The REP price update as of now is $0.6195. In the previous 24 hours, its trading volume was $124,570, and its value has decreased by -12.49%. As of now, REP's live market cap is $6,814,760, and it is ranked as the #1297 on the Coincu. REP has a circulating supply of 11,000,000 and a maximum supply of 11,000,000.

Understanding Augur (REP)

Augur, a decentralized oracle platform and prediction market (DeFi), was developed on the Ethereum blockchain in 2014. It is an open-source dApp that holds both a public license (GPL) and a license from the Massachusetts Institute of Technology (MIT).

The project is composed of solidity smart contracts that can be executed on the Ethereum blockchain. Augur was one of the pioneering dApps on the Ethereum platform during its time.

How Does Augur Work?

Augur provides users with the ability to create their own prediction markets. The process of utilizing Augur can be categorized into four stages: Creation, Trading, Reporting, and Settlement.

Creation

• In order to create a prediction market, users are required to have at least one ETH and REP token. These tokens are necessary to initiate the establishment of a prediction market for an upcoming event.
• Users must set an end time for the market and select a reporter who will disclose the outcome of the event. Additionally, the creator can customize the maker and taker costs to enable other users to participate in trading on the event.

Trading

• Upon the creation of a prediction market, users have the option to stake on the probability of the event.
• Users also have the choice to trade shares related to the event.

Reporting

• Holders of the REP token can engage in the reporting phase to provide the accurate report of the event.
• There are two possible outcomes for the reported results. If the result is correct, the reporter will receive a reward. Conversely, if the result is incorrect, they will lose the corresponding REP token.

Settlement

• Investors have two methods to close their position in the prediction market:
• They can purchase shares at a low price and sell them at a higher price.
• They can share the reward based on the number of shares held if everyone accurately predicts the outcome of the event that occurs after the market ends.

Augur's Future Plans

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