Blockchain-powered occasion betting firm Augur says that customers of its REP cryptocurrency must migrate their tokens as soon as a brand new model of the platform is accessible beginning July 28.
In line with an announcement posted to the platform’s website on June 29, Augur v2 will launch on the Ethereum (ETH) mainnet on the finish of subsequent month. Which means REP token holders must manually migrate their cash to the brand new model, REPv2. Augur said that present tokens can 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 may have their holdings “eternally unable to take part in any of the forked and future universes of Augur.”
Nonetheless, the platform emphasised that no fast motion was required. In line with Augur, forking is “meant to be an especially uncommon occasion.” On the time of the announcement, it could 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 trading at $16.77.
Prediction mannequin used for US elections
Augur is a predictions market that makes use of good contracts to let customers create and guess on the result of any occasion utilizing ETH. The platform got here beneath fireplace in 2019 from having an apparent design flaw which can have allowed some customers to run scams by settling their bets on the result of occasions earlier than they might have concluded.
Specifically, the marketplace for the USA 2018 Midterm Elections exhibited a total volume of more than $3 million on the query of which get together — Democrat or Republican — would management the Home of Representatives. The market settlement date was almost four weeks before any changes in management have been efficient.