The Augur project seeks to leverage the open, global, peer-to-peer ledger functionality that blockchain technology provides, as well as game theory and financial incentives, to better explore the concept of the wisdom of crowds (also known as collective intelligence) and try to get more accurate predictions about future events. The specific technologies used would theoretically allow for more participation and volume compared to traditional betting platforms, therefore augmenting the quantity of markets available and their accuracy.
On Augur, anyone, anywhere in the world can instantly create a market on his topic of choice…, with no need for centralized approval, can freely participate in all markets, and will lose a minimal amount of money to fees. Another important advantage is the reduced possibility of fraud and counterparty risk: monetary exchanges on the platform are strictly regulated by smart contracts and a distributed oracle system ensures that no one can claim a false result on an event. Source: Wikipedia