Augur, a blockchain-powered event gambling company, says users of its cryptocurrency REP will need to migrate their tokens as soon as a new version of the platform becomes available on July 28th.
According to an announcement published on the platform’s website on June 29, Augur v2 will be released on the Ethereum Main Network (ETH) at the end of next month. This means that REP token holders have to manually migrate their tokens to the new version REPv2. Augur stated that the current tokens were renamed to “REPv1” to remove confusion.
“Use it or lose it,” says the platform
The company also said that for Augur v2 to be launched, all REP token holders would have to go through a fork if this ever happened. Those who fail to do so within 60 days will see their funds “forever unable to participate in Augur’s forks and future universes”.
However, the platform emphasized that no immediate action was required. According to Augur, the fork is “an extremely rare event”. At the time of the announcement, it would cost Augur more than $ 9 million, making the new tokens “probably worthless”.
The platform’s native REP token, now REPv1, ranks 44th by market cap and is trading at $ 16.77.
Prediction model implemented for the US elections.
Augur is a forecasting market that uses intelligent contracts to allow its users to create and bet on the outcome of an event with ETH. The platform was criticized in 2019 for an obvious design flaw. This could have allowed some users to cheat by placing bets on the outcome of events before they could close.
In particular, the 2018 midterm market in the United States had a total volume of more than $ 3 million. Addressing the question of which party, whether democrat or republican, would control the House of Representatives. The market settlement date was almost four weeks before a change of leadership took effect.