Presentation and definition of the crypto-currency Augur (REP)
- Name of the crypto-currency : Augur
- Acronym : REP
- Where to buy Augur? Binance
- Date of creation : 2015
- White paper of Augur
- Web Site of Augur
The network Augur
Augur is a decentralized network that allows the creation of markets for prediction. Its operation is based on the blockchain of Ethereum. Any user can open a market predictor, investing chips. Then, the creator is rewarded if his prediction is correct, through a percentage of fees generated. The network Augur is inspired by the platforms of paris, but the blockchain can record a larger number of entries and predictions. In addition, users can create any bet on Augur without the latter is validated by a central agency. All other members may participate for a fee relatively low.
The tokens REP
The platform Augur uses tokens to REP. The REP is something of a score. So this is not an investment of liquidity, but a token that allows you to report the result of the event being predicted. So this is not a central authority that validates the result of the event, but the holders of all of the REP, called “oracles”. If an oracle decides to announce a fake result, all of his chips REP will be redistributed. As well, the cheating and the mistake is almost impossible.
The money supply
11 million REP are in circulation, the limit is fixed. Following the ICO (Initial corner offering), 80% of the chips have been sold, the development team has received 16% and the foundation that manages the maintenance and promotion of the Augur (the Forecast) Foundation has obtained 4%.