The Augur platform operates as a global decentralized prediction market on the Ethereum blockchain. Augur coin (REP) is the crypto asset that powers the Augur network.
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What Is Augur (REP)?
Augur is a trustless, decentralized oracle and platform for prediction markets. It enables users to speculate on the outcome of future events and to buy and sell positive or negative shares about the result of this event. Augur's main principle is the wisdom of the crowd, i.e., the collective opinion of a diverse independent group is superior to that of a single expert. Augur also functions as a decentralized oracle by validating real-world events and encoding the results on the blockchain without using a third party.
Augur is a collection of open-source smart contracts with no central authority coded in Solidity that may be deployed by users on the Ethereum blockchain. It enables users to speculate on real-world events and settle payments for prediction markets in ETH. Due to the open-source code, developers can use it to build their own Web3-based betting sites.
Augur aimed to create an anonymous and unrestricted marketplace where people could bet on outcomes away from traditional centralized prediction markets and biased verdicts. By making the protocol fully decentralized, Augur eliminated the danger of self-interested conduct and brought credibility to the platform.
How Does Augur Work?
Users can perform the following steps on the Augur platform:
- Market Creation
- Market Trading
- Reporting
- Settlement
The entire process is decentralized, and any trader can create a betting market based on real-world events. Trading begins shortly after the market has been created, and users buy shares in an event's outcome. Reporting step is when the Augur Oracle determines the event's outcome by bringing real-world information to the blockchain. The settlement is when traders close their positions and collect payouts.
Augur contracts use two cryptocurrencies — Ethereum, and Augur’s native token, Reputation (REP). REP is a staking token used to create markets and report on the outcome of markets determined by the Augur Oracle. By owning REP and participating in accurate reporting on the outcomes of events, REP token holders are entitled to a portion of the fees on the platform.
Each staked REP token entitles its holder to an equal portion of Augur’s market fees. The more REP, a reporter, owns and reports correctly, the more fees they will earn for keeping the platform secure. The reporting process is mainly for REP token holders looking to earn fees by reporting the outcome of events.
In contrast, Augur traders earn money by purchasing shares in the outcome of an event. The price of the shares differs depending on the number of bets placed. When the outcome of the events they traded in is determined by the Augur Oracle, those who correctly predicted the outcome get paid in ETH.
Augur (REP) Founders
Augur was developed by Forecast Foundation, founded by Jack Peterson, Joey Krug, and Jeremy Gardner in 2014. Jack Peterson earned his Ph.D. in Biophysics from the University of California, San Francisco, and Joey Krug is a Thiel Fellow and an Edmund Hillary Fellow.
The Forecast Foundation aims to develop open-source trading protocols, oracle systems, and related technologies that advance transparent markets. It doesn't own or control the Augur free, open-source protocol and doesn't get fees from the use of the protocol. Any user who downloads and runs the Augur software has access to the Augur protocol on the Ethereum blockchain.
The Forecast Foundation doesn't operate or control the markets created on Augur, nor does it have the ability to spend funds held in escrow or to modify, cancel, or interact with orders on the network. It doesn't have the power to censor, restrict, or curate markets, orders, trades, positions, or resolutions on the Augur protocol contracts.
According to Coinbase, in 2015, the Forecast Foundation raised USD 5.5 million in Augur’s ICO (initial coin offering) by selling 8.8 million REP coins. The project went live in 2018, and $ 1.53 million was staked by users across more than 800 outcome bets. With Augur Version v2, a market can be anything from sports and election outcomes to whether Vitalik Buterin will ever get a girlfriend. Predictions can be yes/no, multiple-choice, or scalar (what will the value be at a certain time).
In May 2021, Augur Turbo was released specifically for placing sports bets and was rebranded as Sportsbook. Outcomes were resolved using the Chainlink oracle rather than REP holders staking their coins to the correct outcome, resulting in faster speed and zero network fees.
Users can bet on NBA, NFL, MLB games, UFC Mixed Martial Arts, Olympic events, etc., using the USDC stablecoin.
How to Buy REP?
You can trade REP on over 23 crypto exchanges. You can buy and sell Augur REP with USD, EUR, USDT stablecoin, and crypto coins such as BTC and ETH.
Augur REP tokens can be traded on crypto exchanges like Upbit, Binance, Bibox, Coinbase, etc. You can find a detailed description of How to Buy Cryptocurrency and learn more about wallets and exchanges, portfolio trackers, etc., on our CoinStats blog. You can also read our articles, such as What Is DeFi, and explore our in-depth buying and staking guides on various cryptocurrencies, such as How to Buy Bitcoin, How to Stake MATIC, How to Stake Ethereum, etc.
