Blockchain-powered occasion betting firm Augur says that customers of its REP cryptocurrency have to migrate their tokens as soon as a brand new mo
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 out there beginning July 28.
In accordance with 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 said that present tokens will likely be renamed “REPv1” to minimize any confusion.
‘Use it or lose it’ says platform
As well as, the corporate stated 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 can have their holdings “without end unable to take part in any of the forked and future universes of Augur.”
Nevertheless, the platform emphasised that no instant motion was required. In accordance with Augur, forking is “meant to be an especially uncommon occasion.” On the time of the announcement, it will value 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 end result of any occasion utilizing ETH. The platform got here below hearth in 2019 from having an obvious design flaw which can have allowed some customers to run scams by settling their bets on the end result of occasions earlier than they might have concluded.
Particularly, the marketplace for the USA 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 adjustments in management had been efficient.