EOS mainnet launches in about 2 weeks 💱 Did you register your EOS tokens yet? Walkthroughs inside
The EOS mainnet is scheduled to go live on June 2nd 2018, and with it comes the token swap where the current EOS ERC-20 tokens will be swapped for the 'real' EOS tokens. If you haven't registered your ERC-20 tokens before the launch date, you should act quick because if you don't you will not receive mainnet EOS tokens.
TOKEN SWAP
Since EOS is its own blockchain the current ERC-20 EOS token are only a temporary token on the Ethereum blockchain which are intended to be swapped for actual EOS tokens native to the EOS blockchain. The ERC-20 token only functioned as a fundraiser.
In order to make sure your ERC-20 tokens are swapped for the real thing it is important that you register your Ethereum address on the EOS token registry website in order to link your Ethereum address to your future EOS address. Based on how many EOS tokens you have on this Ethereum address, you will be given the same amount of EOS mainnet tokens.
To register your ERC-20 tokens you will need to perform several steps, among which is the activation of the EOS token registry contract. How to do this depends on what type of wallet you uses and the steps are slightly different for each. Fortunately our provider of daily cryptocurrency news Crypt0 has provided us with handy video-walkthroughs to get you on your way. I followed the Ledger walkthrough myself and can vouch that it works.
The most important step during this process is the generation of an EOS private key. This works just as any private key, and it is actually the private key that your mainnet EOS address will have. Remember to treat this private key with as much attention and security as you do with any of your private keys!
Crypt0's Ledger Nano S EOS token swap tutorial:
Crypt0's token swap tutorial using the Exodus Wallet:
And an official EOSIO guide on how to use Metamask:
LAST CHANCE BEFORE LIFT-OFF
Leading up to the mainnet launch EOS has already seen a significant rise lately, but is now undergoing a dip. With the mainnet launch in about two weeks from now it seems to me like right now might be the last chance to step onto the train before the actual launch. Experience has taught me that it's very likely that EOS will see one final run-up before the launch.
It is risky to get in now, though, and I'm more inclined to recommend it to short-term traders. I feel pretty confident in saying that gains are to be had in EOS, but I do believe it is going to 'suffer' greatly due to the 'Buy the rumor, sell the news' that many traders are likely following. As such, it will be important to get out before everybody else does.
If you intend to hodl EOS for the long term, then I am not convinced now is the best time to buy. The post-launch period could see a significant drop in price - 50% is not uncommon; something which could bring us back to current price levels or even below. Of course, if this project succeeds in the long term then any price today will appear to be a good price when looking back. The hype is certainly there.
Whatever you do, just don't forget to register your EOS tokens in time. Yes, I know it's a hassle and indeed it violates your privacy by exposing your ETH address, but you don't want to end up being the one with useless and, more importantly, worthless ERC-20 tokens. Alternatively, you could decide to trust parties such as Binance and Bitfinex by leaving your funds there, since I believe are both supporting the EOS token swap. But let's be honest: you shouldn't be keeping a big pile of crypto on exchanges anyway - it carries risks of its own.
If you want to check if your Ethereum address is correctly linked to an EOS address, you can check it on the EOScountdown website right here.
Thanks for another great CLEAR article. I don't know what I'd do without your posts to help me navigate the crypto world!
Of course, you're welcome, and thanks for the compliment! I really appreciate hearing feedback from my readers!
I tried to register but because I’m American and the ICO is still going on (and not admitting Americans) I couldn’t even get to the point were I could register a private key. So I wound up having to just leave my coins on Binance. Honestly, now you’re making me think I should just sell them on the next rebound and rebuy after the launch. I only have a couple hundred anyway.
The coin I’ve actually been waiting to go hard on until after the EOS mainnet launch is actually STEEM. I’ve got more of it than of EOS for sure, but I’ve been thinking of doing multiples of what I have. Just want to see first what happens to STEEM with EOS events, since a lot of people seem interested in both coins.
What do you anticipate for the behavior of STEEM when EOS mainnet goes live?
Oh! I knew Americans were blocked from the ICO purchase but I didn't think they were blocked from the registry of tokens if they purchased them off exchanges!
Because I don't see how they can block the registering, since it happens through an Ethereum smart contract. You can call on the functions of this smart contract through MyEtherWallet, for example (I did that when registering my Ledger nano s address)
I think leaving them on Binance will work too though.. It's very likely they will support the token swap. Binance usually does.
Truthfully of course nobody knows what the market will do. I myself have been holding EOS since last june and will continue to hold it for the foreseeable time regardless of post-launch dips or moons. I've learned my lessons trying to trade and time the market - inevitably you miss out on the massive gains at some point due to misjudgement, in favor of many small gains which individually carry a lot of risk too. Hodling is much less stressful and many times more profitable, I've found. As long as the project is good of course.
As for STEEM I truly don't know. Did you hear of Dan Larimer's plans to build a Steemit competitor on EOS? I don't know if STEEM will be able to withstand serious competition.. STEEM moves so slowly after all and not much actual development has happened in the past year.
