Charts price for Augur (REP)

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Description of Augur (REP)

Augur Origin

Release date: August, 2015.

The Augur project was launched in late 2014, it is one of the initial platforms built utilizing the Ethereum Blockchain. Augur, is in essence, a decentralized prediction market utilizing all of the Etheruem networks properties.

Augur Functionality

Augur grants users the possibility to place bets on particular outcomes of future events, and to gain monetary rewards for their accurate predictions. The way by which the platform functions is quite peculiar, rewards are higher for events and scenarios that have a low possible chance of occurring. To back up its process, the Augur platform takes advantage of what is known as “The Wisdom of the Crowd”, which generates data in real-time. The Augur platform has been noted to provide data that is on occasion much more accurate than in comparison to some leading industry experts.

On the platform, users are provided with two types of primary actions which they can execute. The trading of event shares and the creation of markets. Users can create their own markets by using a small amount of ETH and generating unique questions, such as “Can the cost of mining one BTC reach $10,000 by years’ end”? Users can trade (buy/sell), shares that represent the odds of a certain event occurring. Now, depending on the outcome of the event, the price of a share can fluctuate drastically, thus, this is how Augur traders can make profits utilizing the decentralized platform.

So, why is the Augur token called REP? Because it stands for Reputation. Users stake their REP tokens on the platform in regards to the outcome of future events in different markets.