Augur, the event betting company powered by Bitcoin Era, says users of its REP crypto-currency should migrate their tokens once a new version of the platform is available from July 28.

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According to an announcement on the platform’s website on June 29, Augur v2 will be launched on the main Ethereum network (ETH) at the end of next month. This means that REP token holders must manually migrate their tokens to the new version, REPv2. Augur stated that the current tokens will be renamed „REPv1“ to dispel any confusion.

„Use it or lose it“ says the platform

In addition, the company said the launch of Augur v2 would require all REP token holders to participate in any forks, should they occur. Those who do not do so within 60 days will see their funds „forever unable to participate in any of the forks and future universes of Augur.

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However, the platform emphasized that no immediate action was required. According to Augur, the bifurcation „is destined to be an extremely rare event. At the time of the announcement, it would cost Augur more than USD 9 million, making the new tokens „presumably worthless“.

The platform’s native REP token, now REPv1, ranks 44th in market capitalization and is trading at USD 16.77.

Prediction model implemented for the US elections.
Augur is a forecasting market that uses intelligent contracts to allow its users to create and bet on the outcome of any event with ETH. The platform was criticized in 2019 for having an apparent flaw in its design, this could have allowed some users to perform scams by setting bets on the outcome of events before they could conclude.

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In particular, the market for the U.S. 2018 mid-term elections showed a total volume of more than USD 3 million, addressing the issue of which party, Democratic or Republican, would control the House of Representatives. The market settlement date was almost four weeks before any change in leadership was effective.