There are some pretty cool projects floating around the crypto-sphere. One that ShapeShift has been keeping an eye on is the decentralized prediction market platform, Augur. We are now excited to announce our addition of the Augur token, Reputation (REP).
What is REP? Reputation is a tradable blockchain asset bestowing votes to users of Augur's prediction market platform. Augur’s REP token is the first decentralized oracle solution ever implemented, and allows its holders to report on the outcome of events on Augur. Each token entitles its owner 1/22-millionth of all market trading fees in return for faithful reporting on market outcomes.
Demand exists for REP due to ownership of the token being the only way to obtain half of the fees on the Augur platform. A limited supply exists of 11 million of these tokens due to mathematical proof of ownership and a consensus of honest transaction validators. Ownership of Augur reputation grants the right to be paid in exchange for providing real-world information to Augur.
ShapeShift's CEO and Founder, Erik Voorhees, explained:
“Decentralized prediction markets are one of the most important applications to derive from blockchain technology, Augur has pioneered and popularized the concept and we’re honored to support REP on ShapeShift from day one.”