Coin News

Augur joins the ranks of ERC-20 tokens which have launched their own platform

Augur, a market prediction project, has announced the date of the mainnet launch from Ethereum’s blockchain giving details on the token swap.

Following the mainnet launches of blockchains such as TRON, EOS, and Vechain’s Thor, there is another network which is joining the ‘we-have-our-own-blockchain’ party. Augur, a cryptocurrency platform which has a focus on market sentiment and prediction, is readying itself for its big launch day today 9th July at 11:01 PST.

Owing to the launch onto a new blockchain, Augur’s token- REP – will be migrating from Ethereum’s blockchain. As an ERC-20 token, the project held one of cryptocurrency’s earliest initial coin offerings and saw $5.5 million USD in funds come in.

The project’s aim

Augur has developed a platform which allows users to create prediction markets which is related to the outcome of future events of any sort, as well as designating a reporter to the prediction and offering the opportunity for traders to buy shares on the probable outcomes – almost like a gambling man’s vision of blockchain. Once the event has concluded, all agreed fees are paid out according to the results of the outcome.

The process is entirely conducted in a decentralized, peer-to-peer manner with a conflict management built onto the platform’s model.

REP token swap

As is the case with all ERC-20 tokens, once the main network has been launched, it effectively freezes all REP tokens which are held in smart contracts and the funds will automatically migrate to a new smart contract. Augur expects the move to complete within several hours after the launch.

The team behind Augur are hoping for a smooth transition. However, it was stated in an official post that those who are holding their coins in a decentralized exchange such as EtherDelta and IDEX should be mindful to move their funds to a different address or a centralized exchange.

“If you have REP in the Ether/ForkDelta or IDEX exchange contracts — you must withdrawal it prior to the migration on Monday, July 9th at 11:01AM PT to successfully receive new REP in the migration. Please help us get the word out as we approach deployment day.”

Currently, Augur has dropped slightly in value after a -2.48% decline in day-on-day trading and is sitting at $34.377 USD.

Posted: Oct 30, 2020 Author: Becky Categories: Coin News