æternity is a blockchain (http://wwww.aeternity.com) and it's decentralized and distributed by birth and it allows developers to create their own platforms on top of it taking advantage of Oracles, Namings system, Smart contracts and more. (http://github.com/aeternity)
For me the best description is to tell that it is a highly scalable and lightning fast ...
Reputation is Recalculated Every 24 Hours
To partly answer my own question. It seems like the reputation is updated once every 24 hours.
So, although you can manually update your reputation, this can only be done once a day.