Augur's Revamped Predictions Platform Launches Next Month With a New Token

The blockchain predictions platform is upgrading to version 2 in July, but users will have to migrate to a new token if they want to use it.

AccessTimeIconJun 30, 2020 at 1:43 p.m. UTC
Updated May 9, 2023 at 3:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockchain predictions platform Augur is launching a new version of its protocol next month, but users will have to migrate to a new token if they want to use it.

The company announced Monday the "v2" rollout has been slated for release on July 28, and will represent an entirely new deployment of the Augur core protocol on the Ethereum network.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • Augur v1 will continue to exist in its current form independently on Ethereum, as it has no "escape hatch or method of halting trading activity on the protocol or of the REP token," the company said.

    Augur v2 will offer a new version of the platform's native REP token called "REPv2," with REPs renamed "REPv1." Current token holders are being asked to manually migrate to the new REPv2 token in order to participate in the new platform's reporting system.

    Action is only required by REP holders after Augur's v2 deployment has gone live. A migration tool will be provided within the platform's user interface, along with a tutorial on how to carry out the swap.

    The new upgrade will also reintroduce a concept known as "Use it or Lose it" whereby all REPv1 and REPv2 holders will need to participate in a potential future network-wide fork of its system. If users fail to participate within the 60-day forking grace period they will be unable to use their REP tokens to participate in future forks of the project.

    The predictions market said the forking of its project is the "crux" of its security model and is intended to be an "extremely rare event" with no market in Augur v1 nearing forking thresholds.

    "Currently, triggering a fork would cost approximately $9,100,000 (550,000 REP at $16.50), rendering the 'losing' side of the forks REPv2 presumably worthless," the firm said.

    Augur's decentralized prediction market project aims to use “the wisdom of the crowds” to create accurate forecasts for different scenarios.

    In 2019, blockchain prediction market startup Veil deployed a new version of Augur called AugurLite, created to support bets on the upcoming (at the time) U.S. presidential election.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.