So you purchased EOS on an exchange ? Why you need to register your Ethereum Wallet address at EOS.IO, prior to the 1 June 2018 !
Updated 15 Dec 2017
A Basic Help Guide for inexperienced EOS Holders
WARNING: “This is an unofficial guide, and should be treated as such. Sections may be outdated, so USE AT YOUR OWN RISK”
After multiple requests on the EOS subreddit, I have developed a quick EOS token registration user guide.
The reason I have developed the user guide, is simply because on the 1 June 2018, the EOS ERC-20 tokens (the ones you bought on exchanges etc), will be “fixed and non-transferable on the Ethereum blockchain”.
Here is the official EOS.IO justification for registering your EOS tokens: “If you hold EOS Tokens in an Ethereum account and fail to register your Ethereum address to your EOS public key, then your EOS Tokens may not be part of a Snapshot (as defined below) a third party may wish to create when the EOS Tokens become fixed and non-transferable on the Ethereum blockchain. In order to be part of such Snapshot, it is important that you generate an EOS public and private key pair (see the “Generate EOS keys” button below) and register your EOS public key with your Ethereum address prior to the EOS Tokens becoming fixed and non-transferable on the Ethereum blockchain which will occur within 23 hours after the end of the final period on June 1, 2018 at 22:59:59 UTC.”
Currently the tokens you purchased on exchanges are ERC-20 tokens on the Ethereum blockchain. I guess a quick analogy may be. Imagine your EOS ERC-20 tokens are all passengers on an old steam train (Ethereum Blockchain). They can currently get on and off (be traded on exchanges etc), and the steam train is chugging away, up and down the line (Unless Cryptokittens are slowing the old train). However on 1 June 2018, the old ERC-20 steam train will be decommissioned and parked. And on the 1 June 2018 a new electric train (EOS blockchain and EOS blockchain tokens) will start operation, on a new train line with a different rail line gauge (size). The only rule is, that prior to the 1 June 2018, all the ERC-20 passengers must have purchased tickets to the new Electric EOS train. If the passengers do not have tickets, they will be stuck aboard a parked and unusable steam train. And the only way to buy your new ticket is to “Register your Ethereum Address (ERC-20 garage)on the EOS.IO website”.
So what is an Ethereum address?An Ethereum Address is simply where you store your ERC-20 tokens. It’s your ERC-20 token garage.
What’s an ERC-20 token?The Ethereum token standard (ERC20) is used for Ethereum smart contracts. Developed in 2015, ERC-20 defines a common list of rules that an Ethereum token has to implement. Giving developers the ability to program how new tokens will function within the Ethereum ecosystem. This token protocol became popular with crowdfunding companies via Initial Coin Offering (ICO). [Ref: Wikipedia]
So what does all this talk about ERC-20 tokens mean?Well as defined in section (3) above, the ERC-20 tokens will be “fixed and non-transferable on the Ethereum blockchain” on the 1 June 2018. This is because EOS will be going live with its own blockchain. Hence the ERC-20 EOS tokens will be redundant.
Why register my Ethereum address, I am still confused?Well just prior to the 1 June 2018, EOS will take a “snapshot” of all “Registered” EOS ERC-20 Ethereum Wallets (ERC-20 garages). The “snapshot” simply takes a note of the amount of EOS tokens you hold in your Ethereum Wallet (ERC-20 Garage). You will then be allocated an equivalent amount of EOS tokens on the new EOS blockchain.
Now currently the only Ethereum Wallets (ERC-20 Garages) approved by EOS are:
MetaMask (Chrome browser addon); or
MyEtherWallet (no download needed).
The following wallets are known to be incompatible wallets; this is not a complete list. Do not use any of the following wallets to participate in the EOS Token distribution:
- Any Bitcoin exchange
- Any Ethereum exchange
Creating an Ethereum Wallet — STEP BY STEP GUIDE :
1- Firstly create an Ethereum Wallet at https://www.myetherwallet.com/. Please be aware of phishing sites, only use the exact address provided here.
