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.
REP migration is planned to begin at 11:01AM PT tomorrow, July 9th. At that time, the current REP contract will be frozen indefinitely. The migration will take place over the rest of the day.
— Augur (@AugurProject) July 9, 2018
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.
