Blockchain-driven function betting business Augur states that consumers of its REP cryptocurrency have to have to migrate their tokens as soon as a new version of the system is offered setting up July 28.
According to an announcement posted to the platform’s web-site on June 29, Augur v2 will launch on the Ethereum (ETH) mainnet at the close of upcoming thirty day period. This means that REP token holders require to manually migrate their coins to the new version, REPv2. Augur said that present-day tokens will be renamed “REPv1” to reduce any confusion.
‘Use it or reduce it’ suggests platform
In addition, the enterprise mentioned the launch of Augur v2 would demand all REP token holders to participate in any forking, should it manifest. Individuals who fail to do so within just 60 days will have their holdings “forever not able to take part in any of the forked and foreseeable future universes of Augur.”
On the other hand, the platform emphasized that no immediate motion was needed. According to Augur, forking is “intended to be an very exceptional function.” At the time of the announcement, it would price Augur far more than $9 million, creating the new tokens “presumably worthless.”
The platform’s indigenous REP token — now REPv1 — ranks 44th by market place cap and is trading at $16.77.
Prediction product used for US elections
Augur is a predictions market place that makes use of wise contracts to allow users create and guess on the result of any event working with ETH. The platform came less than fire in 2019 from owning an apparent style flaw which may possibly have allowed some customers to operate cons by settling their bets on the final result of occasions just before they might have concluded.
In certain, the current market for the United States 2018 Midterm Elections exhibited a whole quantity of additional than $3 million on the query of which get together — Democrat or Republican — would management the Residence of Representatives. The marketplace settlement date was nearly 4 weeks just before any adjustments in leadership have been effective.
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