Blockchain-powered betting company Augur says users of their REP cryptocurrency should migrate their tokens as soon as a new version of the platform is available from July 28.
According to an announcement posted on the platform's website on June 29, Augur v2 will launch on the Ethereum (ETH) main network late next month. This means that REP token holders will have to manually migrate their coins to the new version, REPv2. Augur stated that the current tokens will be renamed "REPv1" to avoid confusion.
In addition, the company said that the release of Augur v2 requires all REP token holders to participate in any forking should this occur. Those who do not do this within 60 days will not be able to participate forever in one of Augur's forked and future universes.
However, the platform emphasized that no immediate action was needed. Forks, according to Augur, are "intended to be an extremely rare occurrence". At the time of the announcement, Augur would cost more than $ 9 million, making the new tokens 'presumably worthless'. would be.
The platform's proprietary REP token – now REPv1 – ranks 44th in terms of market capitalization and is trading at $ 16.77.
Augur is a prediction market that uses smart contracts to allow users to bet on the outcome of any event using ETH. The platform came under fire in 2019 due to a clear design flaw that may have caused some users to have scammed by settling their bets on the outcome of events before they might have been finalized.
In particular, the market for the 2018 midterm elections in the United States showed a total volume of more than $ 3 million when asked which party – Democrat or Republican – would control the House of Representatives. The market settlement date was almost four weeks before any changes in leadership took effect.