Ethereum-based decentralized predictions platform, Augur has announced that it will launch a new version of its protocol by the end of next month.
The project revealed the upcoming launch via an announcement on its website, confirming that token holders will need to migrate their holdings once the newly updated Augur platform goes live.
Augur has renamed its native token, REP to REPv1, to ensure there are no confusions during the upgrade, with tokens on the new platform also set to bear a new tag, REPv2.
While admitting that no immediate action was required from REP token holders at this time, a new tool will be provided to support the migration to REPv2.
The new REPv2 tokens are set to introduce a new feature that mandates token holders to participate in any future forks of the network.
Labeled a “use it or lose it” process, Augur stressed that holders who “do not participate within the 60-day forking period,” risk their REPv1 or REPv2 tokens being “forever unable to participate in any of the forked and future universes of Augur.”
Nevertheless, forks as per Augur are designed to be a rare occurrence within the ecosystem. Triggering a fork would cost 550,000 REP tokens (appr. $9,100,000) at press time, while the entire process will render the “losing” side of the forks REPv2 presumably worthless.”
At the time of writing, Augur (REP) was trading at $16.89, a 3% increase that defies the general bearish outlook of the crypto market. The coin has a market cap of $185.8 million.
In a recent study about Augur, Coinfomania reported that although fairly popular with millions of dollars in market cap, Augur decentralized prediction platform is well underutilized. The platform reported only 115 users over a particular seven-day period.