$ 14.66 (-0.04%)
Augur (REP) - Historical Price Chart
About AugurMake a Suggestion
Augur is a decentralised prediction market which can forecast the outcome of an event based on the 'wisdom of the crowd' principle. With this method, information collected from the crowd is averaged into the most realistic possibility and therefore the most probable outcome. Correct predictions are rewarded by the network, while incorrect reporting is penalised - this incentivises truthful reporting.
The Augur aims to revolutionize prediction markets, and, in doing so, changing the way people receive and verify 'truth'. The main idea is to make more accurate predictions by large groups of people, rather than a small team of experts.
Augur is also the first major decentralised application (Dapp) developed using Ethereum , and represents a major proof of concept for this underlying technology. Decentralisation ensures that Augur cannot be censored by governments that deem prediction markets as gambling, whilst ensuring the sustainability of the application. This decentralised nature ensures honesty in reporting the outcome of events, using crowd wisdom to cancel out individual frauds.
Reputation is the token behind Augur, and can be thought of as the “score” of an individual participant within Augur. Reputation is not an investment, but rather a tool necessary to make Augur work. The vast majority of Augur participants will never hold, see, or need to use Reputation. However, it’s extremely important to understand how Reputation works in order to fully grasp the Augur platform.
Reputation tokens are limited to a fixed supply of 11,000,000, of which 80% was sold in our public token sale last year for a collective ~$5,300,000. Those who hold Reputation are expected to report accurately on the outcome of randomly selected events within Augur every few weeks.