Are your EOS tokens safe?

The EOS mainnet is set to launch on the 2nd of June, meaning that EOS will transition from the Ethereum network to its own network.

Why does that matter to you?

You could have your tokens locked up in the process.

We'll briefly be exploring if you may be at risk of losing your EOS tokens, and what you can do to avoid that happening.

Are your tokens at risk?

If you keep your tokens in a wallet, the answer is yes. You'll need to register the ETH address in which your EOS tokens are held to a public EOS key.

Here's a link to an article explaining how you can do that; https://coincrunch.in/2018/05/05/how-to-register-your-eth-address-ahead-of-eos-mainnet/

If your tokens are stored on an exchange, you'll need to check whether the exchange is supporting the swap. If they are, you can put your legs up.

These are the exchanges supporting it so far:

Binance
Bitfinex
COBINHOOD
Kraken
Kucoin
OKEx
GOPAX

More may join that list in the run up to the mainnet launch.

If the exchange your EOS tokens are on isn't on that list, you'll need to either move your tokens to an exchange supporting the swap or move your tokens into an Ethereum wallet and then register your ETH address as explained above, by the 1st of June.

Note: There is a chance that the EOS community will find a work-around to help recover any tokens frozen during the swap, but there's nothing concrete available yet. Better safe than sorry.

Why is this happening?

The EOS tokens in circulation at the moment are ERC20 tokens. That means that they're on the Ethereum network and are subsequently subject to Ethereum's limitations. EOS will bypass those constraints by launching its own network, referred to as the EOS mainnet, on the 2nd of June - but this means that existing tokens will be replaced by new ones once the swap takes place. To make sure your tokens are accounted for and not frozen indefinitely, you'll need to register them or have them registered for you.

When the mainnet goes live we can expect a significant upgrade on the scalability front. Worst-case predictions from the EOS team put the mainnet TPS (transactions per second) at 1000. A big jump from Ethereum's current 15TPS average. The new network will be supported by 21 supernodes (also known as Block Producers) elected by EOS token holders using the novel DPOS (Delegated Proof Of Stake) system.

About EOS network

EOS network is a Block Producer candidate powered by Berlin-based companies Advanced Blockchain AG and nakamo.to.

You can find out more on our website: https://eosnetwork.io/

Or follow us on Twitter: https://twitter.com/EOSnetwork_io

Disclaimer

EOS network by Advanced Blockchain AG is a Block Producer candidate from Germany. The information provided here should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering.

Cryptocurrencies are complex, involve significant risks and are highly volatile. Past performance of cryptocurrencies is no guarantee of future performance. We do not recommend you trade cryptocurrencies.

Do your own due diligence, consider your own circumstances, and obtain your own advice before relying on this information. Verify the nature of any product or service as well as its legal status and relevant regulatory requirements and consult relevant regulators before making investment decisions.

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