Just a quick episode today reminding everyone to register your EOS tokens before June 1st! If you do not register them you could lose all of your tokens and you could miss out on some airdrops.
When you buy bitcoin, you don’t have to register those so we do we have to register EOS?
Well, the EOS token sale was done using the ethereum block chain. They created what’s called an ERC-20 token that is really kind of a place holder and a funding mechanism for the company behind the EOS software, block.one. In other words, what you have now is not the REAL EOS token. It’s a placeholder that will be ‘swapped’ for the real EOS token on the EOS blockchain once the blockchain launches at the beginning of June. That is why you need to register them because if you don’t the EOS network will not know where to put your real EOS tokens.
Essentially what registering does is it creates an EOS wallet for the new blockchain and it links that wallet to your current ethereum wallet that holds your EOS tokens. That way when the blockchain is launched it will credit your EOS wallet with the same number of real EOS tokens as the number you have of the placeholder ERC-20 tokens.
For legal reasons they created this placeholder token but did not give any rights to token holders. This has caused a lot of skepticism making many people worry that they won’t have any value. This is one reason I think EOS is great because there are a lot of people on the sidelines still waiting to ensure that the REAL EOS token materializes.
I believe it will materialize. If I didn’t I wouldn’t be doing this podcast.
So, what if you don’t register? Well there’s a chance that you can still get your real EOS tokens after, but at this time there is no real plan for making that happen. In other words, it’s risky. You might be okay or you might lose all your tokens.
How do you register them? Well, trying to explain it on an audio podcast wouldn’t work very well. So in the show notes over at exploringeos.com you can find several links that explain step by step how to do it. But for now I will go over the main options.
1 – Keep your tokens on an exchange that plans to support EOS. Binance, Kraken and Bitfinex have all said that they will support it so that if you keep your tokens there you will end up with the real EOS token in the end. Generally common crypto knowledge is that you shouldn’t keep your crypto on an exchange because the exchange could be hacked and you could lose everything. So that’s one strike against this method. A second strike is that these exchanges may or may not support the coming airdrops. I talked about the power of airdrops on EOS in the last episode. You should definitely check it out.
I can think of 2 reasons you would want to keep them on an exchange. First, if you’re not very technical and don’t want to try to figure out how to do it. Second, if you’re hearing this last minute and really don’t have time to figure it out.
2 – You can register your tokens without being all that technical using the exodus wallet. You can find that at exodus.io. This is a pretty easy way to do it. You can find a video on how to do this in the show notes at exploringeos.com You will have to be sure that you have a couple of dollars worth of ethereum in your exodus wallet in order to pay for the smart contract for registering the ERC20 Tokens. These placeholder tokens are on the ethereum platform which charges transaction fees. Yeah that’s annoying. But remember once you get the real EOS tokens, no more transaction fees.
3 – You can register them in a more manual fashion using something like Meta mask. This is a more technical route. So be sure you head over and check out the links at exploringeos.com for a step by step guide. You will need ethereum to pay for the smart contract doing it this way too.
So there you go. Be sure you get this done ASAP so that you can get your EOS tokens when the blockchain launches at the beginning of June.
Before we end the show I’d like to give a quick shout out to John over at HowIgrowmywealth.com He wrote a nice article about the Exploring EOS podcast. He interviewed me about upcoming guests we have slated for the show. You can find that over at howigrowmywealth.com
He also graciously said “I’ve greatly enjoyed the first three episodes of this podcast and can’t wait for the next episode to be released.” Well, today’s your lucky day, John! Here’s another episode.
Alrighty, thank you for listening! I hope you have a great day. Don’t forget to subscribe so that we can continue exploring eos together.
How to Register EOS Links: