On June 29, Augur whose decentralized prediction market platform was developed on the Ethereum blockchain and whose decentralized application which runs on Ethereum was the first to make headlines noted its plan to launch a second version (called Augur v2) of its platform starting on July 28.
According to the blockchain-powered event betting firm, migration of its REP cryptocurrency tokens to a new version will be necessary for its users from July 28. That is, those who hold REP token will need to do a manual migration of their coins to a new version called REPv2.
We will rename the current tokens REPv1 to lessen any confusion, said the firm. Augur said it will launch Augur v2 on the Ethereum (ETH) mainnet and provide a migration tool within the Augur UI, as well as a full tutorial on how to migrate.
A requirement for those who hold REP tokens after the release of Augur v2 is participation in any forking, if it happens. However, failure to participate in it within 60 days will disqualify their holdings from participation in any of the forked and future universes of Augur.
“Augur v2 reintroduces the concept of “Use It or Lose It”, meaning all REPv1 and REPv2 holders will need to participate in a network wide market fork, if one ever occurs. If you do not participate within the 60-day forking period, your REPv1 or REPv2 will be forever unable to participate in any of the forked and future universes of Augur.”
REP token holders do not need to take any immediate action for now. The firm also noted that forking is meant to be an exceptionally rare event which would cost over $9 million at the time it announced Augur v2, thereby making REPv2 presumably worthless.
When it comes to ranking cryptocurrency tokens by market capitalization, Augur’s native REP token (REPv1) occupies the 44th position and is trading at $16.77.