Augur operates as decentralized prediction platform running on Ethereum blockchain, while its REP token serves as the source of rewards and gas on it. The platform was designed after its developers came to an idea to use crypto technology to correct issues they found with the contemporary prediction markets. 
The Augur platform was launched in 2018, followed its successful crowdfunding in 2015. At its heart lies a protocol which is supposed to make prediction markets more accessible in the sense that people can speculate on various event outcomes and scenarios and be rewarded for correct predictions. Augur was supposed to make this possible to without burdening the users with high fees and by focusing on decentralization and better accuracy. 
Augur platform has often made news since its launch, being celebrated by the likes of Vitalik Buterin who called it “Uber for knowledge” and became an advisor to the Augur development team.