What is Augur (REP)?
Future of REP Cryptocurrency and know how to buy REP

#1: What is REP?

REP: The Basics

  1. Augur is an extremely innovative application of the Blockchain technology, which uses the blockchain network to provide a decentralised, peer-to-peer, open source, and trustless oracle and prediction market platform.
  2. It aims to provide users of the network the ability to take part in the predictions market with very little fees, and ensures a secure and decentralised way to record proofs of such predictions.
  3. The REP cryptocurrency is the token for the Augur network.

REP Development

  1. Augur was initially announced by developers Jack Peterson and Joseph Krug on 17th November, 2014.
  2. The ICO for Augur began on 17th August 2015, and ended on 01st October, 2015 with the crowdsale generating over $5.1 million USD in funding from 2,744 accounts.
  3. It runs on the Ethereum network which provides a decentralised, robust, and peer-to-peer platform for users of Augur. It also inherently provides support for smart contracts, which is the basis on which the Augur technology has been developed.
  4. REP is an ERC20 token, which means it is fully supported by the Ethereum blockchain and is the primary token used by Augur to vote on prediction markets.

 

#2: What are the benefits of Augur?

REP Technology

  1. The Augur network is based upon the Ethereum blockchain and works on the Proof of Stake approach. The REP coin being an ERC20 token is supported by all wallets supporting Ethereum by design.
  2. Augur uses Ethereum’s smart contracts to provide live, peer-to-peer, decentralised, secure, and robust betting platforms for users.
  3. Any user can create a new prediction event, based on whatever they want, with start and end times, a designated reporter, a source for resolution of the prediction, and a settlement fee.
  4. After the market has been created, traders can immediately purchase negative or positive shares regarding the outcome of the prediction using reputation or REP coins, called staking in Augur’s terminology.
  5. Augur markets follow the “Wisdom of the Crowd” principle. It is the theory that if incentivized, crowdsourced predictions will have a greater chance of being accurate.
  6. If the event becomes true, or takes place, buyers of the positive shares will receive $1 USD for each share bought, while shareholders of the negative shares will lose their staked REP coins.
  7. A user can also sell their shares before the completion of an event is they wish to do so.

Key Features

  1. Freedom of custom predictions market creation - Because the network is not regulated by any central body, users can create any event they wish, with bets being placed on things ranging from whether it will rain at a particular place, to predicting who the winners of the FIFA World Cup will be.
  2. Based on an established network - Since REP is an ERC20 compliant token, the Augur network is fully backed by the Ethereum network, which means that it has robust and secure support for features such as smart contracts, which are used to provide the functionalities Augur offers
  3. Proof of Stake Implementation - Being an Ethereum token, Augur uses the PoS approach which results in a leaner and faster blockchain, which is significantly less resource hungry and environmentally detrimental than a similarly sized PoW network.

 

#3: How to Buy & store Augur?

How to buy Augur

  1. Augur is available for trading on a multitude of exchanges, such as Bittrex, Poloniex, Kraken, Cryptopia, and, HitBTC, with Bittrex and Poloniex being the largest exchanges by volume of transactions.
  2. Due to the nature of the REP cryptocurrency, it is not mineable. The maximum number of REP tokens is capped at 11 million.

REP Wallet

Because the REP coin is an ERC20 standard compliant token,  it is by default supported by all wallets which support ETH coins.

CoinSwitch

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the REP cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for REP on multiple crypto exchanges.
  2. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate REP wallet from the exchange to store your REP cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of Augur?

Price Graph

Also Read: Complete Analysis of Augur | Live Augur (REP) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

38.4

39.32

37.35

39.32

4837040

422444000

Feb 01, 2018

68.38

70.59

60.37

65.02

10500800

752171000

Oct 01, 2017

21.22

21.34

20.16

20.66

496431

233421000

Jun 01, 2017

21.97

25.06

21.93

23.86

4479050

241717000

Mar 01, 2017

4.54

5.11

4.47

5.11

497785

49936500

Dec 01, 2016

3.67

3.69

3.51

3.6

148843

40407900

Sep 01, 2016

9.21

9.22

9.15

9.16

263

-

Apr 01, 2016

9.96

10.34

7.59

9.5

16541

-

Feb 01, 2016

2.14

2.65

1.73

2.37

2033

-

Nov 01, 2015

1.58

1.69

1.56

1.68

3332

-

Augur has been well-received, responding appropriately to market fluctuations, and seems to be on the uptrend.

 

#5: How is Augur different from other cryptos?

  1. Unique purpose -  The innovative use of the blockchain technology by Augur, along with its appeal to a niche market sector, make it a standout among other altcoins.
  2. Immense possibility for growth - Augur is a standout among regular betting platforms. While most merely offer cryptocurrencies as tokens to place bets with, Augur uses the blockchain technology itself to provide a robust and decentralized prediction platform, with immense opportunities for growth in the future.
  3. Bounty Program - Unlike other cryptocurrencies, Augur actually rewards users for discovering flaws, loopholes, or other bugs in the code, with payments being assessed according to the range of their impact, the likelihood of them occurring, and the severity of the flaw. This incentivizes more users to actively improve the Augur code, which in turn, makes the network more robust and secure. More information on bounties can be found on their official website.

 

#6: Should you invest in Augur?

  1. Brian Armstrong, CEO of Coinbase, one of the largest digital currency exchanges, described Augur as an “awesome project with huge potential” in 2017.
  2. Vitalik Buterin, co-founder of Ethereum, noted its potential when he called it “Uber for knowledge".
  3. While investing in any cryptocurrency is subject to its volatile nature, the unique purpose of Augur, along with predicted future trend, indicate it is a a coin worth a considering for investment.
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