What is Augur Cryptocurrency (REP Coin)?
REP Coin Price
What is Augur? | A Quick Overview
Augur is a Cryptocurrency that uses prediction markets with a decentralized network for a stunningly accurate forecasting tool.
This allows anyone to take part in predictive markets of real-life events - like who will win the best actor of the year and more.
History of Augur Coin
In 2014 Joey Krug and Jack Peterson built a project called Sidecoin. After that in October, they began development.
They released their first contract to Ethereum in April 2015, then an alpha version to the public in June 2015.
Then in October 2015, their ICO ended with 8,800,000 being distributed.
Augur released a beta version in March 2016, followed by the naming of Joey Krug a Thiel fellow (by the Thiel Foundation.)
In July of 2017, a bug was found in the code which then changed the code to a more solidity base and the vulnerability was fixed.
The Founders of REP
Jack Peterson - Linkedin
Joey Kug - Linkedin
A Thiel Fellow working on the back-end code base of Augur and making its consensus implementation faster and more accurate.
The Purpose of Augur Coin
Augur is a prediction market platform that rewards users for accurate predictions of real future events.
It was created in order to democratize and decentralize finance worldwide.
By being able to speculate on derivatives at a very low cost, it can provide better future forecasts, more direct hedging, and speculation mechanisms.
Thus a major purpose is to change derivative price communicates information to reach equilibrium.
What are REP Tokens For?
These are the cryptographic tokens that make up the Augur Network.
Using these REP tokens arbitrate the outcome of predictions created on the platform.
REP tokens really only need to be held by those creating markets on the platform, thus most using the network won’t see or even need to hold these tokens.
By holding these REP coins and participating incorrect market predictions, users get rewarded with a fee.
The Features of Augur Cryptocurrency
Augur is completely decentralized which helps provide it a few benefits.
No Central Servers
Being made on the Ethereum blockchain allows for it to continuously run. That means servers won’t go down and shut it off.
Create Your Own Markets
Anyone in the world can quickly and easily create a market prediction market asking a question about anything.
In order to create your own market you’ll need to provide some initial funding and then the creator will receive half of all trading fees collected during that markets lifetime.
Augurs fees are set by users making them lower than normal trading platforms.
Because augur has thousands working to report on the market outcomes using a consensus system with their token REPutation.
Reporters report on events every two months and, in return, receive half of all fees in the system multiplied by the percent of REP you own.
Safe, Automated Payments
With funds stored in smart contracts, it eliminates counterparty risk and allows fast automated payments to go to winning traders...
Withdrawal at any time.
What We Think of Augur
Augur is a great concept and idea.
Allowing for a speculative market, where anyone can create markets and then profit from its creation and knowledge gained from it.
We like the concept and currently, do not hold any.
If you liked this review and want to help support the academy donate some AUGUR below!
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