Augur (REP) is a coin that showed excellent growth on the Binance exchange in May last year. Now it is going through a rough path. But does it have perspectives of price rise? What is REP coin in general? Let’s figure it out.
What Is Augur (REP)?
Sure, a lot of users do not even know what a REP coin is. This is not a tool for fast transactions like Bitcoin Cash and not a decentralized economy token like Odyssey. In fact, this is a unique coin and that’s why. The Augur project is a system for making predictions. Any user can create a question on the platform: https://dev.augur.net.
A sample of a question that can be found on the platform:
“Will Ethereum trade above $200 the 1st of May 2019?”.
You can bet on the outcome of the event in ETH. If you guess, you’ll get a certain reward, if not, you’ll lose the entire amount of your bet.
The idea is very interesting. In fact, it is a blockchain bookmaker, although the project does not call itself a bookmaker. However, predicting the outcome of Khabib v McGregor brawl, you would bet on one or the other fighter. Why not ask the question “Will Usyk win in brawl with Tony Bellew?” There is a forecast and prediction trade, which is mentioned in the Whitelist of the project.
REP itself is a token that is used for rewarding users for providing correct reports.
How Does Augur Work?
At the platform’s website you will be able to show your deep knowledge of politics, predicting the results of the upcoming elections, political decisions or other events. An unusual section on the platform is a bet on natural disasters and other force majeure. But that is not all. You can even predict the weather (rains, hurricanes, temperature). For lovers of the securities market or cryptocurrency, it is possible to predict their price, sale volumes, and capitalization.
How to make bets on Augur?
- Select an event (as you already understood the choice is wide and diverse).
- Find or create a market (you need to bring an event under a certain market, but if there is no such market, no problem, just create it).
- Trade shares of your market (purchase shares in support of an event sale them in case of disagreement with its predicted outcome);
- Report the result of the event (market participants have the right to challenge it);
- Get a reward (winners get it after the market consensus).
As of now, the project team is actively working on updates of their network. The ending of 2018 was almost entirely devoted to this. In the new year the work does not stop – BUIDL in all its glory.
We believe that there is a lack of participation in various events. See a review of HOLO (HOT) project. Its team does gets stuck in conferences and seminars. In the case of Augur, the problem of popularizing the project is extremely acute.
The project launched a bounty program. Developers will be encouraged to create applications and tools that improve the usability and efficiency of the Augur platform. Involving professionals in the development of the platform is a good solution. For details, see the project’s blog at Medium.
Augur (REP) Price Forecast 2022-2023
REP coin is going through some stuff now. There were times better: about $100 during the winter crypto bubble (December 2017–January 2018) and $55 after listing on the Binance exchange. Now the interest in the project has slightly decreased. But there are some factors that indicate that the price of REP in the future can grow:
- gambling needs to be more decentralized, there is a need of an alternative to traditional online casinos and sports betting websites;
- REP can potentially be used not only for betting on sports and slots machine gambling, but also for trading in binary options and other instruments of the financial market;
- Augur’s MainNet was finally launched in July 2018 (before that the platform had been in beta-testing stage);
- in our opinion, the cryptocurrency market is only at the beginning of its journey.
The explosive January, 2019 showed that the community has an interest in the project and the REP cryptocurrency, despite the weak marketing strategy of the Augur team.
The main disadvantage of Augur is in that that the platform provides relatively small amount of questions available for placing bets. This is not a good sign, as the project has been existing for a long time, namely since 2015. In addition, REP trading need to be more active, although it is now better if compared with the stagnation in November-December 2018.
But we still tend to believe in the idea of Augur, especially since there are virtually no strong competitors for Augur platform in this sphere. Now the project is underestimated, but we believe that it has a great potential. Judging by the hard work on the network, in 2020 we can see a very decent growth. It seems that REP’s value will be much more attractive than in 2019.
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Disclaimer: This forecast of the price for Augur (REP) is our estimate. Always assess the risks before investing in any crypto currency. We have gathered some important facts that may affect the price of the token; using them you can draw your own conclusions. Good luck!