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Augur is a decentralised oracle and peer-to-peer protocol for prediction market. Through Augur protocol, developers will be able to call real-world data to their blockchain applications without requiring any trusted intermediary or third party. Aside from oracles, Augur also release its own products such as Augur automated market maker, Augur Sportbook and Betting Exchanges. These enables users to bet on sporting events through a decentralised manner, with minimal fees. As Augur is decentralised, it does not have a single authority over its protocol, rather everything is dictated on the smart contract.
REP (and REPv2) is a cryptocurrency in Augur that is used during market dispute phases of Augur. To be able to dispute, REP holders have to stake on correct outcomes to receive a portion of the market settlement fees. It is also used to participate in forking during large dispute over an outcome. As this is not a utility token for other purposes, passive REP holders are penalised. There is a maximum supply of 5.9 million REP.
Jack Peterson, Joey Krug.
KR1 plc, Alexis Berthoud, George Burke.