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Augur (REP) is a decentralized oracle and prediction market protocol built on the Ethereum blockchain. It allows users to create, participate in, and report on prediction markets for various real-world events.
Augur utilizes a decentralized network of reporters to verify the outcomes of events. These reporters stake REP tokens, incentivizing honest reporting and penalizing dishonest behavior. This mechanism aims to ensure the accuracy and integrity of market resolutions.
The native cryptocurrency of the Augur protocol is REP. It is primarily used by reporters to stake on event outcomes and receive a portion of market fees. REP holders also have a role in the protocol's governance.