A Decentralized Oracle And Prediction Market Platform.
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Augur is a trustless, decentralized oracle and prediction market platform running on the Ethereumblockchain. On the platform, anyone can create, monitor or trade in prediction markets about any topic.
The system relies on the "Wisdom of Crowds'' (i.e., collective intelligence') via market incentives, "long-tail'' dynamics and blockchain technology to securely generate a more accurate, robust and unfiltered array of dynamic event forecasts than any alternative can match.
Augur is comprised of a set of smart contracts perpetually deployed on Ethereum, which enables applications deployed to be immune to local outages and censorship from third-parties.
The REP token is used for the resolution of markets. Specifically, it is staked for an outcome of a market for anyone wishing to report the correct outcome of a market. It also powers the distributed oracle with the outcomes of events.