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What is the governance plan for Augur?

Will Augur Foundation always retain the keys to the contract to make continuous improvements? If yes, do REP token holders have a governance role?

Or will the Augur contract at some point get locked so that no one can make changes to it?

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Surely the decentralised network requires the continuous improvements, as you refer to them, to be on the ether so they are fully transparent. Distributed ledger. Why would REP token holders have or even want a governance role.

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