What is Augur? (REP)

Ang Beginner's Guide

Augur is a software aiming to incentivize a global network of computers to maintain a prediction market platform on top of Ethereum (ETH). 

A prediction market is not unlike an exchange, except instead of trading assets, users wager on the outcome of events. With Augur, users can create and exchange “shares” representing a portion of the value of outcomes, without trusting a company to make or oversee these markets.

The software itself maintains an order book for each market created, and there’s no limitation on what events can be traded, meaning markets may be created to help predict the outcome of everything from election results to the weather.

As with any wagering system, when users predict an outcome correctly, they are rewarded. If they do not, they lose the capital they bid. The idea is market participants gain value by helping outside observers leverage crowdsourced knowledge to gather global data points. 

If and when users predict outcomes correctly, they are then rewarded with REP, the crypto asset that powers the Augur network. 

REP itself can be used to create a prediction market, dispute an outcome of a known result or purchase participation tokens. Users can also obtain REP by purchasing it from exchanges, reporting on a bet outcome or being on the correct side of an outcome dispute.

Still, traders don’t even need to own or use REP to bet on the platform. Rather, its primary purpose is for users wishing to participate in the event outcome reporting process.

What is augur rep

Sino gumawa ng Augur?

Augur is developed by the Forecast Foundation, which was founded in 2014 by developer Jack Peterson and computer scientist Joey Krug, among others.

In 2015, Augur became one of the first cryptocurrency projects to raise funding in an initial coin offering (ICO), in which the Forecast Foundation sold 8.8 million REP coins, raising $5.5 million. 

The platform finally went live in 2018, and in its first month after launch, $1.53 million was staked by users across more than 800 outcome bets.

Paano gumagana ang Augur?

Augur runs on the Ethereum blockchain, meaning purchases of the shares in its prediction markets are made using ETH, Ethereum’s native asset. Traders wishing to use a less volatile asset can also bet in markets using DAI, a stablecoin running on top of Ethereum.

The platform leverages Ethereum smart contracts to execute all final bet outcomes, ensuring the correct outcomes are reported and that winners are paid. 

To facilitate the user experience for betting on event outcomes, Augur divides its execution process into four distinct steps:

  • Market Creation – Anyone can create a betting market based on real-world events. Creators set the resolution source (where the outcome will be determined), and a creator fee (a percentage of a trader’s winnings) they will collect once the market has settled.
  • Market Trading – Users buy shares in an event’s outcome, the price of which fluctuates depending on the amounts of bets placed. 
  • Reporting – The outcomes of each event is determined by Augur’s oracle, which brings real-world information onto the blockchain. Reporters report on the market, and the consensus outcome from all reporters is considered “truth.” Those whose report was not part of the consensus lose their staked REP which is then distributed to those who reported with the consensus.
  • Settlement – Traders close out positions and collect payouts


Why does REP have value?

Ang cryptocurrency ng Augur na REP ay nakuha ang halaga mula sa abilidad na masiguro ang matagumpay na execution ng mga smart contract na nakadepende sa Augur network. 

Higit na kapansin-pansin, ang REP ay itinayo sa mismong network at tanging currency na magagamit para sa pag-uulat ng mga kinalabasan ng kaganapan.

Upang mai-ulat ang kinalabasan ng mga pangyayari, at kumita ng share sa mga bayarin ng platform na nakolekta sa panahon ng kaganapan ng trading, ang Augur nodes ay ('reporters") kailangan mag-stake ng REP sa isang special contract. 

Ang concensus sa desisyon ng lahat ng mga node ay isinaalang-alang na 'truth" ng oracle ng Augur. Sakaling ang node ay mag-ulat ng kinalabasan na iba sa concensus, ang kanilang na-stake na REP ay bagkus, makukumpiska ng network at muling ipapamahagi sa mga honest node. 

Gayunman, Ang Augur ay hindi lamang cryptocurrency project na naghahangad na sirain ang mga prediction sa market, ibig sabihin ito ay maaaring humarap sa kompetisyon sa mga gumagamit na maaaring magbigay ng pressure sa presyo ng coin nito. 

Ang pangunahing kakompitensya ng Augur ay ibang desentralisadong prediction market platforms, ang pinuno sa kanila ay Gnosis na may iba't-ibang kakayahang technical. 

Bakit ka gagamit ng REP?

Ang mga prediction market tulad ng Augur ay nag-aalok ng natatanging sulyap sa global sentiment. 

Maaaring gusto ng mga namumuhunan na mgadagdag ng REP sa kanilang portfolio kung dapat ba silang maniwala sa mga prediction ng market ay magiging isang mahalagang tool sa capital at mga data science market.

Gayun din, ang Augur ay nag dagdag sa cryptocurrency marketplace sa pamamagitan ng pag-payag sa mga gumagamit na mag-trade sa potensyal na kalalabasan ng mga kaganapan. Maaaring saklaw nito mula sa pag-predict ng presyo ng isang asset sa pag-taya sa mga kinalabasan ng mga eleksyon.

Ang mga gumagamit na naniniwala sa pangmatagalang halaga ng driving change sa mga prediction market ay maaari ding sumuporta sa platform at sa mas malaking misyon nito.

Simulan ang pagbili ng REP

Ngayon ay handa ka nang gawin ang susunod na hakbang at bumili ng REP!