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Augur digital currency and token (REP)

Augur digital currency and token (REP)

Augur digital currency was launched in 2018. This currency code is based on a peer-to-peer protocol that is used in prediction and forecasting activities. If users can correctly predict the winner, they will receive coins. This cryptocurrency is a type of Oracle database and verifies real events in a decentralized manner. Augur cryptocurrency is built on the Ethereum blockchain.

Familiarity with Aguar digital currency

Aguar cryptocurrency is an open-source, decentralized, peer-to-peer platform that is used in prediction markets and is built on the Ethereum platform. Users who place their bets correctly will be rewarded. The purpose of the creation of the Aguar cryptocurrency was to be used in predicting the results of the markets.

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Aguar digital currency supports two tokens. The REP token is used by reporters to investigate disputes that occur in game results. By locking these tokens in secret mode, users help determine the real results. There is a kind of incentive in the Erzremoz Aguar platform that rewards users for reporting correct results, and punishes users for incorrect results, as well as those who are passive and do not participate in resolving these disputes.

As we explained, REP tokens have a special ability for validity. At the time of its initial release, the validity of the Agure cryptocurrency was equal to eleven million coins. The purpose of distributing these coins was to reward users who reported correct outcomes of events, and on the other hand, these people were rewarded for making correct predictions. Reporting consensus causes people to lose their REP tokens. A trust value is also created for users who have more tokens. REP tokens are received or taken according to the reliability of users. It is interesting to know that an infographic has been published by the Augur digital currency developer team that shows how these tokens work.

Getting to know how Augur digital currency works

Augur was launched as the leading decentralized application on the Ethereum network in August 2015. Token (REP) has transaction validity and by it predictions are made in the Augur market. So that each share has a unique value. The probability of prediction is also 50-50 and true-false, and if the guess of the participating user is correct, he will receive a reward. Of course, it is not necessary for the user to hold his stake and wait for the result. Shares can be freely traded until the end of an event.

All in all, Aguar cryptocurrency will help you not only improve your current financial situation but also contribute to this platform in the future. Simply predict the situation and minimize the possibility of error. For this, you must take care of the initial budget and liquidity of your shares. The creators of this cryptocurrency receive a small percentage of the fees. Other currencies are also distributed among the participating users, and until it is converted into a token (REP), the costs belong to the owner.

Agur digital currency is capable of mining and extraction. The cloud services of this network offer mining and the fees are determined according to the popularity of the platform. The higher the demand for this currency, the more profitable it is. You will not need a token (REP) to start working on Agur. Of course, the higher the token amount, the higher the commission.

How to create a prediction market on the Agur platform

For these users to be able to create a prediction market in Agor and predict transactions, four steps must be done:

  • Create a market
  • Trade or transaction
  • reporting
  • Consensus

Therefore, any user on this platform is able to create a market for events that happen in the physical world. A check should be made so that the available markets for the same event are not similar. For example, what will be the price of gold at the end of 2021? By choosing an event, the creator must spend a portion of their Ethereum tokens and receive tokens in return. Next, it is the event producer who decides on the costs. The amount of this cost should be between 0 and 50% as an event tender. As markets develop, these costs may decrease.

Getting to know Augur and Token (REP) digital currency exchanges

There are many exchanges that support Augur cryptocurrency and REP token. For example, Binance, Poloniex and Bittrex are compatible with this cryptocurrency. Of course, you can get Augur by exchanging Ethereum or Bitcoin. Trade this currency through the Gemini platform or receive tokens (REP) on the Kraken exchange through yo-yo payment.

Familiarity with Augur digital currency wallets and tokens (REP)

Although the Agure cryptocurrency does not have a dedicated wallet, any wallet such as Jax and Exodus that supports the ERC20 standard can store this currency. Trezor and Ledger Nano S hardware wallets are also suitable options for storing this currency.

last word

Augur was one of the leading Ethereum blockchain projects, offering a decentralized market for stock predictions and event probabilities. The platform uses crowd wisdom and predictions for reporting. This mechanism is interesting and has had positive results for more than two years of operation.

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