EOS, so far, has been running on the Ethereum network. And the tokens in circulation were ERC20 tokens on the Ethereum Network, but come June 2nd and the project is launching and shifting all operations to its own mainnet. This is a transition the project team has been working towards, so no doubt they are looking forward to this, but what does this mean for the token holders? What changes for them?
Registering Your Tokens
With the upcoming network transition, it is imperative that all token holders register their tokens in order to continue owning them. Currently, the EOS tokens in circulation are ERC20 tokens on the Ethereum network, from the time the transition commences, all token holdings on the network will be frozen and only registered ERC20 tokens will be carried over and converted in the token swap.
There are three ways of holding EOS tokens right now; in a wallet, in an Ethereum wallet and in an exchange. Here is how to go about this token swap in all three cases;
- In a wallet – If your EOS tokens are stored in a wallet, online or offline here is what you need to do. In order to retain control over your EOS tokens, you have to register the Ethereum address of where you store your tokens and convert it into a public EOS key.
- In an Ethereum Wallet – Most Ethereum specific wallets already have steps and a plan of action for the token switch that is about to happen. So make sure you log into your wallet sometime soon and figure out what they are. The process will be pretty much the same as for those who store their EOS tokens in a wallet. You will register your ETH address and convert it to an EOS public key.
- In an Exchange – The process for the token switch for people who are storing their EOS tokens on an exchange that is supporting the token switch is pretty simple and straightforward because the exchange takes care of the entire process start to finish. However, in the event that your exchange is not, you will have to move your EOS tokens out of the exchange and into one that does.
The mainnet launch is scheduled to happen over the first weekend of June. Prior to which all holdings and operations on the Ethereum Network will be frozen and subsequently suspended. So in order to get ahead of this network switch and make sure that all of your tokens are swapped in the correct way without you incurring any personal loss, it is absolutely essential for you to register your tokens beforehand.
The deadline as such has been set as the 1st of June. So it is safe to say that all tokens must be registered before then because on the 23rd hour of the 1st of June all tokens will be frozen in preparation for the mainnet launch.
So to all EOS token holders! The clock is ticking, register away!
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