What is REP?

REP is a cryptocurreny in the Augur system, an Ethereum blockchain-powered decentralised and trustless market prediction platform. The platform allows anyone to develop, monitor, and trade on any topic. The system essentially uses market incentives, blockchain technology, long-tail dynamics, and blockchain technology to safely provide a more accurate, comprehensive, and unfiltered variety of dynamic event forecasts than any other option. Augur is made up of a set of smart contracts that are constantly deployed on Ethereum, allowing applications to be immune to local outages and third-party restrictions. The REP token is used to settle market disputes. It is staked explicitly for a market outcome for anyone desiring to report the correct market outcome. It also provides event outcomes to the distributed oracle.