – You’re betting with whomever wants to participate in the market
  • 15:48 – The person who creates the market will set-up an order book with actions
  • 16:51 – Jack did a Token share
    • 17:07 – “Our token is called rep”
  • 17:58 – Token has raised $5.3M in August and September of 2015
    • 18:10 – It was a $5.3M equivalent in crypto
  • 20:30 – The Famous Five

3 Key Points:

  1. Ethereum is a blockchain that Augur uses to run its programs.
  2. There are multiple platforms available for dollar to crypto currency exchange.
  3. Maintain your focus on what’s important.

Resources Mentioned:

  • Simplero – The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • GetLatka – Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • Klipfolio – Track your business performance across all departments for FREE
  • Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
  • Show Notes provided by Mallard Creatives