REP is an investable token with a sound cryptoeconomic foundation. These positives are mitigated by a disengaged community and above-average risk profile due to the potential for regulatory scrutiny. Resulting in a token score of 37.5 out of 50.

1. Augur: The Future of Prediction
Marketst
If Regulators Don’t Kill It First

2. Token Score: 37.5 out of 50 Summary
REP is an investable token with a sound
cryptoeconomic foundation. These positives
are mitigated by a disengaged community
and above average risk profile due to
potential for regulatory scrutiny. Resulting in
a token score of 37.5 out of 50.

3. Overview
• Augur is a decentralized oracle and prediction market protocol built
on the Ethereum blockchain. Users create markets for forecasting
future events and place wagers on the outcomes.
• Users wagering on the correct outcome are paid out based on the
odds assigned to their prediction being correct.
• The REP token ensures these markets are created and settled fairly.

4. Cryptoeconomics Score: 5 out of 5
Defensible Tokenziation
Properly aligns incentives across stakeholders
Mechanism
Mechanism to generate value
Mechanism to generate network effects

5. Investability: 4 out of 5
½ Disciplined well structured capital allocation process
½ Proven natural demand (Adoption increasing over time)
Mechanism to capture value
Brand
Defensibility

6. Distribution: 3.5 out of 5
× Insider skin in the game (allocations subject to vestings and lock ups
reflecting preferred status obatining tokens)
½Optimized for long term usage of product
Equitable token sale (At least 80% pre-product / 50% if product is live)
Broad Distribution (Should not be accredited / institutional only)
Limited Supply

7. Team: 3.5 out of 5
Track record of historical achievements
Distinctive combination of skills
½ Unique qualifications for tackling problem
½ Experience building distributed computer systems
½ Transparent and consistent ethical behavior

8. Project: 4.5 out of 5
Project is live and has existing users
Well written high quality white paper
½ Demonstrated understanding of landscape of possible competitors,
substitutes
Unique Value Proposition
Open Source

9. Scalability: 3.5 out of 5
Project leads can hire and develop
½ Clearly defined roadmap to obtain share of market
Continually Improving Developer Experience
½ Sustainable burn rate
½ Geographically distributed usage

10. Securability: 4 out of 5
½ High volume of nodes
Widespread distribution of miners / stakers
1
2
Systematic approach to dealing with bugs
Untiered Rewards
Easily Stored Securely

11. Decentralization: 4 out of 5
Widespread Developer Contributions
Roadmap for decentralized governance
1
2
Lack of concentrated holders
Would function normally without creators
½ Global

12. Engagement: 2.5 out of 5
½ Developer adoption protocol
Active commenting reddit
Long lasting ongoing discussions in Slack, Telegram, Discord, etc…
×Positive Twitter sentiment
×Uptrend in Google Trends

13. Risk Management: 3 out of 5
Code Audit
½ Anti fragile - gets stronger when stressed
Low funding risk (fiat)
½ Attack Risk
×Regulatory Risk

14. Continue Reading
Crypto Jungle Write Up on the REP Token
Full Augur Report in PDF

15. Stay up to date on Steve’s latest Cryptoasset Research
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Steve Miller
Steve is a CFA® Charterholder and founder of Crypto Jungle. A site devoted to
helping people hack through the weeds to find the gems. The CFA designation
is globally recognized and attests to a charterholder’s success in a rigorous and
comprehensive study program in the field of investment management and
research analysis.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
On Twitter @TokenAuditor

16. Disclaimer
• Information in this presentation is presented solely for educational and entertainment
purposes although every effort has been made to ensure the information in the
presentation is correct. The author does not assume and hereby disclaims any liability to
any party for any loss, damage, or disrupt in any matter whatsoever caused by any errors
or omissions whether such errors or omissions result from negligence, accident, or any
other cause. The information provided should not be taken as expert instruction or
commands. The information contained therein as legal, financial, tax, or other
professional services advice. While all attempts have been made to verify the
information provided in the presentation, neither the authors, nor the publisher assumes
any responsibility for errors, omissions, or contrary interpretations of the subject matter
herein. Neither the authors, nor the publisher assumes any responsibility or liability
whatsoever on the behalf of the user of these materials. Every circumstance is different
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You are responsible for your own choices, actions, and results. Please seek the services
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