Daily Crypto Update: REP Rises 11.79 percent in 24 hours!

Daily Crypto Update: REP Rises 11.79 percent in 24 hours!

Augur (REP) has risen 11.79 percent in the last 24 hours. The cryptocurrency saw a low of 46.85 USD yesterday, May 10, and is now being traded at 54.37 USD.

What is REP?

Augur is a decentralized oracle and prediction market platform. Users feed real world information into Augur’s contracts. Augur ensures the accuracy of this real world information by providing a financial incentive for REP token holders to correct markets they believe have been reported on incorrectly. There are several ways users can participate in Augur: you can trade shares in markets, create prediction markets, or participate in the reporting system to keep the Augur oracle honest.

On Augur, market creators set the event start and end times, a designated reporter, resolution source, and settlement fee. Traders can purchase shares in Augur markets immediately after market creation. The Augur contracts maintain an order book for every market created, and offer shares at the current best price. Settlement fees are paid by traders when positions are settled within a market. After the event has occurred, the outcome is determined by the designed reporter, or ultimately, Augur’s decentralized oracle, if necessary.

REP (Reputation) token holders can participate in the Augur reporting system. REP token holders have the ability to dispute the tentative outcome of any Augur market within 7 days of resolution by staking a dispute bond. When doing so, the Augur market will go into a dispute round, where REP holders can stake REP tokens on one of the markets possible outcomes. If the tentative outcome is overturned, users who participated by staking on the new winning outcome will receive a 50% ROI. There is always a financial incentive to keep the Augur oracle reflecting reality.

Reasons for the Rise

One of the biggest reasons behind the rise of the cryptocurrency could be that it has now been listed on Binance. Every cryptocurrency sees a considerable amount of rise when it makes it into a popular crypto exchange such as Binance.

Other Big Gainers

With almost every other cryptocurrency at a loss, the only other cryptocurrency which is still gaining is Tether (USDT) which has gained 0.18 percent in the last 24 hours. USDT is currently trading at 1.00 USD with a total market cap of 2,108,110,098 USD.

Biggest Losers

While mentioning the biggest gainers, it is apt to also point out which cryptocurrencies have lost the most in the last 24 hours.

Bitcoin Diamond (BCD) has lost 27.51 percent making it the biggest loser in the last 24 hours. It is followed by Bytecoin (BCN) which has lost 26.70 percent.

Followed by BCN is Dentacoin (DCN) which has lost 25.88 percent.

The last on our list of biggest crypto losers is Storm (STORM) which has lost 23.14 percent.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.