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Augur is a decentralized prediction market platform that runs on Ethereum.
The stable Augur application is built and hosted at augur.net. If you want to use or help test Augur, you do not need to download or install anything! Just go to augur.net and start using it.
How does Augur Token Reputation (REP) Work?
Reputation can be thought of as a sort of “score” attached to an individual’s public and private address and is both divisible and exchangeable like bitcoin. However, that is where the similarities to cryptocurrency end.
REP has a fixed supply of 11 million and can not be mined.
Those who hold REP are expected, in regular installments, to report on the outcome of a random selection of closed events/predictions in the system. Reporters have a time limit in which to do this. We expect each reporting session to initially be quite quick, but may take as much as an hour as Augur grows in popularity.
Reporting should be a fairly intuitive process, as most markets will have had time before the voting period to auto-resolve themselves (as rational actors will be incentivized to sell their losing shares before a market reaches zero value, leading most markets to have 99-to-1 odds at closing time.) If markets have not resolved themselves, this may require Reputation holders to do some Googling; but in such cases it is more likely the decision in question will have been poorly worded, undeterminable, or unethical, and thus reporters should mark the decision as such.
If Reputation holders fail to report on the outcome of events assigned to them during the reporting period, or report dishonestly, our system redistributes the lazy or dishonest Reputation holders’ REP to those who have reported both regularly and honestly.
They can lose up to 20% of rep if they don’t report each reporting period. If everyone else reports accurately the “lazy” person will lose 20%. If there are some other lazy people, and some people who outright lied, you’ll lose some, but a bit less than 20%.
The Augur team held a crowdsale in Oct, 2015. $ 5,138,331 are raised during the crowdsale.
The number of REPs generated during the crowdsale is 11,000,000. Among them, 8,800,000 of REPs are issued to the crowdsale investors. 2,200,000 of REPs are used to support the team and community.