Augur (REPv2) (REP) Price

REP or Reputation is a staking and reward cryptocurrency of Augur, a decentralized betting platform that is hosted on the Ethereum blockchain. Augur presents a solution for predictive markets, where participants can place bets on the outcomes of different events. The platform utilizes a “wisdom of the crowd” concept that is based on the idea that large groups of people can make more accurate predictions than individual participants.

Any member of the platform can create a market for an approaching or existing event in the real world, and other members (reporters) can take part in this market by staking their REP tokens and sharing their opinions regarding the outcome of this event. If reporters are right in their assumptions, they earn a REP token reward. If their forecasts are wrong, they lose their stake. General Public License (GPL) and Massachusetts Institute of Technology (MIT) licensed software components of Augur. The Augur protocol enables the migration of information from the real world to a blockchain without the need for a trusted intermediary or third party.