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What Is Augur?

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Nov 24, 2022
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5 min read
what-is-augur

This blog post will cover:

  • About Augur (REP)
  • Where did Augur (REP) come from?
  • What are the advantages of Augur (REP)?
  • What are the disadvantages of Augur (REP)?
  • How to buy Augur (REP) on SimpleSwap?

About Augur (REP)

Augur is a decentralized platform based on the Ethereum blockchain. Vitalik Buterin himself volunteered to advise the project at the stage of its foundation. With Augur, each member of the network can try to predict the outcome of any event in the world. It seems that in the future the platform will make a lot of noise in the world of online games, specifically among bookmakers and online casinos. The main idea of the platform is to place bets inside the Augur system without any control levers. This is possible because of these main reasons: the margin is lower than the bookmaker's one and the control of the network is impossible due to decentralization.The platform has its REP cryptocurrency and there is no option to use fiat money there. As a result, it becomes possible to exclude the influence of the state or other entities that may want to stop or prohibit this activity. The issue of REP tokens is 11 000 000 and the issue of new ones is not possible.

Where did Augur (REP) come from?

The founders of the project are Jack Peterson and Joseph Krug. One of the developers of Augur was Zack Hess, quite a well-known person among crypto enthusiasts and programmers. These people started the project in April 2014. Their idea was to put the world of betting on various events in a decentralized way. The main impetus for this idea was the closure of the InTrade prediction market in the USA. It was sued for non-compliance with financial requirements.A year later, Augur launched its first smart contract and in March 2016 started to work in a testing mode.The system was launched on the 17th floor of a hotel, in a room with a panoramic view to the Las Vegas Strip, so it happened in the heart of the gambling world! Right there a group of programmers uploaded a code to the Ethereum blockchain. This event has notified not only Las Vegas but the entire world about the creation and launch of Augur. This is how the revolution in the world of predictions and bettings was made.

What are the advantages of Augur (REP)?

  • Decentralization
    
    Developers started a revolution in the world of gambling and event forecasts, as using the decentralized system, they made it impossible for state authorities to prohibit this activity.
  • Issue of the REP token
    
    The issue of REP crypto is limited. There are 11 000 000 of them only, there is no chance for the additional issue. This will contribute to an increase in price of this cryptocurrency when new participants join the Augur platform.
  • Intuitive and user-friendly interface
    
    There are event categories on the left side of the platform screen. You can place a bet on an existing event or create your own. Everything is clear and simple.
  • Not only bet, create your own events
    
    All bookmakers create their own events, set odds and payouts, but do not provide this opportunity to their users. With the help of Augur any user can not only make but also accept bets. It is hard to find such a feature anywhere else.

What are the disadvantages of Augur (REP)?

  • Ability to bet on unproven events
    
    Examples of such bets are: does God exist? In what year will the sun go out? Is there any other life in the Universe? Where does Bigfoot live? In fact, there is no way to check these events, and it is hard to figure out which forecast is correct.
  • Frightening ideas
    
    The opportunity to bet on unpleasant tragic situations in life.

How to buy Augur (REP) on SimpleSwap?

Let's say you want to place a bet or create your own event on Augur and you need REP tokens to do this. What should you do? We suggest you to use SimpleSwap and follow the instructions below:

  • For example, you want to swap BTC for REP. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select REP in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. REP will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to REP exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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