On 29th August 2018, Kriptomat added the Augur token to its list of available cryptocurrencies. Read our guide below.
- What is Augur?
- What is a prediction market?
- What is Augur token used for?
- How to buy Augur with EUR?
- Augur Coin Price Future
Adding Augur was an exciting addition to our platform, and you can expect many more tokens to be listed in the upcoming weeks. As our goal is to educate, we will always write a short article that explains each new token. So let’s jump right into it.
In summary – How to Buy Augur (REP)
Step 1: Register to Kriptomat.
Step 2: Select your payment method.
Step 3: Buy Augur (REP) directly, no need to buy BTC/ETH as a middle step.
Step 4: Get Augur (REP) on your free Kriptomat wallet.
What is Augur?
Augur is creating solutions for decentralized prediction markets. The platform is built on the Ethereum blockchain and it uses “Wisdom of the Crowd” to accumulate predictive data and report event outcomes. It allows you to forecast events and be rewarded for predicting them correctly. Information collected from the crowd is averaged into the most realistic possibility and the most probable outcome. Correct predictions are rewarded by the network, while incorrect reporting is penalised – this incentivises truthful reporting.
What is a prediction market?
At its core, a prediction market is essentially gambling. You set up a betting pool, something like: will this article reach 5000 views in 24 hours? The more people that bet one way gives you a clue on whether that outcome is really going to happen. A prediction market can be more accurate than a poll as people are putting their money on the line, which means that they are more likely to have an opinion based on actual evidence rather than just blind faith.
Augur is not a prediction market, it is a protocol for cryptocurrency users to create their own prediction markets. Augur is a set of open source smart contracts that can be deployed to the Ethereum blockchain.
Answers to most common questions about what is Augur can be found here.
What is Augur token used for?
The Augur token is called REP, which is short for Reputation. It is a unique token used on the Augur platform. For every action you take that uses REP, you are staking your reputation on it. For every action in which you gain REP, it is because you added value to the platform.
Reputation (REP) is a cryptocurrency, used by reporters during market dispute phases of Augur. REP holders must perform work, in the form of staking their REP on correct outcomes, to receive a portion of the markets settlement fees.
Although using Ethereum is how you buy or sell shares on Augur marketplaces (bets), REP is what keeps the Augur infrastructure growing and running smoothly.
Watch the video below to get a more detailed understanding of how to download and use the Augur App.
How to buy Augur with a bank deposit?
Here is a detailed step-by-step guide of how you can easily buy the REP token with euro right here on Kriptomat.
- If you didn’t register yet, you can do so by following this link.
- Navigate to the My wallets tab (you should land on this page by default when you login).
- If you don’t have any funds to buy REP, you will first need to deposit some money. If you’re unsure about how to do this, you can read our article about SEPA deposits or contact our customer support.
- Navigate to the Buy/Sell tab and choose the Augur (REP) cryptocurrency.
- Enter the euro amount that you wish to spend on buying REP.
- Click the Buy Augur button.
- You will receive Augur to your Kriptomat wallet in a moment.
Augur Coin Price Future
At the time of writing this article (5 September 2018), the REP token is being traded at about 18 EUR (21 USD). This is 80% lower than its all-time high of over 100 EUR (123 USD) in January 2018.
We’re currently in a bear market, which means that the prices are stagnating across the board. This is a normal part of market cycles, and cryptocurrencies are especially prone to extreme volatility.
We don’t have a crystal ball, so we don’t know what the future holds for Augur price. Who knows, maybe you can even set up a prediction market for the price of the REP token one year down the road. Chances are that something like it already exists on the Augur App.