Blockchain Platform Augur To Launch Its New Version On July 28

The version 2 (V2) of the blockchain platform Augur which is based on Ethereum will officially come on July 28, as the company just said. The blockchain powered event betting company says that users of the REP cryptocurrency need to migrate their tokens once a new version of this platform is available starting from July 28.

An announcement posted on the platform’s website on June 29 shows that the blockchain platform Augur v2 will be launched on the Ethereum (ETH) mainnet at the end of next month. In other words, this means that the REP token holders need to manually migrate their coins to the new version named REPv2. Augur noted that the current tokens will be renamed “REPv1” in order to lessen any confusion.

In addition to this, the company also noted that the release of the version 2 of the blockchain platform Augur would require all REP token holders to participate in any forking if it occurs. The ones who fail to do so within 60 days will have their holdings “forever unable to participate in any of the forked and future universes of Augur.”

Still, the platform emphasized that no immediate action was required. According to Augur, forking is “intended to be an extremely rare event.” At the time of the announcement, it would cost Augur more than $9 million, making the new tokens “presumably worthless.” The REP token of the platform which is called REPv1 ranks 44th by market cap and is currently trading at $16.77.

For those of you who don’t follow the blockchain news, the best way to describe Augur is as a predictions market which uses smart contracts to let users create and bet on the outcome of any event using ETH. The platform came under fire in 2019 from having a design flaw which may have allowed some users to run scams by settling their bets on the outcome of events before they were concluded.
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We could see the market for the United States 2018 Midterm Elections exhibiting a total volume of more than $3 million on the question of which party (whether the Democrats or Republicans) would control the House of Representatives. The market settlement date was around four weeks before any changes in the leadership were effective.