EOS owners beware: 55% not yet registered for token swap

EOS will launch its Mainnet on 2 June, but statistics from EOSAuthority show that 55 percent of users have not registered their tokens for the upcoming migration.

Since its release, EOS has been operating with the ERC20 token of the Ethereum network, which enabled the token to operate a one-year ICO and still provide investors with availability through tokens. As part of the migration, EOS will switch to its separate dApp-focused blockchain, which can theoretically guarantee one million transactions per second (TPS).

An immense leap in transaction throughput

The EOS team showed in a Medium Post that in the worst-case scenario 1,000 TPS (transactions per second) are possible, which is still a significant increase over the current 15 TPS supported by the Ethereum blockchain. The EOS backend is supported by Bitcoin Revolution 21 supernodes selected via the dPOS delegation system, with Bitmains Antpool acting as one of the network’s official block producers.

While investors showed great enthusiasm for the Mainnet release, the migration process was anything but smooth. In order to use the new network, investors must migrate their EOS ERC20 tokens from the Ethereum network to the EOS Mainnet via a registration process.

Although EOS made the registration process quite simple, statistics from EOSAuthority show that only 45 per cent of EOS tokens were registered. This is a big problem for unregistered EOS owners because ERC20 tokens that were not registered before the start of the Mainnet are not counted in the blockchain snapshot, which means that the unregistered coins are theoretically not compatible with the new network, making them worthless in the short term.

Community support for rescue

There is no official statement from the EOS development team as onlinebetrug.net to whether unregistered tokens can simply be transferred to the Mainnet at a later date, but the community members have worked on a fallback solution.

“WE RECOMMEND THAT ALL USERS COMPLETE REGISTRATION AND USE A SIMPLE TOOL ON OUR EOSAUTHORITY.COM WEBSITE TO CONFIRM THAT THEY HAVE SUCCESSFULLY REGISTERED. THE COMMUNITY IS ACTIVELY DEVELOPING A FALLBACK SOLUTION SO THAT UNREGISTERED WALLETS ARE AUTOMATICALLY REGISTERED AND CLAIMED BY CONVERTING A PRIVATE ETHEREUM KEY INTO A PRIVATE EOS KEY.

Bad sign for the EOS Blockchain?

With such a low registration rate, concerns were expressed as to whether users would actively participate in the network after publication. Given the importance of the token community’s involvement within the dPOS network structure and its responsibility in coordinating the delegate, the lack of activity could affect some of the network’s core functions.