ShapeShift Will Now Support Prediction Market Token REP

The cryptocurrency asset exchange ShapeShift.io has announced it will integrate the Augur Reputation (REP) token. Now customers around the world can purchase and sell the first “oracle” cryptocurrency.

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ShapeShift.io Will Now Support Augur’s REP Tokens

On October 12, ShapeShift revealed it will support decentralized prediction market Augur’s native token. Popular exchanges and the wallet Jaxx also just added the cryptocurrency. ShapeShift users can swap their existing tokens for REP, or trade it for dozens of blockchain assets on the platform.

The REP token is the first decentralized “oracle” solution — meaning it can help users predict outcomes on the Augur platform. This includes nearly anything someone wants to predict, from elections to sports games and more. Augur says each REP is 1/22-millionth of all market trading fees. In turn, these will keep prediction reporting faithful.

ShapeShift CEO Erik Voorhees explained during the announcement that prediction markets are very important derivatives with blockchain technology. “Augur has pioneered and popularized the concept, and we’re honored to support REP on ShapeShift from day one,” he said.

Augur said users will demand REP because the token is the only way to obtain half fees on the Augur platform. Only 11 million REPs will exist, and developers claim they keep “consensus of honest transaction validators.” Augur reputation ownership enables the right to be rewarded for providing legitimate data to the platform.

Augur’s director of marketing Tony Sakich said the team is thrilled to be on the platform.

“ShapeShift is known throughout the crypto space as one of the best services for digital asset users. New users will have an incredibly easy to use method to convert cryptocurrencies into REP tokens and vice-versa.”

Ethereum Asset Issues

The day after the announcement, ShapeShift explained there have been issues with all Ethereum-based assets. Over the course of the past few weeks, Ethereum has suffered attacks on its network. ShapeShift noted the attacks are “changing and evolving, and as one vector is fixed, others are opened up.” Reportedly, this has even led Ethereum developers to consider another hard fork.

Shapeshift says that anyone ordering Ethereum and their tethered assets Reputation REP, Digix DGD and SingularDTV SNGLS may experience significant delays. The multi-currency platform explained that generally, transactions can take hours and even days to confirm. For now, the company said they will keep all Ethereum markets open, but asked users to note current delay times. The company says funds won’t be lost, but they may not arrive as fast as customers would like.

Never a Dull Day in Crypto-Land

The company still believes in Ethereum’s potential and is confident the network will “emerge stronger.” It is excited to host REP tokens on the platform, and looks forward to developers resolving the issues. The crypto-asset platform said the attacks against Ethereum are a global issue, but it believes the community is working on the best solutions.

For now, though, users can trade Augur’s REP tokens on ShapeShift and the company said, “there is never a dull day in crypto-land.”

What do you think about ShapeShift supporting REP tokens? Let us know in the comments below.

Source: Blog and Press Release

Images via Shapeshift, Ethereum, and Shutterstock.

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