What is Augur (REP)?
Augur (REP) is a pioneering, decentralized, peer-to-peer, and decentralized market built on Ethereum. REP allows users to create their own market with specific questions for profit. This prediction market allows users to buy and sell stakes in the outcome of an event. The current market price of a share is thought to estimate the probability of an event occurring. The Augur project makes the most of the mass intelligence (collective intelligence) to predict future events accurately.
Augur creates a decentralized prediction system that allows Smart Contracts to propose questions and explores the human world itself without any human being, organization or any artificial intelligence. Thanks to Augur, people from all over the world can create a theme of their own that anyone can join and pay a minimal fee. This method helps to minimize frauds and risks because the whole form of currency exchange, thanks to the platform regulated by smart contracts and decentralized prediction system, ensures that false results cannot be given.
Augur virtual currency was developed in the third quarter of 2014 and the alpha version was launched in June 2015. Within just 2 months, Augur’s fundraising campaign raised US $ 5.2 million to support future development. In March 2016, the beta version was released and officially launched in 2017.
How does the Augur currency work?
To make it easier to imagine, here is a realistic analysis of how the Augur coin works: assuming the value of each share is $ 1, the person who chooses “Yes” will hold 50 cents and the person who chooses “No” will hold 50 cents, so the probability of this event will be 50/50. If this event occurs ie, “Yes” then those, who choose “Yes” will receive 1 USD for each share they bought. The value of each stake is determined by the probability of the event.
In particular, participants do not need to have shared before the event; these shares can be traded freely in the form of Augur exchange until the start of the event.
After the event is over, participants are responsible for reporting the result of using the Augur token (REP) to each other without the need for any central organization to intervene.
In addition to generating revenue for the creator of the prediction market, the Augur coin also develops a useful feature by using “Collective Intelligence,” and the future will become a search engine, for example. When a question has been mentioned many times, Augur’s system will always answer more accurately.
Augur Project started operating in October 2014, is an age-old cryptocurrency project in the crypto village. Augur was founded by Jack Peterson and Joey Krug, along with 11 other members of the main development team. Jack Peterson and Joey Krug are two people with extensive experience working with Blockchain technology and have previously created Sidecoin – a fork of Bitcoin.
It is worth noting that the Augur project has the presence of Vitalik Buterin – the founder of Ethereum, in the advisory board. Besides, Elizabeth Stark, founder of the Lightning Network is also highly appreciated as an adviser to Augur.
What is the feature of Augur (REP)?
Freely predict market customizations – Since the network is not regulated by any central agency, users can create any event they want, with bets placed on different things.
Based on an established network – Since REP is an ERC20 compliant token, the Augur network is fully supported by the Ethereum network. That means it has strong and secure support for features like smart contracts, which are used to provide the functions that Augur offers.
Deploying Proof of Stake – an Ethereum token, Augur uses the PoS method, which results in a more compact and faster blockchain, significantly reducing resource hungry and harming the environment compared to similar-sized PoW networks.
Where is the safest place to store REP coin?
The Augur coin is a token developed on the Ethereum Blockchain Platform according to the ERC-20 standard, so you can create Augur coin wallets and store them on ETH wallets that support ERC20. Some of the most popular ERC20 wallets today are ImToken, Trust, MEW, Metamask, Trezor, Ledger, etc. In which, ImToken is the most reliable and secure phone wallet, Trust Wallet is also a good choice, MEW Web wallet is popular but not secure. Trezor and Ledger cold wallets are extremely secure but will cost you to buy.
In addition, if you regularly buy and sell REP coins, you can store them on the wallets of exchanges to facilitate trading, not having to transfer back and forth, but of course, the security of the wallet will not by own wallet.
Augur is a quite unique platform that brings a decentralized prediction market that very few coins have ever done before. A talented development team with prominent names in advisory boards like Vitalik Buterin, Augur promises to explode in the future.
The purpose of REP clearly shows that REP is used to participate in the prediction market which is made up of three factors: predictive market maker, trader and reporter.
This implies that more and more participants in the market are expected to reduce the supply of REP outside the market. This will cause the value of REP to increase.
You can check REP price here.