Cryptofacts#7 — What is Augur (REP)?
Tags: Altcoins, Augur, Cryptocurrency, Bitcoin, Blockchain

Dear Gobaba community,

We continue introducing you the altcoins listed on Gobaba. In this post of our series, we will be sharing the basics and unknown facts of Augur (REP), which is a decentralized global platform for prediction markets.

Visit Gobaba to start buy/sell REP tokens here

Previous Cryptofacts posts

You can see the up-to-date list of available altcoins listed on Gobaba here-> https://medium.com/gobabaexchange/announcing-new-altcoin-listings-and-gobaba-trading-module-c0fda44a1547

REP MARKET DATA (as of writing this post)

(https://coinmarketcap.com/currencies/augur)

Current Price : € €21.79 EUR (~ ₺ 133.85 TRY )

: € €21.79 EUR (~ ₺ 133.85 TRY ) Global Market Cap: € 239,655,224 EUR (~ ₺ 1,472,394,934 TRY)

€ 239,655,224 EUR (~ ₺ 1,472,394,934 TRY) Global Market Cap(last 24 hrs): € 4,869,979 EUR (~ ₺ 29,920,203 TRY)

€ 4,869,979 EUR (~ ₺ 29,920,203 TRY) All-time High(ATH): €100.54 (~ ₺ 615.84 TRY)

€100.54 (~ ₺ 615.84 TRY) Circulating Supply: 11,000,000 XRP

What is Augur(REP)?

Official Website: https://ripple.com/xrp/

Whitepaper: https://www.augur.net/whitepaper.pdf

Github Repo: https://github.com/AugurProject/augur

Augur (REP) is a decentralized oracle and peer to peer protocol for prediction markets built on top of the Ethereum blockchain. The platform’s main goal is to forecast the outcome of an event based on the so-called “wisdom of the crowd” method.

The platform was started in 2014 by Joey Krug and Jack Peterson and operates as a Dapp (decentralized application) that allows users to create questions about markets and make a profit from trading purchases as people acquire either positives or negative shares based on expected outcomes. The platform runs on its own token called REP

Augur Facts

There is a not-for-profit foundation (“Forecast Foundation”) behind Augur

The Forecast Foundation is a group of developers and other technology professionals who are passionate about the potential of decentralized applications. It does not own or lead Augur, but rather supports and develops the free, open-source protocol that is Augur. The Forecast Foundation’s mission is to support the development of open-source trading platforms, oracle systems and related technologies that advance transparent, open and financially sound markets, as well as their underlying protocols and toolings.

Other digital currencies can be spent on the network

It doesn’t cost REP to participate in Augur. Currently, Augur lets users spend ETH or BTC to invest in speculative outcomes in a wide range of categories, including weather, current events, and entertainment and it has plans to allow other crypto and fiat currencies in the future. Each issue being bet on is called a market.

Reporters earn REP tokens by accurately reporting market outcomes. Reporting incorrect outcomes to cause a loss of REP tokens.

Reputation (REP) is a cryptocurrency, used by reporters during market dispute phases of Augur. REP holders must perform work, in the form of staking their REP on correct outcomes, to receive a portion of the markets settlement fees. If you do not report correctly, you do not get the fees. If you report incorrectly, you lose your REP. If you don’t participate in a fork (when the network has a very large dispute over an outcome), you lose 5% of your REP.

Passive holders of Reputation (REP) that are not using their Reputation (REP) within the Augur protocol to stake on disputes and forks are penalized. The treatment of REP within the Augur protocol is governed not by the Forecast Foundation but by the protocols smart contracts as described in the Augur white paper and documentation.

REP tokens can’t be mined

REP can’t be mined. Instead, it’s earned by people who provide truthful reports on the outcomes of market events. It can also be earned by market creators, and there’s a bounty program that occasionally rewards REP for performing certain actions.

Legal Troubles Already Brewing

The founders of Augur are currently embroiled in a civil lawsuit, against the three other co-founders, along with the Forecast Foundation, Dyffy Inc, and its angel investor. Augur certainly made a lot of money for early investors, but its future is not that certain. In fact, because BTC and ETH are used for placing bets and the project resides on the Ethereum blockchain, even Ethereum is at risk of violating the Unlawful Internet Gambling Enforcement Act.

How to buy REP on Gobaba?

You can buy REP within minutes using Gobaba. While buying REP, you have 2 options. You can buy REP from direct “Buy/Sell” section of Gobaba using your Fiat currency wallets. Find below the guide on how to buy REP using your Euro wallet:

As a second option, you can give orders on the Gobaba trading module for the price that you wish to buy REP for and once your buy order corresponds to any sell order, your order will be completed and you will receive your REP coins in your Gobaba REP wallet.

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