Augur (REP) got an upgrade this week and it scales down a key pain point for the decentralized platform: user experience. The daily user count for REP was down to about 100 based solely on the issue that people don’t know how to use it. The coin has been up 8% today at the time of writing and could go up from here. REP has been trending up nicely over the last 30 days gaining near $2.00 in price.
Twitter has also been buzzing about REP. This sudden burst of activity on social media has made its impact on the Augur price in different ways. There is always going to be big interest in the predicition market and besides there is also increased activity pertaining to Ethereum, which will drag a fair few projects built on top of this technology with it.
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If you are unfamiliar with the coin, the underlying theory behind all this is that crowdsourced knowledge is valuable and accurate as long as there are informed forecasters. Augur users are rewarded for being on the right side of an outcome – REP or Reputation Tokens.
Backing up a little, the Augur ICO occurred from August 17-September 5, 2015. 8,800,000 REP tokens were sold at the time, with the remaining held by the founding team. The ICO raised 19,053.92 BTC and 1,176,816 ETH.
REP can’t be mined. Instead it’s earned by people who provide truthful reports on the outcomes of market events. It can also be earned by market creators, and there’s a bounty program that occasionally rewards REP for performing certain actions, as stated above
One of the most exciting markets is the ability to hedge against risk. For example, a farmer could wager on rainfall per year in his or her given country as a hedge against crop spoiling due to drought. Thus, providing downside protection by limiting upside to support his or her family and keep the business afloat.