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Prediction market platform built on the Ethereum blockchain Augur will launch its smart contracts on the Ethereum mainnet. The migration of REP balances will take place on July,9.
Augur, decentralized platform tailored for prediction markets, has revealed the details of launch of its smart contracts. The Augur team announced that smartcontracts on the Ethereum mainnet on July, 9.
— Augur (@AugurProject) May 17, 2018
Augur is an open-source, decentralized, peer-to-peer oracle and prediction market platform built on the Ethereum blockchain. Founded in 2014 by Joey Krug, Augur ensures the accuracy of this real world information by providing a financial incentive for REP token holders to correct markets they believe have been reported on incorrectly. To participate in Augur, users can trade shares in markets, create prediction markets, or participate in the reporting system to keep the Augur oracle honest.
According to Krug, the original Augur smart contracts on Ethereum were written before solidity, the most widely utilized Ethereum programming language, was invented.
“We’ve shipped production vuln 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,” Krug said.
He also predicted that Ethereum “scalability will take a few years to improve”.
In a post published on Medium, Augur states that “the current REP token contract will be frozen indefinitely, and the automatic migration of REP balances will begin. If you are a REP holder or user of a centralized exchange or non-custodial decentralized exchange, there is nothing you need to do”. After the REP migration is complete, REP balance will be exactly as it was before the migration. The migration is scheduled on July, 9 at 11:01 PDT and is supposed to take only a few hours.
The only types of REP token holders that will have to withdraw their REP prior to July,9 in order to have their balances properly migrated are those using “custodial decentralized exchanges such as EtherDelta/ForkDelta, IDEX, and OasisDEX,” the post reads.
After the migration, every service that touches REP will need to update the contract address. When Augur is deployed and the REP balances have been successfully migrated, Augur will be live on the main Ethereum network.
Augur’s smart contracts are quite complicated, but despite this fact, REP draws much attention. The currency saw increase in price recently. According to CoinMarketCap, the current REP price makes up $55,66. The deployment of Augur on the mainnet of Ethereum is important for both Augur and Ethereum, and can heighten investors’ interest to the currencies.