EOS has been one of the biggest hype ICO’s of the last year with a $4 Billion market cap as an ERC-20 token. It’s promising roadmap and controversial governance model has caused a stir in the cryptocurrency community while the content they’ve put out to the press mirrors exactly that, crazy potential but also pretty of doubt over actual implementation.
Never the less, their ICO phase is over, their testnet phase is over and they’ve officially migrated to a mainnet of their own. This hasn’t been without issues with the network freezing within its first month, which is a big problem for a blockchain project that promises so much.
If you’ve never heard of EOS check out our full review here – What is EOS Coin? (EOS)
What is a mainnet?
A “Mainnet” is the original and official main version of a blockchain. It enables digital currency to be transferred between senders and recipients and perform pre-default tasks. A mainnet is launched once load testing has already passed necessary test trials on a testnet.
In the case of EOS its token was traded on the Ethereum blockchain as an ERC-20 token and now those various stakes in coins need to be allocated to its own blockchain.
The mainnet means EOS can now begin to allow individuals and businesses can now start to develop, host, and execute any decentralized apps and conduct transactions on the EOS platform.
If you invested in EOS in the ICO phase or while it was an ERC-20 token you will need to migrate your tokens to the EOS mainnet or risk losing your stake by being frozen out of the network. This is no easy process and plenty of tokens will be lost during the process. According to sites like cryptocoinspy $1.1 million in EOS tokens are left unconverted after the mainnet migration, which is a large chunk of change, especially for a volatile deflationary financial instrument in its infancy.
Investors are either holding in Hot Wallets, Cold Storage, Exchanges, ERC-20 Wallets or EOS native wallets and to make sure all these tokens are now integrated with their stand-alone blockchain needs some interaction from the user.
Account Name Registration is now a compulsory procedure for all users to fully interact with the newly updated EOS blockchain. EOS officially mandates that crypto users must pay approximately 2 EOS to register for an account name, and this amount is still increasing.
If you held EOS on any of the various exchanges you will need to follow these steps:
- Go to the EOS website https://eos.io
- Scroll down and select “GET EOS”
- Tick all the required boxes and click “Continue”
- Scroll down and click “Register”
- Select Metamask, MyEtherWallet, or Ethereum Wallet
- Follow the guide.
- Remember that the reason you need to register your Ethereum ERC-20 address is to include your EOS tokens in order for the balance of your EOS Tokens to be included in the Snapshot if a Snapshot is created, you must register your Ethereum address with an EOS public key. The EOS snapshot will take place prior to the 1 June 2018. After this point, your ERC-20 EOS tokens will be frozen. And you will be issued EOS tokens on the EOS blockchain.
REMEMBER YOU ONLY NEED TO REGISTER YOUR TOKENS IF YOU BOUGHT THEM ON AN EXCHANGE. YOU DON’T NEED TO CLAIM THEM.
For more on types of exchanges check out our post – Types of Cryptocurrency Exchanges
Method #1: MetaMask
For a detailed break down check out steemit tutorial: https://steemit.com/eos/@ash/full-walkthrough-how-to-join-eos-ico
Method #2: MyEtherWallet
For a detailed break down check out this tutorial on steemit from @ash: https://steemit.com/eos/@sandwich/contributing-to-eos-token-sale-with-myetherwallet-and-contract-inner-workings
Method #3: Exodus Wallet
For a detailed break down check out the official website tutorial: Register EOS with Exodus wallet
Method #4: Infinito Wallet
Infinito Wallet is looking to attract new users with a special offer for users: register your EOS account name free of charge with them accepting the expenses!
This campaign will only last from 6th to 18th of July with a fixed budget of 1,600 EOS on a first-come, first-served basis. After this budget is burnt out, users will not be able to register EOS account name for free anymore, so act fast and be amongst the first to get your free account
It should be noted that you can only choose an account name consisting of exactly 12 letters ranging from A to Z and/or numbers from 1 to 5 (“12345” and “abcdefghijklmnopqrstuvwxyz”). Tap “Register” complete the process.
For more on hot wallet, options check out our post – Hot Wallets To Store Your Cryptocurrency
Recovery for locked tokens
Note: If you weren’t part of the migration process and your EOS tokens on the Ethereum were locked and you’re not able to claim them then don’t stress. A community of EOS users has put together a process for some 20 000 accounts that were affected by the EOS lockout.
To check if your account is affected and how to claim your EOS on their main net then I recommend you check out the following guide.
Don’t get locked out
Naturally, if you’re an investor in EOS you obviously believe in its potential and want to protect your investment. So make sure you follow these steps and don’t lose your stake in EOS.
If you still have issues with registering your tokens I recommend you chat to the EOS community on Reddit, Bitcoin Talk or Telegram.
If you want to know more about cryptocurrency don’t be shy we’re happy to assist. Simply contact us
Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.