The one true advantage of STEEM is that it's censorship-resistant (to a point). EOS on the other hand will not be censorship resistant as it has features built in with which block producers can freeze user accounts (in order to be compliant with regulations is my guess - customer protection and AML). While EOS brings significant technological improvements, censorship-resistance seems to me to be one of the main selling points of a blockchain.
So I don't think STEEM will necessarily disappear or die. There will still be a place for it among those who seek a censorship resistant place. Then on the other hand.. how many people do you know whose primary motivation is censorship resistance? Sure there are a bunch who find it important, but the real reason most are on STEEM is because of the earnings. If that crowd moves to EOS because it has better earnings, then only the censorship-resistant crowd will remain here. And there's not that many of them after all..
My advice is that if you like platforms like STEEM then I recommend spreading your risk around and not putting all your eggs in one basket. There are many Steemit competitors coming up on multiple platforms... it's the social media-race all over again and nobody knows which will come out on top as the facebook of the future. Best to just get onboard with all of them, I'd say. I am planning to simply cross-post all my content across all platforms.
Binance is definitely supporting the swap. The way they are blocking Americans from registering is by our IP address on the EOS website where you go to start the process of registering. It’s the same starting page as for registering for the ICO, so we get an error message about our IP. I suppose I could try with VPN but honestly I’m not that motivated. I’ll wait until the ICO ends and there is no issue with my IP.
On the other stuff, good points on the censorship differentiator. And true, not that many people have that as their primary motivator. It’s the reason I’ve only bought 2k STEEM so far and am waiting until sometime in July to decide whether to invest further. I need to see what happens with EOS and steemit like apps on it like Ono, which I’m on some sort of update list for.
Well it will be interesting to follow these developments together. Thanks for your post and comment.
Dan Larimer once posted something like, "Just because you can back-door register the tokens, doesn't mean they'll be live on the mainnet launch."
I took this to mean any tokens not registered through the block.one process. I personally would not trust any other process.
your mileage may vary. ;)
Good post, EOS Is going to be huge.
There is a super simple 1-click option baked into the exodus wallet that makes things very easy for all users, details can be found here
You say it is risky to get in now but are you factoring in all the airdrops that are happening this month and next. EasDAC alone has grown 100% since the airdrop happened and with some major names getting into to mix, I would say it is risky NOT to get in now.
Just my 2 cents
I didn't factor the airdrops in, and it's a very good point! Getting in later does mean you miss out on the airdrops.
Then again for some of the upcoming airdrops they haven't announced how much will be airdropped yet. Like Everipedia, which is much anticipated, there is no announcement of what percentage of tokens will be airdropped. It could be a significant amount, but it could also disappoint and amount to 'only a couple of bucks worth'.
For long term investors, it is probably best to just get in as early as possible.. usually the case with crypto
Agreed, pros and cons, love your work keep it sir!
Thanks! But I'm no sir :)
I feel this whole swapping EOS tokens is going to create confusion for a lot of people. EOS seems to be quite widely spread and a lot of 'newcomers' own a few. I hope they know this is coming and hopefully don't left their tokens on the exchanges though.
Also, I am curious about the post-mainnet-launch price action. To me it feels that EOS has been hyped too much already and should be where it is now (yet) in terms of marketcap.
I agree, the token swap is going to be confusing to a lot of not-so-tech-savvy investors. The whole process appeared a little daunting at first - even to someone who's been around longer like me.
I hope the amount of people who will get hurt will be minimal though, since most exchanges that support EOS will probably also support the token swap.
As for the price... I kind of expect it to completely plummet at around, or slightly before, the mainnet launch. Most of the run up from the last period has been because of the mainnet launch, so most of that should disappear. I wouldn't be surprised if EOS ended up with a lower market cap than it has now sometime after the launch.
Damn, i shoulda cashed out when it hit $20.. i just wasnt paying attention to the market at that point.. life happens.
Ha, yes... hindsight is 20/20 :)
We all should've sold at $20 and re-bought at $13! Just like we should've sold Bitcoin at $19K :)
Such is the way of crypto investing...!
Omg i didnt know i had to do this! That would of really sucked if i didnt.. im gonna do this first thing in the morning! Thank you so much for the heads up. :)
resteemed
Yes! Glad I managed to remind at least one person and save them from disaster! :)
Good luck with the registering and don't forget to check if it all went well on eoscountdown.com
I did it and checked it and i am good to go! THANK YOU SO MUCH!! You saved me from loosing 300 eos tokens! That seriously would have been a nightmare!. I sent you a shout out in the post I am going to be posting here shortly. Hopefully we can reach a few more people before this goes down :)
I sent you a few sbd to you because you saved my ass, sorry its not more.
Thanks so much! I just saw it and I'm very thankful!
Also, I'm glad I could help a few people out in this way...!! And yes losing 300 EOS tokens would be quite a lousy thing to have happen! Glad yours are safe now!
You have a minor grammatical mistake in the following sentence:
It should be its own instead of it's own.Thanks grammarnazi!
Thanks for posting this. I'll be sure to do that this week.