Crypto Spotlight: REP
Guess what? More tokens! Next on the list is REP, the crypto that powers the Auger betting platform. Here’s what you need to know.
What is REP?
REP is an ERC-20 token and the lifeblood of Auger, a peer-to-peer ‘decentralised prediction market’ platform that allows users to bet on both categorical (e.g. who will win the Ballon D’or?) and scalar (e.g. what will the opening price of Alphabet stock be on 1st January 2022?) markets. Markets are resolved through the use of ‘reporting fees’, which encourage users to report market outcomes accurately and correctly. REP incentivises reporters on the Auger network to stake tokens on their reports; in turn, users who hold REP are granted a portion of the trading fees generated by the platform.
The supply of REP is capped at 11,000,000 tokens. Users who do not participate in reporting or make inaccurate reports are penalised - the REP tokens confiscated as a result of this punishment are available to be earned by users who report correctly.
Who created REP?
REP was created by Jack Peterson, Joey Krug, and Jeremy Gardner, who founded the Forecast Foundation and developed Auger in 2014. The Forecast Foundation is advised by nonother than Vitalik Buterin, founder of Ethereum.
What makes REP unique?
Auger – and by association, REP – offers a unique alternative to conventional betting platforms, which typically feature limited market options, high fees and potential bans for successful bettors. Because it’s built on the Ethereum network, Auger offers guaranteed payouts that cannot be interfered with by any governmental organisation or company.