Heads or Thales: Exploring the Potential of Positional Parimutuel Markets

Introduction

Though the ICO craze was littered with low-effort scams, its mania was rooted in the legitimate potential of blockchain’s application layer to revolutionize the tech industry. No project is more emblematic of this period than Augur. In Ethereum’s first ICO, Augur raised $5.5M to build the world’s first decentralized prediction market. Like the majority of ICOs that succeeded it, Augur has become a symbol of crypto’s transformative potential and unmet expectations.