Augur (REP) is a decentralized platform that utilizes the collective wisdom of the crowd through prediction markets. It operates on the Ethereum blockchain and is governed by holders of the Reputation token (REP). Augur enables users to speculate on the outcomes of various events, from company performance to election results and natural phenomena. Users can acquire shares that either support or refute the proposed outcomes of these events. The platform is designed to return fees to market participants and automate payouts, with the aim of providing a system that is fair, open, and completely decentralized.

Augur operates as a peer-to-peer, decentralized platform, enabling universal and transparent access to its markets. It is powered by Ethereum, which allows for automated payouts that no individual or organization, including Augur itself, can interfere with. Users can create their own prediction markets using the Augur protocol. The outcomes of these markets are reported by REP holders who stake their tokens on the correct outcomes. If they report correctly, they receive a portion of the market's settlement fees. If they report incorrectly, they lose their REP. This mechanism aims to incentivize accurate reporting and helps maintain the integrity of the platform.

Augur aims to provide a global, no-limit betting platform where users can speculate on a wide range of events. These include sports outcomes, economic trends, world events, and more. The platform strives to offer users more control over their winnings through low fees and competitive odds. Augur also aims to provide a solution to the spread of incorrect information by giving people a financial incentive to seek the truth. Furthermore, Augur can be utilized by developers, projects, and companies to build on its protocol, expanding its potential use cases.

Augur was launched in July 2018 by the Forecast Foundation, a group of developers and technology professionals passionate about the potential of decentralized applications. The Forecast Foundation does not own or lead Augur, but rather supports and develops the free, open-source protocol. Since its launch, Augur has undergone several updates and improvements. For instance, the REP token was migrated to REPv2 to support new functionalities in the Augur protocol. The Forecast Foundation has been working on the development of the Augur protocol, with the aim of advancing transparent, open, and financially sound markets.