Blockchain-based Prediction Market, Augur, to Launch V2 In July; Users Urged to Migrate to REPv2 Token

The Augur development team will be introducing a token migration tool for users to aid in the transition.

Quick Facts:

  • Augur set to launch its main upgrade on the blockchain on July 28th
  • Augur to introduce REPv2 token to replace the original REP (REPv1) token
  • REP Holders will need to switch to the new REPv2 token manually

In a blog post on their official website, Augur, the blockchain-based predictions and betting marketplace, announced the launch of its upgrade version – REPv2 – at the end of July. This is a push from the expected ‘early June‘ roll-out to allow users more time to switch their tokens from the REP to REPv2.

REP, Augur’s native token, will also be renamed to REPv1 to avoid any confusion between the two tokens once the switch completes on July 28, 2020. This is the platform’s first major upgrade, and the development team is urging its users to manually migrate their tokens through “a migration tool in Augur’s UI” that will be provided in the coming days.

The statement from Augur project team states:

“No immediate action needs to be taken. However, REPv1 holders will need to eventually migrate their REPv1 to REP v2 after Augur v2's deployment.”

‘Use it or Lose it' Is Forced Forking Participation in the Pipeline?

In a bid to move in the same direction once the upgrade has been deployed, the Augur team introduced the concept of “Use It or Lose It.” This means that any holder of REPv1 and REPv2 will be forced to participate in a network-wide hard fork if one should occur.

Users will have 60 days to be part of the forked chain or else lose all their holdings and power to participate in future Augur prediction markets. While the chances of a potential hard fork remain low, this warning raises a few questions.

Augur (REP) Live Price

1 REP/USD =$19.2137 change ~ 3.28%

Coin Market Cap

$211.35 Million

24 Hour Volume

$9.99 Million

24 Hour VWAP

$18

24 Hour Change

$0.6301

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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