Glossary

A defined list of terms specific to Augur that are deep-linkable.

TermDescription
All Theoretical REP The maximum possible total supply for a certain version of REP. This is the sum of REP existing in a particular universe and any REP that is eligible for migration into that universe.

Depending on the situation, there are two ways to calculate the value:
  1. If no fork has occurred in the universe or a fork has started but not completed, then the theoretic REP supply in the universe is the sum of the REP in that Universe and the theoretic REP supply in the previous Augur version (since REP can migrate to from a previous version to the next version at any time prior to a fork). For Augur v2, this totals to 11,000,000 REP minus any that has been burned during v2 disputes.
  2. If a fork has occurred and the forking period has ended, then the theoretic REP supply in the universe is just the amount of REP in that universe (since neither REP in the parent universe nor REP in previous versions can be migrated after a fork completes).
This value is used to calculate the forking threshold.
Augur v1 under construction
Augur v2 under construction
Child Universe A child universe is a universe spawned by its parent universe when a market in the parent universe forks.

In a child universe, the forking market is finalized as the outcome that aligns with that particular child universe. For example, a market has 3 possible outcomes: Yes, No, and Invalid. When the market forks, 3 new universes are created: universe Yes, universe No, and universe Invalid. In each universe, its corresponding outcome becomes the final outcome, such as in the universe Yes the final outcome of the forking market is Yes, in the universe No the final outcome of the forking market is No.

Strictly speaking, child universes are not created at the same time as a market forks. It is created when REP holder first migrates their REP to it after a fork starts. Therefore the REP holder who first migrates their REP has to pay not only the transaction fee of migrating their REP, but also the transaction fee of creating the child universe.

In a child universe, there are no restrictions right after it is created. Users can do anything such as creating markets, trading shares, reporting, and purchasing participation tokens.
Creation Bond under construction
Creator Fee under construction
Designated Reporter under construction
Designated Reporter Bond under construction
Designated Reporting under construction
Designated Reporting Phase under construction
Dispute under construction
Dispute Bond under construction
Dispute Round under construction
Dispute Round Phase under construction
Dispute Stake under construction
Dispute Window under construction
End Time under construction
Fee Window under construction
Final Outcome under construction
Finalized Market under construction
First Public Report under construction
First Public Reporter under construction
First Public Reporter Stake under construction
Forecast Foundation A group of Augur developers. The members of this group are purely developers, not owners of Augur. They write the source of Augur and publish on Github. Check the official site for details.
Fork under construction
Forked Market under construction
Forking Market under construction
Forking Period under construction
Forking Threshold under construction
Genesis Universe under construction
Initial Report under construction
Initial Report Bond under construction
Initial Reporter under construction
Invalid Outcome under construction
Locked Universe A locked universe is the parent universe after a fork starts. A universe has some restrictions imposed on it after a fork starts in it. Users cannot create new markets and cannot stake their REP on any markets, and no more markets can finalize. (See restrictions on use for details.)
Losing Universe A kind of child universe. The child universe that receives the most migrated REP from the parent universe by the end of a fork becomes the winning universe, the other child universes become the losing universe.

Non-forking markets in the parent universe cannot be migrated to losing universes, they can be migrated only to the winning universe. Losing universes receive only two things from the parent universe: One is the forking market that is duplicated from the parent universe and finalized as the outcome that aligns with the losing universe. The other is REP whose holders believe the outcome that aligns with the losing universe is true.

When the system is working correctly, and people are behaving economically rationally (profit motivated), the expectation is that the losing universes will align with the lying universes. REP in the losing universe is expected to lose its value, since future traders won’t want to trade in a universe where reporters have a history of lying which means REP in that universe will not receive a meaningful amount of trading fees.
Lying Universe under construction
Market under construction
Market Creator under construction
No-show Bond under construction
Non-Finalized Market under construction
Non-Forking Market under construction
Open Interest under construction
Open Reporting Phase under construction
Outcome under construction
Parent Universe A parent universe is a universe that has spawned child universes because a fork had occurred in the parent universe.

For 60 days after a fork starts (the 60 days is called forking period), REP in the parent universe can be migrated to a child universe. But after the forking period, you cannot migrate your REP to any child universe.

After a fork starts, the parent universe is locked because there are some restrictions. Users cannot create new markets and cannot stake their REP on any markets, since REP in the parent universe must be migrated to one of the child universes during the forking period. Therefore no more markets can finalize in the parent universe after a fork starts.
Users can trade and settle their shares on markets, and redeem participation tokens in the parent universe even after a fork starts. (See restrictions on use for details.)
Participation Token under construction
REP Bond under construction
REPv1 under construction
REPv2 under construction
ROI under construction
Report under construction
Reporter under construction
Reporting Fee under construction
Reporting Fee Pool under construction
Reputation Token under construction
Settlement under construction
Settlement Fee under construction
Share under construction
Sibling Universe A universe that shares a parent with the universe in question. Sibling universes are entirely disjoint. For example, REP can be used to stake on outcomes only for markets that exist in the same universe as the REP. It cannot be used in another universe. Also, during the forking period, REP holders can migrate their REP from the parent universe to a child universe, but they cannot migrate from one sibling universe to another.
Smart Contract under construction
Smarty-pants A role name in the Augur Discord server or the people who have the role. This role is given to the people who have shown a deep knowledge and interest in Augur. They have moderation privileges in the Augur Discord server. They do what they want to do, such as a moderate, help out, or just chat without any obligation nor reward. The addition of a member is decided by consultation within the members who already hold this role. They manage the ENS domain augur2.eth where Augur UI is registered (Click for details).
Tentative Outcome under construction
Trading Fee under construction
Transaction Fee under construction
Truth Universe under construction
Unfilled Order under construction
Universe under construction
Validity Bond under construction
Waiting For Window Phase under construction
Winning Universe A kind of child universe. The child universe that receives the most migrated REP from the parent universe by the end of a fork becomes the winning universe, the other child universes become the losing universe.

All markets in the parent universe can only be migrated to the winning universe and the objects attached to the forking market, such as shares, open interest, unfilled orders, are also only migrated to the winning universe. (See migration of the objects for details.)

When the system is working correctly, and people are behaving economically rationally (profit motivated), the expectation is that the winning universe will align with the truth universe.