{"id":9902,"date":"2023-06-28T01:14:06","date_gmt":"2023-06-28T01:14:06","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=9902"},"modified":"2025-09-10T15:24:14","modified_gmt":"2025-09-10T15:24:14","slug":"what-is-augur-rep","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-augur-rep","title":{"rendered":"What is Augur (REP)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-augur-rep\/#history_of_augur\" >History of Augur<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-augur-rep\/#how_does_augur_work\" >How does Augur work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-augur-rep\/#how_are_augurs_predictive_markets_generated_or_used\" >How are Augur\u2019s predictive markets generated or used?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-augur-rep\/#what_is_rep_the_native_currency\" >What is REP? The native currency<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>Among all the decentralized platforms in the crypto world, Augur is one of the most\u00a0<strong>prominent.<\/strong>\u00a0In this article we will talk about what it is and how it works. In a nutshell, it is a<strong>\u00a0decentralized and open source platform,<\/strong>\u00a0based on Ethereum blockchain technology.<\/p>\n<p>&nbsp;<\/p>\n<p>The objective of this platform is to<strong>\u00a0predict the future<\/strong>\u00a0of certain markets, events, companies, among other financial instruments. Users who have predicted a diagnosis and this is fulfilled correctly, will receive a reward in the form of\u00a0<strong>REPs<\/strong>, which is the native\u00a0<strong>token<\/strong>\u00a0of the Augur network.<\/p>\n<p>&nbsp;<\/p>\n<p>Augur was designed to break with the\u00a0<strong>current limits<\/strong>\u00a0of speculative markets that are usually centralized and controlled by a funding entity. For this reason, many users are swayed by\u00a0<strong>speculative reports<\/strong>\u00a0that are manipulated and of\u00a0<strong>low credibility.\u00a0<\/strong><\/p>\n<p>To solve these problems, the Augur network brings a prediction mechanism that is based on \u2018<strong>crowd wisdom<\/strong>\u2018. This means that any user can create a decentralized prediction market on their own platform just as they can pose a\u00a0<strong>specific question<\/strong>\u00a0to the community. When this question is posed, users can buy shares of each of the possible options guided by the prediction. If the outcome of the event is fulfilled, they will receive a\u00a0<strong>reward<\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"history_of_augur\"><\/span><strong>History of Augur<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Augur\u2019s history began in<strong>\u00a02015<\/strong>\u00a0when it was created by two developers, who formerly developed\u00a0<strong>Ethereum<\/strong>. These are\u00a0<strong>Jack Peterson<\/strong>, the lead developer, and\u00a0<strong>Joey Krug<\/strong>, the senior back-end developer. Both remain active in the project. Peterson is a physicist with a PhD in philosophy while Krug is in the computer science field.<\/p>\n<p>The development of Augur was started by the Augur community. According to ICO Beach, this team consisted of\u00a0<strong>13 professionals from different areas,<\/strong>\u00a0although most of them were focused on the development field. Later the project was\u00a0<strong>released<\/strong>\u00a0and became an\u00a0<strong>open source project<\/strong>\u00a0where other developers could also participate. Being open source, it is available for constant evolution. In fact, Augur recently released the second version of Augur with\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-0x\/\"><strong>Ox<\/strong><\/a>\u00a0protocol integration.<\/p>\n<p>The network token, REP, was created later that year and was offered to the public in a\u00a0<strong>massive sale<\/strong>\u00a0that took place in August\u00a0<strong>2015<\/strong>. From that moment on, the coin was<strong>\u00a0widely accepted.<\/strong><\/p>\n<div id=\"image_952211328\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu%C3%A9-es-Augur-REP.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP-300x205.jpg 300w\" alt=\"Qu\u00e9-es-Augur-(REP)\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_augur_work\"><\/span><strong>How does Augur work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With the system of mass wisdom that Augur presents, it provides the necessary\u00a0<strong>tools<\/strong>\u00a0to take advantage of the\u00a0<strong>knowledge<\/strong>\u00a0of large groups of users. All this operation has a<strong>\u00a0scientific basis<\/strong>, it is not just a theory.<\/p>\n<p>It is\u00a0<strong>scientifically proven<\/strong>\u00a0that if we ask enough people about an event, the average answer is usually more accurate than the answer of an expert. That is why this system provides\u00a0<strong>access<\/strong>\u00a0to millions and millions of\u00a0<strong>reports<\/strong>\u00a0that can predict the future.<\/p>\n<p>As for its technology, the platform is based on\u00a0<strong>the Ethereum blockchain<\/strong>\u00a0and, of course, its token is based on the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-an-erc-20-token\/\">ERC-20<\/a>\u00a0standard, which allows it to execute the well-known\u00a0<strong>smart contracts.