The Augur (REP) token is called Reputation and built on the Ethereum blockchain. Reputation is a token usable for creating a bet, disputing the bet’s outcome or purchasing participation tokens on the Augur platform, a decentralized oracle for peer-to-peer prediction markets.
The Augur platform is free, decentralized, self-regulating, pseudonymous and autonomous. Using an REP token means that for every action you takeNEON, you are staking your reputation. The Augur protocol is an open, global platform where anyone can create, monitor or trade in prediction markets about any topic, allowing users to forecast events and be rewarded for predicting them correctly. Examples of its uses are found in political forecasting, event hedging, weather prediction and cryptocurrency speculation.