As the EOS MainNet launch draws near, community members are being urged to ensure their addresses are registered to allow for a smooth transition for the ERC20 Ethereum platform to the new and independent EOS ecosystem. An early registration means you will not be caught by the June 1st registration deadline.
Registration of your ERC20 EOS tokens ensures that you will be issued with new tokens that run on the EOS blockchain. However, if your tokens are held at Binance, you do not have to worry as the exchange is handling the technical aspect of the swap.
Why is EOS Swapping Tokens?
EOS has been riding on the Ethereum ecosystem making it an ERC20 token, With EOS having its native blockchain, tokens on Ethereum will permanently be frozen. According to a press release from the EOS official website;
“Within 23 hours after the end of the final period on June 1, 2018, at 22:59:59 UTC, all EOS Tokens will become fixed (i.e. frozen) and will become non-transferrable on the Ethereum blockchain.”
This move might affect many EOS holders who are not up to date with what is happening around the blockchain. Those new in crypto market holding EOS might have a rough time verifying their token address.
With lack of awareness about the new EOS outfit launch, it is not clear how the impact will be on the community and the entire cryptocurrency landscape. He EOS tokens you hold now are ERC20 and they are currently stored and send on Ethereum. The EOS MainNet launch means the new EOS outfit will not rely on Ethereum.
Simply put, EOS address swap entails getting your EOS token address from the Ethereum blockchain to the new EOS blockchain. The procedure has however not been clarified but EOS ERC20 tokens need to be credited to your EOS MainNet address. If your address is not on the new platform, you stand to lose your tokens forever.
Details about EOS Launching the MainNet
The community has been warned that if they do not register their addresses, the EOS token will become worthless. Registered addresses means that your wallet can receive and send coins and this is simple way to show it is still active.
The token distribution will be on 1:1 ratio according to tokens you hold on the Ethereum ecosystem. If you are registered before the June 1st, the transition should be seamless. The developers of EON, Block.One are working on a platform where one can be able to launch their blockchains and this has made it necessary for the token swap since EON will be delinked from Ethereum.
EOS (EOS) DApp Development Popularity
With EOS still on the beta stage, there is increased interest from developers who are already launching their project on the ecosystem. Some of the current successful projects include eosCoffee, eosDAC and Evolution among others.
With the increased concerns over smart contract vulnerabilities on the Ethereum, going it alone for EOS is the only way the platform can actualize its full potential going into the future. However, for the newly created blockchain to thrive KYC and other regulation requirements need to be met.
Exchange Role in the EOS (EOS) MainNet Launch
There are several exchanges including Binance that are handling the token swap on behalf of their users. EOS holders are advised to check with their respective exchange and make sure they are handling the technical stuff. If not, they have to do the registration by themselves.
EOS fund storages on exchanges, according to the press statement are not advisable since it does not give you total control of your keys and might hinder smooth token swap. Binance, Kraken and Bitfinex are in support of the swap and will sap all ERC20 tokens to new EOS tokens.
When is the EOS MainNet going Live?
Creation of the EOS MainNet has not been confirmed but tentatively, it will occur on 3rd June. Currently, there are fears of double spending and the team behind has assured the community this will not happen during and after the transition.
At the time of writing, there are many concerns being raised on the EOS MainNet launch and more announcements on the finer details are anticipated in the next few days. Address verification will save your EON portfolio and is very important.