The blockchain world is growing despite the widespread economic downturn in most of the other sectors due to the COVID-19 pandemic. In that context, Ethereum-based predictions platform Augur said on June 29 that users of its REP crypto have to shift their tokens after a new version of the platform becomes available on July 28.
According to their official announcement, Augur V2 will operate on the Ethereum mainnet at the end of this July. That means that REP token holders must manually migrate their coins to the new REPv2 version. Augur said that the current tokens will then be renamed “REPv1” to lessen any confusion.
Augur Platform Says ‘Use It Or Lose It’
Additionally, the company said that the release of Augur v2 might need all REP token holders to participate in any forking in the case that it happens. Those who fail to do it within the next 60 days will have their funds:
“forever unable to participate in any of the forked and future universes of Augur.”
Nonetheless, the platform insisted that no instant action was necessary. Forking is intended to be an extremely rare event according to Augur. At the time of that announcement, it would cost Augur over $9 million which makes the new tokens ‘presumably worthless.’
The platform’s native REP token — now REPv1 — ranks 44th by market cap and is trading at $16.77.
Prediction Model For US Elections
Augur is a well-designed predictions market that utilizes smart contracts to enable the users to create; and bet on the outcome of any event using ETH. The platform came under heavy criticism last year after having a huge design flaw; that might have enabled some of the users to run scams by settling their bets on the outcome of the events before they may have concluded.
Particularly, the market for the US 2018 midterm elections showed a cumulative volume of over $3 million on the question of which party; Democrat or Republican, would control the House of Representatives. Notably, the market settlement date was almost four weeks before any changes in leadership were effective.