🔔 Augur (REP) listing postponed.
We closely monitor the projects behind all tokens and cryptocurrencies we list on CEX.IO.
⚙️ Augur is currently preparing for its first major upgrade, which makes improvements to the current version of the platform. The planned date for the Augur v2 launch is July 28.
Considering this, we have decided to slightly postpone the listing of Augur (REP) on CEX.IO. Thus, we’ll skip the current version, avoid the migration, and roll out REP trading already under Augur v2.
We’ll enable deposits and withdrawals as well as add the REP/USD pair after the transition to Augur v2 happens and after our technical team is assured that everything is working smoothly.
We’ll keep you updated on the new schedule for the Augur (REP) listing. Stay tuned!
Updated on July 20, 2020.
This year we are seriously increasing the range of tradeable assets on CEX.IO. Along with a massive expansion of the Tether market with the addition of crypto-to-USDT pairs, we are about to list brand-new tokens and coins. Make sure you follow our updates and prepare for the new markets.
📚 About Augur and the REP token
Augur is an open platform for prediction markets. It verifies real-life events that can’t be trustfully verified by a single independent source. Augur provides decentralized prediction markets for any kind of event. Token holders crowdsource each outcome there.
Augur is an Ethereum-powered set of smart contracts that is easily accessible with a desktop client app. According to the project, any platform user can set up a market and invite other participants to vote on the outcome. So, they can be sure of the correct prediction by Augur’s mechanism. Augur can also serve as an independent oracle integrated into other dApps on the Ethereum blockchain.
All bets placed in Augur’s prediction markets are collected in DAI tokens. These tokens are tied in value to the US dollar. It allows for steady trading with a stable financial outcome regardless of current exchange rates. Augur relies on Reputation tokens (REP), which users stake with a market outcome. If a user reports the correct outcome, they receive a part of fees corresponding to the size of their stake. If they report incorrectly, they lose the staked REP. Refusing to take part in forks and large disputes leads to a loss of 5% of the reporter’s REP tokens.
⚡️ What problem does Augur solve?
Oracles are smart contracts that provide blockchain-based dApps with data from outside the blockchain. Usually, this data is from various machine-readable data feeds and APIs — sometimes from a few at the same time. While an oracle is a time-proven concept, it can’t provide the blockchain with just any information, however, as each source it should be set up separately and be secure from tampering.
For example, a regular oracle can get weather, airline service, or currency exchange data into a blockchain. There are lots of services that provide relevant real-time information through APIs. However, information on election results, the number of cameras in the upcoming iPhone, the success of a rocket landing, and other things simply don’t exist in computer-accessible. So, it can’t be used as a basis for prediction markets using standard oracles.
💡 What is Augur’s innovation?
Augur provides a way of “oracling” real-world occurrences. It doesn’t need costly hardware or the availability of a machine-readable data format. The Augur network gets results from a pool of independent voters. The voters get rewards for providing the correct answers and penalized for incorrect input.
A user that sets up a prediction market with Augur needs to provide some information. It has to be a comprehensible question, a few options as to the possible outcome, a market close date, and fees. They also need to offer a real-world source or multiple sources where the outcome can be monitored once the market is closed and is waiting for the result.
Reporters report their outcome by staking their REP tokens. When the smart contract considers the votes reliable, the correct predictions get rewards according to their positions. Then reporters receive a commission for providing a trustworthy result.
Augur has three groups of users with strictly outlined functions:
- Market owners. They can create prediction markets for real-world events. Market owners open those markets for trading.
- Traders. They can bet on one of the market’s possible outcomes. They bet using DAI tokens. Traders rely on relevant information or their personal perception of the situation.
- Reporters. After a market is closed, reporters check the provided or extra sources for the outcome. Reporters stake their REP tokens with a valid outcome to input a trustworthy result into the oracle.
👥 Team and plans
The Augur project went live in 2017. Its founders are Jeremy Gardner, Jack Peterson, and Joey Krug. While these names may not be so well-known in the blockchain industry, the team has impressive advisors including Vitalik Buterin, Ron Bernstein, and Elizabeth Stark. Augur is developed and supported by the Forecast Foundation OÜ. They call themselves “a group of tech professionals and developers who are passionate about the potential of decentralized applications.” The foundation is currently preparing for the first major upgrade with improvements to the current version — Augur v2 — which makes improvements to the current version of the platform.
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Note: Please be aware that REP is currently available to all non-US residents only.
Disclaimer: The above content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Please study the asset on your own before making any investment or trading decisions.