Augur, a cryptocurrency platform which has a focus on market sentiment and prediction will be joining the list of blockchains that had their mainnet launch, following TRON, EOS, and Vechain’s Thor network group. The launch is scheduled to take place 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.”
Due to the new blockchain being launched, Augur’s token- REP – will be starting the conversion process of its Ethereum- based tokens. In it ERC-20 phase, the project gathered during its initial coin offerings $5.5 million USD in funds.
The project’s aim
The Augur platform was developed to enable to make predictions regarding various which are linked to the outcome of future events of any kind, as well as assigning a reporter to the forecast and offers traders the chance to purchase shares on the probable. Once the event is finalized, all decided fees are paid out in concordance with the results of the outcome.
The process involves a decentralized, peer-to-peer manner with a conflict management implemented in the platform’s model.
The REP token Switch
As seen with all ERC-20 tokens, after the mainnet has been launched, it locks all REP tokens which are stored in smart contracts and the funds will automatically be moved to a new smart contract. Augur anticipates the migration will be completed within several hours after the launch.
Augur’s development team is hoping for the transition to go smoothly. But, it was mentioned in an official post that the coins stored in a decentralized exchange such as EtherDelta and IDEX should be moved into 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 is seeing a slight decrease in price after a -2.48% decline in daily trading and is valued at $33.93 USD.