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Augur has finally announced that the update for Augur v2 will be released on July 28th.
What is Augur?
Augur is a platform that allows anyone to create and be part of a predictive marketplace, i.e. place bets where users can try to guess what will happen or how an event will turn out.
The platform uses a series of oracles to determine the outcome of a condition and then pays those who participated and guessed the result.
Augur has its own token, REP, and even the token will undergo an upgrade process and migrate from the current REP v1 version to the new REP v2 version.
This migration process will have to be done manually, something that could lead to the birth of scam platforms, so users are advised to be careful in order to avoid running into some scam that requires sending private keys, seeds and whatever else.
The migration to Augur v2 has very strict parameters: in fact, there will be a window of 60 days for the migration and all tokens will have to participate in the fork following the logic of “use it or lose it”.
For this reason, the team expects that there will be tokens that will not be able to participate in this process – approximately half a million REP
In addition, the Augur team invites all the various dApps and platforms to update their contract in order to properly support the new REP v2 token.
Certainly important news for the project, but it might involve some problems, in particular related to the migration of the token that will be entrusted to the user.
As far as the exchanges are concerned, they will be able to operate an automatic migration system for the users who hold the cryptocurrency.
The predictive market on the blockchain and not
The predictive market domain is very interesting and this is also reflected in Everipedia’s PredIQt project, which is based entirely on the EOS blockchain.
Another giant that has approached this sector is Facebook, which will start the testing phase of a similar system but without any remuneration for the users who will participate and obviously without the use of the blockchain.
Meanwhile, the REP token is recording a positive trend and is currently trading at around $17, occupying position 43 on CoinMarketCap.