Augur’s native cryptocurrency, REP has listed on Binance, a major global crypto exchange platform. REP token holders will be able to trade their tokens for REP/BNB, REP/BTC and REP/ETH pairs on the exchange. The token’s price rose sharply after the announcement to trade at a current price of about USD 60 with a market capitalization that places it 36th on the coin market cap ranking. It has also ranked among the top 10 traded cryptocurrencies on Upbit and Bittrex, two of the most popular exchanges in the industry.
Prediction is widely used by individuals and organizations including businesses, government agencies, academic institutions and others to answer different questions about future events. Augur is a market for Oracle and predictions built on the Ethereum platform. The REP token is the markets native currency used to reward members for different roles they play and to trade different contracts on the platform.
It also gives them rights to perform certain roles on the platform such as disputing outcomes which would result in the outcome returning to the market in form of a dispute bond for validation. It brings the capability to create and participate in prediction markets and ensures validity of the markets by giving incentives for members to validate them. The market has no limitations on the kind of prediction markets that can be created. Its fees are much lower than those charged for using traditional centralized prediction markets.
The opportunities the Augur (REP) market creates made REP listing one of the most anticipated developments in the cryptocurrency industry with its price anticipated to more than double on listing. The prediction industry is highly lucrative with millions spent daily in sport betting and other gambling games. The stock market is another area with great potential for profitability that uses prediction to make decisions on investment.
While other blockchain based platforms have been developed for the prediction market, this is one of the most visible and highly anticipated projects that is expected to revolutionize the market. By opening up the market to anyone to create and participate in prediction, it has created an opportunity for growth of the industry with development of new kinds of prediction markets.
Hackers have remained a big threat to cryptocurrencies and other blockchain based platforms. They identify and use loopholes in the technology to initiate attacks. Augur’s platform addresses this challenge by creating bounties that incentivize hackers to help them identify loopholes in their ecosystem. Rewards are based on the seriousness of the vulnerability discovered further enhancing the security of the platform and increasing user confidence.
Unlike many blockchain platforms that limit bounty payments to their native currency, augur gives winners the option to receive their rewards in either bitcoin, rep or Ethereum. This further enhances the attractiveness of their bounties.
One of the main challenges faced by Augur (REP) is the possibility that prediction markets created may influence the behavior of the platform in future. Reporters on the Augur platform determine the outcome of a market created for prediction. Lack of consensus between reporters may also result in the market being classified as invalid.