Today we will explain what the Augur Project is, how it works and its importance for the markets. In addition, we will explain its beginnings and how he has been making his mark on the audience.
What Is Augur?
Augur is a decentralized forecasting marketplace based on Ethereum that leverages the wisdom of the crowds to create a search engine for the future. It works with its own token called REP.
REP allows users to create their markets for specific questions and to take advantage of commercial purchases while allowing users to purchase positive or negative actions regarding the outcome of a future event.
You make your predictions by exchanging virtual actions as a result of events that happen in the real world. If you think the Angels will win the World Series, or “X” actor will win the Oscar, then you will buy shares in those results. If you buy shares in the right results, you will earn real money.
The ‘Reputation’ is not an investment, but a necessary tool for the platform to work. The vast majority of REP participants will never have, see or need to use this reputation. However, it is extremely important to understand how REP works to fully understand the Augur platform.
Beginnings And Growth
Your ICO raised over 2,000 BTCs and 100,000 ETH on its first day. This was done from 17 August 2015 to 5 September 2015. The virtual currency of Augur is the marketable tokens called REP. There are a total of 11 million coins, as announced in August 2015.
A total of 8.8 million (80%) of the 11 million tokens were sold to investors. The remaining 2.2 million tokens were distributed to the team/counsellors (16%) and The Forecast Foundation (4%), a non-profit organization that is formally responsible for managing the maintenance, enhancement and promotion of the platform.
During the sale, Augur collected 19053.92000 BTC and 1176816.43 ETH, representing a total of 5,318,331.63 USD. The proceeds from this massive sale will be used primarily to finance the development of REP beyond its initial launch.
Where can I Buy Augur (REP)?
There are different exchanges where you can buy Augur. This will allow you to gain exposure to this virtual currency. One of the platforms where you can buy Augur is Binance. Binance is one of the largest exchanges in the market. This would be a great platform for you to get access to REP in just a few simple steps.
Other platforms include Upbit, Coinbase Pro and Bitfinex, among others.
The price of the cryptocurrency has remained stable in recent years. In 2017/2018, it experienced a bull run that allowed REP to reach an all-time high of almost $100 per coin. In January 2021, the virtual currency is being traded close to $20. However, the price could certainly change in the future. This is something that happens to most cryptocurrencies in the world.