Today on “What’s on weiDex” we present the REP token, which stands for Augur project.
source: https://openmarketcap.com/cryptocurrency/rep-usd
- About the project
Augur is a prediction market platform built on top of the Ethereum. Every user can predict the outcome of any future event from political election to sports events such as the World Cup winner. Augur’s monetization model is based on correct answers — users speculate on the outcomes of future events. Those who get the outcome right, win money, while the rest — lose. The smaller the likelihood of an event, the bigger the reward for predicting its success.
2. Main steps:
- а decentralized, trustless oracle
- creating markets — anyone can do it by simply choosing a hot betting topic such as “Will Brat Pitt win an Oskar for his role in Once Upon A Time… In Hollywood”. People creating markets get a percentage fee between 0 and 50 percent, which is collected after the settlement.
- trading — users buy shares in the outcomes of the event. The more people who buy into a particular outcome, the higher the price.
- reporting — after a market closes, the reporters feed information about the actual outcome to Augur’s oracle, which determines the final outcome of the market. Reporters who provide accurate information are financially rewarded, while people with inconsistent reports are penalized (their REPs are given to the honest reports).
- settlement — smart contracts execute the payment. The correct user predictions get rewarded. The reporters, who provided valid information also get REP tokens.
3. What can the ZRX token be used for?
To become a Reporter, you must hold REP tokens. Users do not need REP to make bets on the platform, only reporters are required to hold REP tokens.
website: https://www.augur.net/
OpenMarketCap: https://openmarketcap.com/cryptocurrency/rep-usd
Whitepaper: https://www.augur.net/whitepaper.pdf
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