Augur is a trustless, decentralized platform for prediction markets. Prediction markets are markets created to trade the probability of an event happening. The market prices indicate what the crowd thinks the probability of an event happening. Predictive markets have shown to have been effective in accurately forecasting many results however it is still not widely used due to the many regulatory hurdles involved in setting up such a market. Augur aims to set up such a market in a decentralized manner.
There is a financial token behind Augur known as Reputation (REP). There was a 45-day crowdsale from 17 August to 1 October 2015 that raised a total of approximately USD5.3 million. 80% of the total 11 million REP tokens were sold during the crowdsale. The remaining 16% is kept by the founders and 4% is kept by the Forecast Foundation to incentivize further development through the use of bounties.