Augur, the decentralized prediction market and one of the hottest Ethereum apps, has begun their token crowd sale on August 17, raising over US$600 thousand equivalent in BTC and ETH in the first day, at the time of writing.
The crowdsale will run from August the 17 until September the 5, 2015 with discounts diminishing along the way:
- Aug 17 – Aug 22, 12:00pm (EST) 15% Discount True Augur
- Aug 22 – Aug 27, 12:00pm (EST) 10% Discount Prophet
- Aug 27 – Sep 5, 12:00pm (EST) 5% Discount Nate Silver
- Sep 5 – Oct 1, 12:00pm (EST) No Discount Weatherman
REP — short for reputation — is the back bone token of Augur and serves the purpose of ensuring the honesty of “reporters” who tell the Augur whether an event actually happened or not. This can be compared to how miners in the Bitcoin network determine which transactions are legitimate by contributing their resources to the network in the form of computing power.
Reporters will have to put REP as collateral to their claims about what happened in the real world. For example, if 65% if the reporters disagree with you about what actually happened, then you will