Augur REP Price 0.51071436

The price Augur today is 0.51071436 USD, and the trading volume in 24 hours - 33,739 USD. The crypto asset has grown by -0.98% over the day. Currently, the coin’s market capitalization is 5,617,858 USD, and has 0.00000000 coins in circulation with the max supply of 11,000,000 coins REP.

What is Augur (REP)?

Augur is software designed to encourage a global network of computers to maintain an Ethereum-based market prediction platform (ETH).

The prediction market is not much different from an exchange, except that instead of trading assets, users bet on the outcome of events. With Augur, users can create and exchange "shares" that represent part of the value of the results, without trusting the company to create these markets or monitor them.

The software itself maintains an order book for each created market, and there are no restrictions on what events can be traded, meaning that markets can be created to help predict the outcome of everything from election results to the weather.

As with any betting system, when users correctly predict the outcome, they are rewarded. If they don't, they lose the declared capital. The idea is that market participants make a profit by helping third-party observers use crowdsourcing knowledge to collect global data.

If users correctly predict the results, they are then rewarded with REP, a crypto asset that supports the Augur network.

The REP itself can be used to create a prediction market, challenge a known outcome, or buy participation tokens. Users can also get a REP by buying it on exchanges, reporting the results of a bet, or being on the right side in a dispute over the outcome.

However, traders don't even need to own or use REP to place bets on the platform. Rather, its main purpose is a tool for users who want to participate in the event results reporting process.

Who is the creator of Augur?

Augur is developed by the Forecast Foundation, which was founded in 2014 by developer Jack Peterson and computer scientist Joey Krug.

In 2015, Augur became one of the first cryptocurrency projects to attract funding through an initial coin offering (ICO), in which the Forecast Foundation sold 8.8 million REP coins, raising $ 5.5 million.

The platform finally started working in 2018, and in the first month after launch, users invested $ 1.53 million in more than 800 bets on the result.

What is unique about Augur?

Augur operates on the Ethereum blockchain, which means that the purchase of shares in the prediction markets is made using ETH, Ethereum's own asset. Traders who want to use a less volatile asset can also bet on the markets using DAI, a stablecoin that runs on top of Ethereum.

The platform uses Ethereum smart contracts to execute all final betting results, ensuring that the correct results are registered and paid out to the winners.

To make it easier for the user to place bets on the outcome of events, Augur divides the execution process into four separate stages:

1. Create a market: anyone can design a betting market based on real events. The creators set the source of the resolution (where the result will be determined) and the creator's commission (a percentage of the trader's winnings), which they will collect after the market is settled.
2. Market trading: users buy shares in the outcome of an event, the price of which varies depending on the amount of bets placed.
3. Reporting: the results of each event are determined by the Augur oracle, which transfers real information to the blockchain. Reporters report on the market, and the unanimous opinion of all reporters is considered "true".
4. Settlement-traders close positions and receive payouts.

How many Augur coins are in circulation?

As of the end of January 2021, there were 11 million REP tokens in circulation, and there is no maximum supply.