Augur is building a decentralised prediction market with its token REP. REP (Reputation) can be thought of as a sort of “score” attached to an individual’s public and private address and is both divisible and exchangeable like bitcoin. However, that is where the similarities to cryptocurrency end. REP has a fixed supply of 11 million and can not be mined.

Those who hold REP are expected, in regular installments, to report on the outcome of a random selection of closed events/predictions in the system. Reporters have a time limit in which to do this. Augur expects each reporting session to initially be quite quick, but may take as much as an hour as Augur grows in popularity.

Augur's ICO lasted 45 days. The ICO token supply represents 80% of the total token supply, so there was a total of 8,800,000 tokens available at the offering. The crowdsale raised a total of $5.1 Million from 2,744 accounts with an average purchase of 7.639293 BTC (or US$1854 at the time) and 3782.545482 ETH (or US$2420 at the time). The ETH distribution was considerably more concentrated than the BTC distribution with the largest account contributing 252000 ETH (21.9% of the ETH raised). Augur sold 13,500BTC at an average price of $227 in an effort to hedge the risk of BTC price movements.

Sale terms

Team:

• Jack Peterson: Lead Developer, Co-Founder. (LinkedIn, Twitter);
• Joey Krug: Senior Back-End Developer, Co-Founder. (LinkedIn, Twitter);
• Stephen Sprinkle: Senior Front-End Developer. (LinkedIn);
• John Danz: Front-End Developer. (LinkedIn);
• Jackson Broussard: Front-End Developer.
• Aaron Drake: Senior Back-End Developer. (LinkedIn);
• Alex Chapman: Back-End Developer.
• Ryan Garner: Back-End Developer. (Twitter);
• Tom Kysar: Director of Operations. (LinkedIn, Twitter);
• Peronet Despeignes: Special Operations. (LinkedIn, Twitter);
• Ivan Petric: Marketeer. (Twitter);

Bonus Schedule:

• True Augur (15%): August 17- August 22, 12:00pm (EST)
• Prophet (10%): August 22-  August 28, 12:00pm (EST)
• Nate Silver (5%): August 28 - September 5, 12:00pm (EST)
• Nostradamus (0%): September 5- October 1, 12:00pm (EST)

Token Reserve Split (20%):

• 16% Advisers;
• 04% Forecast Foundation;