For a long time now, we have been surrounded by virtual currencies and the rate at which their use cases in day-to-day life are increasing is something that was never really anticipated and one of the major contributors to this huge success is the cryptocurrency industry.
The crypto world has been more than successful in luring in potential investors from all across the globe and has managed to make a name for itself in the global marketplace as well. Not just that, the said industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!
Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.
To begin with, cryptocurrencies as the name suggests are nothing but a form of online or digital currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available over the web.
In technical terminology, cryptocurrency is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.
In addition to this, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.
On the contrary, looking around today, it feels almost unreal to see how far the industry has managed to come, having pools of currencies available today for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.
Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, Polkadot, Binance Coin, Bitcoin, PancakeSwap, and Dogecoin, Cardano, EverGrow Coin as well as Baby Doge to name just a few of course.
Also, it is worth noting that, some of the major contributing factors to this extraordinary success of the industry include its negligible response time, the convenience it offers, ease of use, portability, intuitive nature, high-profit margins, real-time updates as well as the volatility of course.
Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.
Not just that, as per the chatter amongst some of the leading experts in the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.
Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Augur. To know more, I suggest you read further!
Everything to know about Augur (REP)
Augur or as commonly referred to as REP is nothing but simply a platform that is meant to harness the wisdom of the crowd with the help of prediction markets on a protocol that Is said to be owned as well as operated by holders of the Ethereum based Reputation token. Not just that, in these markets, users are actually able to bet on the outcomes of events like election results, company performance, or even natural phenomena by buying shares that would either refute or support the proposed outcomes of such particular events.
By design, a user-created market is known to return fees to market participants while automating payouts by simply making use of software meant to be open to all, fair as well as completely decentralized of course. Before moving any further, it is probably worth noting that, Augur is a platform that was founded by Joey Krug along with Jack Peterson back in 2014 and that, REP is known to be the native utility token of the Augur platform, which as a matter of fact can be used for a variety of purposes on the platform itself.
As discussed, Augur’s Reputation token is an Ethereum token that is specifically designed for disputing and reporting the outcomes of events on online prediction markets. Also, know that, Reporters are rewarded for reporting the certain outcome of events correctly.
In addition to this, the said platform is an open-source software that Is known to be licensed under the General public License (GPL) and Massachusetts Institute of Technology (MIT) licenses. Moreover, Augur is a set of smart contacts that are said to be developed for use on the popular Ethereum blockchain.
The Augur Protocol is one that actually attempts to solve one of the biggest and most difficult problems faced by the developers of decentralized applications (DApps) when trying to bridge real-world data sources to blockchain known as ‘the oracle problem’. Speaking of the oracle network, it is worth mentioning that, the Augur Oracle network allows for information to easily be migrated from real-world data sources to the blockchain, and that too without having to rely on any sort of third parties.
Apart from this, the said platform is known to have the complete support of The Forecast Foundation, which is nothing but a group of developers who contribute to the overall development as well as maintenance of the protocol, but as a matter of fact, it foes no own or control it. Also, the foundation does not receive fees from the protocol and has no role whatsoever in the operations of created markets among other restrictions.
As we probably know by now, Augur is a decentralized oracle as well as a P2P prediction market platform that is built on top of the ever-popular Ethereum blockchain but what we probably don’t know is that It was one of the first decentralized applications to have ever been developed using Ethereum.
Lastly, users on the platform simply realize value by participating in the markets on the Augur platform. By owning REP as well as participating in the accurate reporting on the outcomes of each and every event, users are actually entitled to a portion of Augur’s market fees. Also, each REP token entitles you to 1/22,000,000 of Augur’s total meet fees.
Now that we have talked much about Augur, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?
Investing in Augur (REP)
As of today, the price of Augur is about 12.37 US dollars with a twenty-four-hour trading volume of 512,373,727 dollars. Not just that, in just the past twenty-four hours, the value of the Augur has gone up by 22.58 percent, and with the current market cap of 136,061,774 US dollars, REP is currently placed at the #181 position as per the CoinMarketCap rankings.
Also, it is worth mentioning that, the current circulating supply of the Augur is 11,000,000 REP coins, but unfortunately the maximum lifetime supply of the token is not yet available. In just the past week alone, the price of the platform has risen by 70.35 percent.
Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Augur is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Augur can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!
As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Augur does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.
If you are wondering, where can you buy Augur? Let me help you with that. Currently, Augur is available on all major crypto exchanges but, some of the popular exchanges that have REP listed on them include Binance, CoinTiger, KuCoin, OKX as well as DigiFinex to name a few.
In conclusion, what are your thoughts on Augur? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
Also read: Top 10 cryptocurrencies to buy in May 2022
