Augur: a decentralized prediction market
Augur is a peer-to-peer prediction market platform built atop Ethereum’s blockchain. Augur uses a decentralized network alongside prediction markets to make accurate forecasts of future events.
Part of the idea is to use a reputation-based system, in which you can be rewarded with profits for accurately predicting events. This happens by trading shares for the predicted correct outcome of a real-world situation, and through these shares you can be rewarded for correctly predicting the event.
Augur believes accurate predictions on the market platform is more accurate because of the predictive data collected, and the average prediction of the group rather than an individual expert.
How REP token is used in Augur’s platform
REP (which stands for reputation) is Augur’s token. It is an ERC20 token because it is a subtoken built on the Ethereum network. It is intended to be a tool for Augur’s prediction market to work appropriately, and is purposed as a reputation score for the individual using the platform. Not everyone using the prediction market will hold REP, but if you do you are expected to accurately report randomly selected events every month or so. If they do not accurately report on these events or they are lie about the outcome, then their REP is redistributed to accurate reporters during that same cycle. Therefore, reporters are rewarded in REP. So this means that you do not need to hold REP to predict events, but rather REP holders are the reporters of the outcome of those events. Stable coins and Ether are used to place the bets on the prediction of events.
Augur’s Official Website
Augur’s official website is great for information about the project, goals, and team members. From here you can watch a video explaining what Augur is, and you can also join the Augur beta for free to test things out. Check out their website to see their ideas and missions for Augur. They also have some interesting information about accuracy of prediction markets.
Here you can read updates and news from the Augur team about development, including weekly development updates.
Augur REP$ Guide
Augur has a REP$ guide on their blog, which includes a video that details what REP is, and how their reputation tokens work. This is an awesome source if you are looking to invest in REP (be aware that REP is not intended as an investment, but rather a tool for Augur to work appropriately).
Augur Slack Channel
You can add you email to be invited to partake in Augur’s Slack Channel and engage in discussions about the project.
Augur Feedback Forum
For product improvement feedback, you can post comments and suggestions here. This may also be a good resource for getting involved in Augur and seeing what their platform is like.
The Augur Reddit discussion, /r/augur, has a lot of good information and updates. They regularly update their beta status, roadmap, and resources on this page too. For more trading focused talk, see the Augur Trading Reddit page, /r/reptrader. You can also check out /r/augurreporting.
Check out and follow Augur’s Twitter page for updates and news about the project.