Augur (REP), a decentralized prediction market, was launched in 2015. It was one of the earliest decentralized applications on the Ethereum blockchain.
Users are rewarded for making correct predictions on the outcome of events, which can be on any topic. Operating on the “wisdom of the crowd”, users stake their REP tokens on a predicted outcome. In other words, when more individuals make predictions together, the prediction is more likely to be correct. Augur is the most well-known of prediction markets in the cryptocurrency space. Vitalik Buterin himself has said that prediction markets were an important application of blockchain technology.
The Augur platform lets users customize events to a great degree, and the platform’s prediction questions span a range of topics. Using a Proof-of-Stake approach for its consensus, the REP token is an ERC-20 token that is supported by Ethereum compatible wallets.
Augur has been working on version 2 of its platform since its launch in July 2018, and this has been undergoing security audits. The new version brings several major upgrades to the platform, including DAI token integration, Use or Lose forking, an auction based REP price oracle, a buy back and burn fee system, among many other changes. There is no news as to when this upgrade will exactly be released, but it is expected soon.
In this tag, read Augur (REP) news, price predictions, opinions and analyses created by users.