Blockchain Augur betting company says cryptocurrency users need to transfer their symbols when the new version of the platform is available from July 28.
According to an announcement published on the platform’s website on June 29, Augur v2 will be launched on the Ethereum core network (ETH) at the end of next month. This means that holders of REP tokens must manually transfer their currencies to the new version of REPv2. Augur stated that existing tokens will be renamed to “REPv1” to avoid confusion.
The platform says, “Use it or lose it.”
In addition, the company said that the Augur v2 version will require the participation of all REP token holders in any branch if this happens. Those who cannot do this within 60 days will receive their property “forever”, which will not be able to participate in any of the future and complex Uyghur worlds. ”
However, the platform has confirmed that no immediate action is required. According to Ujur, fraud “must be a very rare occurrence.” At the time of the announcement, Ogur would have been worth more than $ 9 million, which would have made the new codes “probably worthless.”
The platform’s original REP code – now REPv1 – takes 44th place at market value and trades at $ 16.77.
U.S. election forecasting model
Augur is a forecast market that uses smart contracts to allow users to create and set the results of each event using ETH. The platform was criticized in 2019 due to a clear design flaw that could allow some users to launch fraud, aligning bets on the outcome of events before they are completed.
In particular, in 2018, the U.S. provisional election market showed a combined size of more than $ 3 million on the issue of which party – a Democrat or a Republican – will control the House. The market settlement date was about four weeks before any changes took effect.