Augur being an open-source decentralized platform built on the Ethereum blockchain, caters to the prediction market and are looking forward to launching smart contracts on the Ethereum’s Mainnet on July 9th.
Augur establishes accuracy on the network by providing a financial incentive for REP token holders to correct mistakes in the prediction market, more carefully. Users can trade shares in markets, participate in the reporting and also create markets for prediction.
For any increase in the overall market cap prices for any given Cryptocurrency or coins, be it BTC or ETH, it serves the Augur network with no changes in its prediction routine. The REP migration is scheduled to begin on July 9th, 2018 at 18:01 UTC. This is when the current REP tokens will freeze indefinitely, and migration of new REP balances will begin.
Joey Krug, the co-founder at Augur, tweets earlier this May saying:
“I don’t think people understand how complicated something like the Augur Project actually is or how challenging an engineering effort it is to build on Ethereum.” Augur’s smart contracts “were written before Solidity”, the contract-oriented programming language that’s so widely popular with the Ethereum network.”
He further added:
“We’ve shipped production free code before on Ethereum like the original augur sale smart contract which handled 1M ETH.”
So, as the news of Augur getting deployed rushed in, all the current REP tokens are made into new REP token contracts which will be accessible in the Augur-space. The technology is better equipped than ever before. In case of decentralized exchanges like EtherDelta, IDEX or OasisDEX, users must withdraw their tokens before 9th of July to receive the accurate balances.
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