EOS Token Swap: Register Your EOS Coins Before They’re Frozen Forever
EOS Token Swap – June 1st is fast approaching; which means the deadline to register your ERC20 EOS tokens is drawing near. If you’ve traded for EOS tokens and currently hold them in your portfolio, you must register them with the EOS team to receive the new EOS tokens run on the EOS blockchain.
If you currently hold your coins on Binance, you won’t need to worry. The exchange announced a few months back they will handle all technical aspects of the token swap.
Currently, EOS tokens are running on the Ethereum network and are considered ERC20 tokens. After June 1st, these ERC20 EOS tokens will be frozen on the Ethereum platform indefinitely.
The official EOS website reads:
“Within 23 hours after the end of the final period on June 1, 2018, at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will become non-transferrable on the Ethereum blockchain.”
There is a large group of individuals new to the cryptocurrency market that are unaware of this. If that’s you, you’ve come to the right place.
First and foremost you will need a MyEtherWallet. To set up a MyEtherWallet, you can do so here.
If you already have one, I will explain how to register your EOS once it’s transferred from your exchange to your wallet, from either your MEW or MetaMask. If you use the Exodus Wallet, I won’t be going into details with this, but you can find the official tutorial here.
Assuming you already have a MEW, you will need to deposit your EOS into it. Once you’ve done that, you’re all ready to go. Next, you must go to the main EOS website. If you are a US citizen you might need to use a VPN to access the site. On my Chrome Browser, I often use ‘Hola’ VPN.
Once on the site, you must scroll down on the main page to this.
Click on ‘Get EOS’ and it will direct you to a popup of a purchase agreement. Check all the boxes and continue. Scroll down until you find the ‘How to Participate’ section. From there look under ‘Register’ and you will find an underlined link to register your ERC20 tokens.
Scroll down and you will find the MyEtherWallet tab. From there it will prompt you to ‘Generate EOS Keys.’ Once generated, it’s a smart idea to make sure your keys are backed up and stored safely. Also, it might be a good idea to print them out and keep them stored as well.
Next, you have to go into your MyEtherWallet. Go to the ‘Contracts,’ which is at the top of the main page. Look for the ‘Select Existing Contract’ and select the ‘EOS: Contribution’ from the drop-down menu and click ‘Access.’ Then, select ‘Register’ from the function drop-down and enter your EOS public key in the ‘Key’ field. Once the key is in the key string, you will have to enter your MEW information again by inputting your password. Then click ‘Unlock.’ After clicking that you will see a tab that says ‘Write.’ Click on it and a notice will pop up saying you need a little bit of gas to do the transaction. Make sure you have a little ETH in your wallet to move the tokens. Once you do, click ‘Generate Transaction.’
Your EOS tokens are now registered and it only needs to be done once. To double check if it was done correctly, you just need to go to the bottom of the main page and click ‘Keys.’ You will be prompted to enter your MEW public key and when done, click ‘Read.’ If your EOS public key is registered you will see it in the string.
MetaMask is extremely similar to MEW, but in my opinion, it’s much quicker.
Once you’re on the main EOS website and have gotten to the place where you chose the option to register from either MetaMask, MEW, or Ethereum Wallet, click the Metamask tab. You must unlock your MetaMask in your Google Chrome browser first before you can proceed. After you’re logged in, make sure you’re in the account that holds your EOS. Once verified, click on the ‘EOS Distribution’ tab on the EOS webpage.
From there, click on ‘Register EOS Keys’ and wait for your keys to be generated. Next, backup your keys in a safe location and, again, it might be smart to print them out as well. Confirm your keys by inputting your private key in the ‘Confirm Private Key’ field and then click the ‘I have safely backed up my private key’ to proceed. I cannot emphasize this enough, BACK UP YOUR PRIVATE KEY.
Next, MetaMask will load. Review the transaction MetaMask has already loaded. Make sure the amount is set to 0 – yes, zero. You will need ETH for gas to send the transaction, so make sure you have some in your MetaMask. If you have enough, you can ‘Submit’ from there.
It may take a few minutes for the transaction to complete, but you can check if everything processed correctly on this website: EOSAUTHORITY. Input your public ETH Wallet Address.
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