Augur (REP) is a protocol that aims to tap into the collective intelligence of the crowd through prediction markets. These markets operate on the Ethereum blockchain and are controlled by holders of the Reputation token. Users can participate in these markets by buying shares that either support or challenge the predicted outcomes of various events, such as company performance, election results, or natural phenomena. The user-created markets are designed to provide fees to participants and automate fair and decentralized payouts through software.