<\/strong><\/p>\n<p>It is important to note that Augur is about the largest\u00a0<strong>Decentralized Application (<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-dapp\/\">dApp<\/a>)<\/strong>\u00a0created on the\u00a0<strong>Ethereum<\/strong>\u00a0network. Its code is based on a\u00a0<strong><a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-peer-to-peer-network\/\">P2P<\/a>\u00a0(Peer-to-Peer)<\/strong>\u00a0network rather than on a\u00a0<strong>decentralized<\/strong>\u00a0server.<\/p>\n<div id=\"image_1175259867\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu%C3%A9-es-Augur-REP1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP1-300x205.jpg 300w\" alt=\"Qu\u00e9-es-Augur-(REP)\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/11\/Qu\u00e9-es-Augur-REP1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_are_augurs_predictive_markets_generated_or_used\"><\/span><strong>How are Augur\u2019s predictive markets generated or used?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first step for any user interested in participating in the Augur network is to download the Augur desktop client. This client has all the necessary elements to start building a predictive market. Below we will see the steps to follow:<\/p>\n<ul>\n<li aria-level=\"1\">First we must\u00a0<strong>choose an event<\/strong>. This event can be anything we can think of, from when Bitcoin will set a new all-time high to which team will win the next soccer match.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">As a second step,\u00a0<strong>we will create a market.<\/strong>\u00a0Thanks to Augur, we have several options, from simple yes or no answers to a numerical range or specific elements of a selection.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">We must then<strong>\u00a0buy and sell shares<\/strong>\u00a0to participate. To do this, users must establish a position according to their expectations of the event in question. These positions can be buy or sell to go \u201clong or short\u201d. Payments will be made in\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-ethereum-eth-and-how-does-it-work\/\">Ethereum<\/a>\u00a0directly.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">The next step<strong>\u00a0is the user report.<\/strong>\u00a0In this part, the reporter analyzes, records and reports the results of the event. This is where REP tokens are deposited, which can be lost in case of a wrong answer. The reporter profits from the commissions. Another form of profit is when a user refutes your prediction and a dispute is entered into.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><strong>We only have to win or lose based on our prediction<\/strong>. Depending on the winning outcome, the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-smart-contract\/\">smart contracts<\/a>\u00a0will release the winnings if they are correct. Otherwise, the funds wagered will be lost.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"what_is_rep_the_native_currency\"><\/span><strong>What is REP? The native currency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the other hand, we have its REP token. Said token is the<strong>\u00a0native token of the Augur ecosystem<\/strong>\u00a0and, as mentioned above, reporters use it during the process of reporting or disputing the results of an event.<\/p>\n<p>This token was generated for two\u00a0<strong>basic purposes<\/strong>. Its purposes are to serve as a\u00a0<strong>commission applicable<\/strong>\u00a0to each user who participates in a prediction and as the\u00a0<strong>reward for members<\/strong>\u00a0who provide accurate and reliable information on upcoming forecasts. In this way it serves as an incentive for users on the platform and increases trust.<\/p>\n<p>Its maximum circulating amount is exactly\u00a0<strong>11,000,000 REP coins<\/strong>. It does not have a mining system, as the maximum amount was reached in the 45-day ICO in 2015.<\/p>\n<p>To buy REP you can access any of the most popular exchange houses and exchange it, for example, for Ethereum.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Among all the decentralized platforms in the crypto world, Augur is one of the most\u00a0prominent.\u00a0In this article we will talk about what it is and how it works. In a nutshell, it is a\u00a0decentralized and open source platform,\u00a0based on Ethereum blockchain technology. &nbsp; The objective of this platform is to\u00a0predict the future\u00a0of certain markets, events, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":9904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[165],"tags":[],"class_list":["post-9902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=9902"}],"version-history":[{"count":2,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9902\/revisions"}],"predecessor-version":[{"id":24699,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9902\/revisions\/24699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/9904"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=9902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=9902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=9902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}