Augur [REP], a decentralized, open-source, peer-to-peer network-based prediction market platform built on the Ethereum [ETH] blockchain, will launch its new smart contracts on the Ethereum platform. The REP migration is scheduled for 9th July.
Augur’s token REP will start the process of conversion of its Ethereum-based ERC-20 tokens owing to the launch of the new blockchain. In its ERC-20 phase, the project acquired $5.5 million in funds during its initial coin offering [ICO].
Augur was founded by Joey Krug in the year 2014. The aim of this project was ensuring that real-world information is always accurate. This is ensured by making a financial incentive available for REP token holders in order to correct markets that may have been reported on wrongly. The users participate by trading shares in markets and creating prediction markets. They can also participate in the reporting system in order to keep the Augur oracle honest.
According to Krug, Augur’s original smart contracts on Ethereum had been written before the invention of Solidity, the most widely utilized Ethereum programming language.
“We’ve shipped production vulnerable free code before on Ethereum like the original Augur sale smart contract which handled 1M ETH. We’ve been writing contracts on Ethereum since before Solidity was even a language.”
After the launch of the mainnet, all REP tokens stored in smart contracts get locked, as seen with all ERC-20 tokens. The funds will then be moved automatically to a new smart contract. Augur predicts that the migration will reach completion within several hours of the launch.