About Augur Network
Augur Network (REP) is meant to harness the wisdom of the crowd through prediction markets on a protocol owned and operated by holders of the Ethereum-based Reputation token. In these markets users are said to be able to bet on the outcomes of events such as company performance, election results or even natural phenomena by purchasing shares that would either support or refute the proposed outcomes of such specified events. By design, the user-created markets could return fees to market participants while automating payouts using software meant to be fair, open to all, and completely decentralized.
Augur Network Defi Coins is a decentralized oracle and peer to peer protocol for prediction markets. Augur is free, public, open source software, portions of which are licensed under the General Public License (GPL) and portions of which are licensed under the Massachusetts Institute of Technology (MIT) license. Augur is a set of smart contracts written in Solidity that can be deployed to the Ethereum blockchain.
The Augur Protocol is an attempt to try to solve one of the most difficult problems confronting software engineers working to develop practical applications for blockchain technology, particularly smart contracts, the oracle problem. Augur is a trustless decentralized peer to peer oracle employed on a predictive market protocol. The Augur oracle allows information to be migrated from the real world to a blockchain without relying on a trusted intermediary or third party.
Quick Fact About Augur Network
| Coin Basic | Information |
|---|---|
| DEFI Coin Name | Augur Network |
| Circulating Supply | 11,000,000 REP |
| Total Supply | 11,000,000 |
| Contract Address | 0x1985365e9f78359a9B6AD760e32412f4a445E862 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To Visit |
| Twitter Group | Click Here To Visit Twitter Group |
| Documentation | Click Here To View |
| Project Location | N/A |
| Official Project Website | Click Here To Visit Project Website |
How Augur Works
As you’ve probably already figured out, Augur is meant to be a prediction market platform that will pay users for making correct predictions regarding world events. In addition, the creators of the markets and the holders of REP tokens, who will report on events, will also be rewarded.
Predictions in the market are made by trading shares in the outcome of real-world events. If you think the Patriots will win the Superbowl, The Dow will hit 30,000 or North Korea will shut down their nuclear program by 2020 you can buy shares in those outcomes. If you purchase shares in the correct outcome you profit.
The profits you can make are determined by the likelihood of an event happening, as determined by the crowd. Each share has a value of 1 ETH.
The REP Token
Although all purchases of prediction market shares are made in ETH, Augur also has its own native token.
Augur Reputation (REP) is used to report on the outcomes of events. REP is staked by reporters on the “truthful” outcome after the event has occurred.
The outcome with the most REP staked is considered the “truthful” outcome, for the purpose of settling platform wins and losses on the event.
In the case where a user stakes their REP tokens on the wrong outcome (i.e. an “untruthful” outcome), these staked tokens are redistributed amongst the users who reported with the consensus.
By participating in this truth-determining process, users will also receive a portion of the platform fees. The more REP a user stakes for reporting, the larger the share of platform fees they will receive.
If anything goes wrong with establishing a “true” outcome of an event, the platform also incorporates a dispute function, which can be used to resolve such an issue.
Betting today is broken & exploitative.
Today’s betting Industry trades on promises of getting rich quick, using every trick in the book to extract the maximum value from customers. And at the same time, their best bettors are penalised by lowering their limits and closing their accounts.
Augur is building something better.
A transparent exchange with no limit on what you can bet on, no max limits on the amount you can bet and no rollover requirements.
The best odds & the lowest fees.
Users keep more of their winnings than any other exchange through low fees and the best odds. Augur doesn’t take a cut.
“Augur is a substitute for betting platforms that charge high fees, ban winners, delay withdrawals, freeze accounts, aren’t globally accessible, lack privacy, and don’t let you sell your bet mid-game.”
Global Access
Augur is a peer-to-peer, decentralized exchange, enabling universal and transparent access to its markets.
Guaranteed payouts
Augur is powered by Ethereum, which enables payouts to run as an automated process that no person or organisation, including Augur, can interfere with.
The Benefits of Owning REP Tokens
Owning REP or Reputation entitles you to be a Reporter, and by accurately reporting on the outcome of events in the marketplace you get to share in the market fees imposed by Augur. Each REP token entitles you to 1/22,000,000 of the total market fees collected by Augur for an event.
Obviously, the more REP tokens you own, and the more accurate reporting you do, the more fees you will collect.
