Blockchain-powered occasion betting firm Augur says that customers of its REP cryptocurrency have to migrate their tokens as soon as a brand new model of the platform is accessible beginning July 28.
In response to an announcement posted to the platform’s web site on June 29, Augur v2 will launch on the Ethereum (ETH) mainnet on the finish of subsequent month. Because of this REP token holders have to manually migrate their cash to the brand new model, REPv2. Augur acknowledged that present tokens will probably be renamed “REPv1” to reduce any confusion.
‘Use it or lose it’ says platform
As well as, the corporate mentioned the discharge of Augur v2 would require all REP token holders to take part in any forking, ought to it happen. Those that fail to take action inside 60 days could have their holdings “endlessly unable to take part in any of the forked and future universes of Augur.”
Nonetheless, the platform emphasised that no instant motion was required. In response to Augur, forking is “meant to be an especially uncommon occasion.” On the time of the announcement, it could price Augur greater than $9 million, making the brand new tokens “presumably nugatory.”
The platform’s native REP token — now REPv1 — ranks 44th by market cap and is buying and selling at $16.77.
Prediction mannequin used for US elections
Augur is a predictions market that makes use of sensible contracts to let customers create and wager on the result of any occasion utilizing ETH. The platform got here below fireplace in 2019 from having an obvious design flaw which can have allowed some customers to run scams by settling their bets on the result of occasions earlier than they could have concluded.
Particularly, the marketplace for america 2018 Midterm Elections exhibited a complete quantity of greater than $three million on the query of which get together — Democrat or Republican — would management the Home of Representatives. The market settlement date was almost 4 weeks earlier than any modifications in management had been efficient.