Augur (REP) Crypto Exchange
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What is Augur (REP)
Augur is a decentralized prediction market platform based on the Ethereum blockchain. The platform was developed by the Forecast Foundation, both the foundation and the platform were founded in 2014 by Jack Peterson and Joey Krug. Augur allows users to create and exchange “shares” of the predicted outcome’s value without the platform overseeing the markets.
Augur’s most prominent feature is that users can earn REP coins in exchange for predictions. That is, people are asked to predict the outcome of any event on the principle of a casino, for which they can earn a certain amount of REP or lose their bid. Any event can be created into a market, and the Augur software maintains an order book on the said markets. Those users willing to participate in predicting an outcome do not have to hold REP. However, in order to report an outcome of an event, the token is necessary and has to be staked. REP itself works on the principle of Proof-of-Work. Mining of the Augur coin is carried out by the same hardware and software, as well as of the other coins based on Ethereum.
In February 2022, Augur introduced Augur Turbo, which is an extension of the original protocol and allows users to benefit from Chainlink’s oracle network. The said oracle network settles markets faster and at a lower cost.