Augur (REP) is designed to leverage the collective intelligence of the crowd via prediction markets operating on a protocol controlled by holders of the Ethereum-based Reputation token. In these markets, users can speculate on the outcomes of various events, ranging from company performance to election results or natural phenomena, by acquiring shares that either endorse or oppose the anticipated outcomes. Through user-generated markets, fees could be distributed to participants while automated payouts, facilitated by software intended to be impartial, inclusive, and fully decentralized, are executed.