Augur works with its own internal token called Reputation, or REP. Users can place bets on future events—for example, will Donald Trump win the 2020 election?—and receive cryptocurrency-based shares depending on the outcome. To keep the system fully decentralized, the correct outcome needs to be defined by consensus, and that’s where the REP tokens come in. Holders will stake their REP to an outcome, either before or in a brief period after it happens. Those who staked their REP tokens to the correct outcome get their tokens back plus a portion of the fees users paid to participate in the
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