REP AUGUR in a Nutshell

REP AUGUR in a Nutshell

Augur is a trustless, decentralized oracle and platform for prediction markets.

The outcomes of Augur’s prediction markets are chosen by users that hold Augur’s native Reputation token, who stake their tokens on the actual observed outcome and, in return, receive settlement fees from the markets. Augur’s incentive structure is designed to ensure that honest, accurate reporting of outcomes is always the most profitable option for Reputation token holders.

Token holders can post progressively-larger Reputation bonds to dispute proposed market outcomes.

If the size of these bonds reaches a certain threshold, Reputation splits into multiple versions, one for each possible outcome of the disputed market; token holders must then exchange their Reputation tokens for one of these versions. Versions of Reputation which do not correspond to the real-world outcome will become worthless, as no one will participate in prediction markets unless they are confident that the markets will resolve correctly.

Therefore, token holders will select the only version of Reputation which they know will continue to have value: the version that corresponds to reality.

(Source)

Mineable? If so how is it mined?

REP Augur is not mineable.

Reputation is sold on Poloniex, Bittrex, Kraken, Gatecoin, Shapeshift.

REP Augur it can be stored in an offline storage like the Nano S, which is a hardware wallet solution that supports ERC-20 Ethereum tokens.

The purpose of Augur is to democratize and decentralize finance.

Bitcoin gave the decentralized currency and Ethereum brought decentralized computation, Augur’s motivation is to enable a decentralized financial system.

Maximum circulating coins

Maximum circulating coins of REP Augur is 11 million tokens.

It is limited to support its mathematical proof of ownership and to validate the consensus of valid transactions.

History

Reputation or REP is the tradable token of Augur. When it was launched in August 2015, the total amount of it is fixed at 11 million coins. The tokens are needed to report the outcome of events. It can also be earned by providing accurate reports. On the other hand, if the reporters report wrong predicted outcomes, they will lose REP.

Augur founded Augur in 2014 and it targets to create the most accurate prediction market by using the wisdom if the crowd. The idea is that the prediction is more accurate if many people weigh in for that certain outcome compared to a small team of experts.

What Makes It Different?

Augur us the first major decentralized application that is developed using Ethereum. Augur cannot be changed by governments. It is a prediction market platform that rewards users for correct prediction outcomes on certain events.

The problem in the traditional prediction markets or the betting platforms is that they are centralized. In addition, when an event turned out they rely on one party to report it. But, because Augur is a decentralized system, the reports are more accurate because thousands of people can report on the outcome. In addition, there is an Augur’s REP token reward for those who predict the outcome correctly.

The CEO of Coinbase, Brian Armstrong said Augur is an awesome project with a huge potential. The co-founder of Ethereum, Vitalik Buterin distinguished it as an Uber for Knowledge.

Owning REP and joining in the reporting on the outcome of events, you are authorized to a portion of the Augurs market fees. One Reputation token authorizes you to 1/ 22,000,000 of Augur’s total market fees. The more REP you own, and the more reports you predicted correctly, the more fees you will collect.

Who are Behind REP Augur?

Joey Krug a Pomona college dropout and Pantera Capital co-chief investment officer is the Cofounder and the lead developer of Augur. And Jack Peterson Ph.D. in Biophysics.

Joey Krug and Jack Peterson built Sidecoin together in 2014.

Contacts

  • Official Website www.augur.net

  • Announcement Thread link to BitcoinTalk https://bitcointalk.org/index.php?topic=1927574.0

  • Block Explorer Link https://etherscan.io/token/0xff3daa886d63547c4e2d78449915fa9e01193f59
  • Github Source Code https://github.com/AugurProject

See Also

Augur: The World’s Most Undervalued Crypto Project

Augur’s Coin: Up 2,000% In 2017. Here’s Why Augur Might Be The Future Of Prediction Markets

What is Augur (REP)?

 - On September 30, 2017