What is REP (Augur)?
REP is taken from Reputation and Augur means fortune teller.
It is a platform developed to take advantage of the characteristics of crowd wisdom in the prediction market in the sense of a future prediction market without intermediaries with “distributed future prediction” using Ethereum’s smart contract.
By adopting a decentralized type, we aim to provide a highly transparent prediction market to people all over the world.
Simply put, it’s a network that allows you to gamble between individuals without a torso.
As with gambling, you will be rewarded if you make a prediction, and you will be confiscated if you make a mistake.
Also, if you report the result of the forecast, you will receive REP as a reward.
Predictions are recorded on the blockchain and reliably executed by smart contracts, making them more reliable than traditional gambling.
How much does a REP (Augur) cost?
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What is the future of REP (Augur)?
REP is believed to revolutionize the insurance industry.
REP’s future projections have much in common with current insurance systems, and it is possible that all current systems will be completed on smart contracts.
If REP replaces the insurance system, REP will become a social infrastructure.
Although there are legal issues in each country, the value of REP will greatly increase if it becomes a social infrastructure.