Blockchain predictions platform Augur is launching a brand new model of its protocol subsequent month, however customers should migrate to a brand new token in the event that they need to use it.
The corporate introduced Monday the “v2” rollout has been slated for launch on July 28, and can characterize a wholly new deployment of the Augur core protocol on the Ethereum community.
Augur v1 will live on in its present kind independently on Ethereum, because it has no “escape hatch or method of halting trading activity on the protocol or of the REP token,” the corporate stated.
Augur v2 will supply a brand new model of the platform’s native REP token known as “REPv2,” with REPs renamed “REPv1.” Present token holders are being requested to manually migrate to the brand new REPv2 token so as to take part within the new platform’s reporting system.
Motion is just required by REP holders after Augur’s v2 deployment has gone stay. A migration device shall be offered throughout the platform’s person interface, together with a tutorial on the way to perform the swap.
The brand new improve can even reintroduce an idea often known as “Use it or Lose it” whereby all REPv1 and REPv2 holders might want to take part in a possible future network-wide fork of its system. If customers fail to take part throughout the 60-day forking grace interval they are going to be unable to make use of their REP tokens to take part in future forks of the challenge.
The predictions market stated the forking of its challenge is the “crux” of its safety model and is meant to be an “extremely rare event” with no market in Augur v1 nearing forking thresholds.
“Currently, triggering a fork would cost approximately $9,100,000 (550,000 REP at $16.50), rendering the ‘losing’ side of the forks REPv2 presumably worthless,” the agency stated.
Augur’s decentralized prediction market challenge goals to make use of “the wisdom of the crowds” to create correct forecasts for various situations.
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