2- Here is the official Guide:https://myetherwallet.github.io/knowledge-base/getting-started/creating-a-new-wallet-on-myetherwallet.html
3- Here is a useful Youtube video (https://www.youtube.com/watch?v=ZM0OTDYuL2M) for creating a wallet on MyEtherWallet.
4- Now you need to get your wallet address in order to send money from Binance, Bitfinex or any other exchanges. Simply click on “View Wallet Info”, enter your Private Key or load your Keystore /JSON File etc.
5- Now copy your wallet address. It is located under “Your Address”.
6- Now log into your exchange, for instance Binance. And go to the withdrawals section. Now enter your MyEtherWallet address here (remember only send a small amount initially, in order to verify the address you provided is correct. Then once you confirm the successful EOS token deposit in your MyEtherWallet, then transfer the remaining EOS tokens):
7- Once sent, you can then go to your MyEtherWallet address, your EOS tokens will appear in the tokens section. This can take some time depending on the Ethereum Blockchain daily congestion.
Registering your MyEtherWallet address with EOS.IO — STEP BY STEP GUIDE :
Step-1: Copy your MyEtherWallet address:
Step-2: Go to https://eos.io/
Step-3: Scroll down to “GET EOS”:
Step-4: Tick the boxes and click “CONTINUE”:
Step-5: Scroll down and click the orange “register”:
Step-6: Scroll down and click on the “MyEtherWallet” icon:
Step-7: Now simply follow the instructions provided on the website to register your Ethereum address with EOS.IO:
- Click on the ‘Generate EOS keys’ button below
- GENERATE EOS KEYS (Do this on the EOS.IO website)
- Backup your keys and keep them safe
- Go to ‘Contracts’ in MyEtherWallet
- Select ‘EOS — Contribution’ from the contract dropdown and click ‘Access’
- Select ‘Register’ from the function dropdown
- Enter your EOS public key in the ‘key’ field
- Unlock your wallet
- Click ‘Write’
- Verify that ‘Amount’ is set to ‘0’
- Click ‘Generate transaction’ to proceed
If you would like to verify your registration, you can use the ‘keys’ function from the EOS Distribution Contract
- Go to ‘Contracts’
- Select ‘EOS — Contribution’ from the contract dropdown and click ‘Access’
- Select ‘keys’ from the function dropdown
- Enter your Ethereum public address in the ‘address’ field
- Click ‘Read’
- Your registered EOS public address will be displayed in the ‘string’ field
THAT IS IT. YOU NOW HAVE AN ERC-20 ETHEREUM WALLET / ADDRESS AND YOU HAVE REGISTERED THE ADDRESS WITH EOS.IO. YOU ARE NOW ALL SET FOR THE 1 JUNE 2018 SNAPSHOT. AND YOU NOW HAVE YOUR TICKET FOR A RIDE ON THE NEW EOS ELECTRIC TRAIN.
REDDIT FAQ (I will update this each day or as necessary)
(1) - I can’t register my EOS tokens on EOS.IO, because I have a US IP address, and I am in the USA ?
US citizens are not permitted to register their Ethereum address or contribute to the EOS ICO via EOS.IO. The official comment is:
(2) - I have heard of USA citizens getting EOS tokens?
Yes this is true, they have been purchasing them on Binance etc. Also some USA citizens purchase the on the EOS.IO website using VPNs (Virtual Private Networks). However the official statement is explained above.
(3) - Can’t I just leave my EOS tokens on the exchange on the 31st May 2018 or the 1 June 2018?
NO. On the 1 June 2018, the EOS ERC-20 tokens (the ones you bought on exchanges etc), will be “fixed and non-transferable on the Ethereum blockchain”.
(4) - What Ethereum wallets are compatible with EOS tokens?
Just MyEtherWallet and MetaMask
(5) -Can’t I just leave my EOS tokens on the exchange for the snapshot, as that worked with IOTA just fine?
At the stage the answer is a definite NO. If you need a reference, here it is: Please read Section-13 of the EOS.IO FAQ.
(6) -Do I need to send all my EOS tokens to my EOS Ethereum Wallet address now?
No you don’t. You can trade them, or leave them on exchanges. But PLEASE remember to have them in your registered Ethereum wallet prior to the “snapshot” in 2018.