The blockchain-based event betting company Augur says that users of its REP cryptocurrency must migrate their tokens once 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 be launched on the main Ethereum network ( ETH ) at the end of next month. This means that REP token holders must manually migrate their coins to the new version, REPv2. Augur said that the current tokens will be renamed "REPv1" to reduce any confusion.
"Use it or lose it," says the platform
In addition, the company said that the release of Augur v2 would require all holders of REP tokens to participate in any bifurcation, if any. Those who do not do so within 60 days will see their assets "forever unable to participate in one of the forked and future universes of Augur ".
However, the platform stressed that no immediate action was required. According to Augur , the fork is "destined to be an extremely rare event". At the time of the announcement, it would cost Augur more than $ 9 million, which would likely make the new tokens "worthless."
The platform's native REP token - now REPv1 - ranks 44th in terms of market capitalization and trades at $ 16.77.
Prediction model used for the American elections
Augur is a prediction market that uses smart contracts to allow users to create and bet on the outcome of any event using ETH . The platform was criticized in 2019 due to an apparent design flaw that could have allowed some users to run scams by settling their bets on the outcome of events before they were concluded.
In particular, the 2018 mid-term election market in the United States posted a total volume of more than $ 3 million on the question of which party - Democrat or Republican - would control the House of Representatives. The market settlement date was almost four weeks before any change in management came into effect.
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