Basically, Augur (REP) it is a simple software that gives its users various incentives in order to maintain and enhance a prediction market running on the ethereum blockchain. Unlike the other exchanges where the assets are traded, the prediction markets let the users bet on the outcome of future events. Moreover, the users can also create and exchange shares of development and its value without even relying on the intermediaries.
The Augur (REP) Cryptocurrency price is around $11.04, a change of -12.35% over the last twenty-four hours. Furthermore, the recent price action in Augur (REP) Cryptocurrency left the token’s market capitalization at USD 121,390,339.95. So far this year, the has a change of -40,43%, and it is classified as an application token under the digital asset classification standard.
What Is AUGUR (REP) Cryptocurrency?
The Forecast Foundation, 2014, developed the Augur (REP) Cryptocurrency and later on sold its native tokens to the public in an ICO (Initial Coin Offering) in the year 2015. During the initial coin offering of the Augur (REP) Cryptocurrency, around 8.8 million Augur (REP) Cryptocurrency tokens were sold for $5.5 million, but it did not choose to go live with the ethereum blockchain until 2018. As a result, the total supply of REP tokens is 6.9 million REP, and unlike other cryptocurrencies, new tokens will not be issued in the future.
Who Founded AUGUR (REP) Cryptocurrency?
After the Initial Coin Offering in 2015, this project was raised undisclosed amounts in two funding rounds in the years 2016 and 2017. All the project founders are still on board, except for Matt Liston, who left in 2014. Moreover, this network had a significant upgrade in 2021.
Augur (REP) Cryptocurrency’s price hit an all-time high of $341.85 in February 2016, but it has never reached that level. In the year 2018, the costs of this Crypto briefly returned above $100 but crashed again as the entire market turned bearish. Since then, it has primarily traded in the $20-$25 range, despite a few slight uptrends.
How Does The AUGUR (REP) Network work?
The Augur network runs on the ethereum network and uses the consensus mechanism of ethereum as well as its blockchain features. Furthermore, the project runs on smart contracts that were issued on the ethereum blockchain and will benefit from the upcoming ETH 2.0 sharding support.
Sharding is a simple blockchain scaling solution that involves using multiple smaller blockchains in order to process various smart contracts and transactions, as opposed to a single blockchain. This solution will enable ethereum to handle the transactions more significantly every second, reducing the transition time as well as costs. Furthermore, it means the transaction is faster and cheaper for the Augur users. All the purchases of the shares in the Augur (REP) Cryptocurrency’s prediction market are made with eth, the stable coin dai, and the native token of ethereum. It has a four-layer execution process which is mentioned below:
- Market creation– Anyone can introduce a new betting market for the events of the real world.
- Market trading– The Augur network users buy shares in an event’s outcome.
- Reporting– The oracle of Augur determines the outcomes of various events by bringing the information of real-world to the blockchain
- Settlement– The traders’ close positions and also collect payouts.