Augur (REP) coin review: Should you bet on REP?
Cryptocurrencies have the potential to be far more than just a substitute for fiat money, and few tokens show that better than Augur coin. This digital asset fuels a unique Ethereum project trying to change how the gambling industry works. Here’s What to know about REP today before investing.
Augur wants you to imagine a world where gambling promotes the spread of reliable statistics and gives fairer outcomes to betters. Letting them bet without worrying whether the odds are stacked against them.
As one of the first crypto projects to ICO, Augur is a gutsy Ethereum project trying to take on a whole industry. And Augur coin (REP) is their currency used to incentivize the entire system. Here’s what you need to know about Augur coin and its platform today.
What is Augur?
Before we get into the role of Augur coin, it’s important to explain how Augur works.
Augur is a network hosting a “prediction market” where you can make bets on the outcome of certain events. You do this by trading shares that represent the value of those outcomes.
On the Augur platform, you can bet on anything, from who you think is winning the big game tonight to whether you think it will rain tomorrow.
There are four stages in Augur’s betting process:
- Market creation — “creators” set up an outcome that can be bet on.
- Market trading — users buy shares to bet on the outcome, these shares either increase or decrease in value based on what is reported.
- Reporting — “reporters” report the outcome (by staking REP on Augur).
- Settlement — reporters are rewarded (or penalized) for being correct (or incorrect).
Remember this process, because you’ll need it to understand how Augur coin works.
Unlike conventional gambling platforms, Augur has no maximum limits on bets or rollover requirements for customers. Rollover requirements are a standard feature on many betting apps today that require a better to risk a certain amount of their initial deposit (for example 10 times their initial deposit) before they are allowed to withdraw any winnings.
And here’s another fun fact for you: Augur is one of the oldest Ethereum products and one of the first cryptocurrency projects to raise funding in an ICO back in 2015.
What is Augur coin (REP)?
Now we can finally get into the role of Augur coin or REP.
REP was launched in 2018 and has three main functions within the Augur infrastructure:
- To provide rewards
- To buy participation tokens
- To dispute outcomes.
As you might have noticed, its acronym is REP and not AUG — that’s because the real name of Augur coin is Reputation. Why? Because its main purpose is measuring reputation.
Let’s return to how the betting market on Augur functions. REP gives you the right to report outcomes after an event happens. That way, Augur doesn’t need to employ workers to verify outcomes. “Reporters” must stake their REP when recording an outcome, and they’re rewarded if they’re correct.
When you report the outcome of an event correctly (based on a majority vote or designated information source), you’re rewarded in REP. For example, you report that it didn’t rain on a certain day when people bet on whether or not it would rain. If you report incorrectly and it rained, then you lose capital. Your reward comes in the form of REP.
The more REP you have, the better your reputation and the more sway you have over the outcome. Clever, right?
As a better you don’t need REP to buy shares, you instead use ETH or DAI. REP is only used if you want to report on an outcome.
Is Augur coin a good investment?
No matter how exciting you think REP sounds, it doesn’t necessarily mean investing in Augur coin is a good idea. Does it have the numbers to back up the hype?
It’s important to remember all crypto investing involves a fair amount of risk, but here’s a quick review of Augur coin’s performance.
REP has increased in value significantly since it was launched at a price of $1.47. It’s now worth over 20% more!
Although the value hasn’t returned to its all-time high of $107 in January 2018, it’s remained pretty stable (between a price of $10 and $25), with just a few swings and dips.
Plus, the Augur project is generally trusted within the crypto community thanks to its history as an early Ethereum project.
However, not everyone thinks the forecast for REP coin looks favorable. Although the project is interesting, it’s not entirely unique. For instance, Gnosis also has a prediction market and is run on Ethereum — projects like this could have an impact on the long-term viability of Augur.
Get your hands on REP through MyConstant
If you think Augur coin is the right investment for you, buying it on crypto exchanges isn’t your only option — and it’s rarely the most cost-effective.
You can leverage your current crypto investments to get REP without selling any of your crypto through loans on platforms like MyConstant.
Here are just a few of the perks:
- Borrow from 6.5% APR against 70+ cryptocurrencies.
- You can leverage the buying power of multiple coins to invest.
- 24/7 customer service.
- Collateral stored in a secure third-party wallet.
- No additional or hidden fees.
If this sounds like an opportunity you could get behind, sign up for free today and check it out for yourself.
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