What is an augur? Augur is a decentralized oracle network and peer-to-peer supported protocol designed for prediction (betting) markets. In this article, as Kriptokoin.com, we will answer the question of “What is Augur”. We will examine the platform in detail and try to answer the questions about the project.
What is Augur?
The platform is described as a decentralized, reliable prediction (betting) market and a set of smart contracts built on the Ethereum blockchain. Additionally, it is described as the first major decentralized application (dApp) developed using Ethereum.
On the platform, users try to make money by making correct guesses. Those who predict future events correctly make money, while others lose money. The user, who can predict an event with a low rate, that is difficult to predict, earns a high income accordingly.
Augur is described by experts as a decentralized approach to gambling. However, the platform offers its participants the chance to play a wide variety of guessing games. With the platform, it is even possible to predict the weather or bet on how many likes a picture will get.
Who is the founder of Augur (REP)?
Augur was released in 2014. The co-founders of the project are Jack Peterson and Joey Krug. These two names are the names that played a role in the emergence of Sidecoin, one of the forks of Bitcoin. However, Vitalik Buterin, the founder of Ethereum, is one of the consultants of the project.
How does Augur (REP) work?
Every user can easily create a market on Augur. Users must have EHT and an event to bet on. After the market is created, the probability of the event occurring is calculated. Prices are determined by probabilities. When users upload a result, the price of that result increases.
The third stage is the reporting stage. This phase starts after the markets close. Reporters study the result and inform Augur Oracle. Reporters who provide accurate reports and information are rewarded, while those who report inconsistently are penalized. To become a correspondent, users must have the platform token REP.
The final stage is based on smart contracts. Users who make correct predictions are rewarded with these automatically executed smart contracts. Reporters whose reports are correct are rewarded with reputation tokens. However, the REP shares of the reporters who give false information are given to the reporters who give correct reports.
What is the total supply and current price of REP?
According to Coinecko data, the maximum, total and circulating supply of Augur (REP) is 6,968,614 REP. However, at the time of this writing, the market value of the project, which has a 24-hour trading volume of $4,527,514, is $53,123,401. REP is currently trading at $7.63 on cryptocurrency exchanges. However, in February 2016 it peaked at $341.85 and broke its own price record.
What is Augur? How to get REP?
Augur is a platform that is traded on multiple major exchanges. Users who wish to invest in Augur must open an account on one of the exchanges where the platform is traded. Some of the exchanges that Augur is currently traded on are: Binance, Coinbase, Gate.io, KuCoin, Bitfinex, Bittrex, OKX and Upbit. Accordingly, those who want to invest in Augur can open an account in one of the exchanges listed above, transfer USDT, BTC or ETH to their wallets and receive Augur.
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