Do you have any EOS tokens? Have you registered you current EOS address? Well then, if your answers are Yes and No respectively then this piece is very important for you. This is because failing to register your current EOS address could lead to you potentially losing all your tokens. And here is why.
Currently, EOS tokens are standard ERC20 tokens that are held, sent, and received on the Ethereum blockchain. As you will notice your Ethereum and EOS addresses are identical.
EOS is expected to launch its own blockchain on June 1st 2018 which will be completely separate from the ethereum blockchain. Now since EOS is launching its mainnet, they will be moving from the ethereum blokchain and creating native coins that will run on their blockchain. This launch will be accompanied by an automatic swap of the EOS ERC-20 tokens hosted on the ethereum blockchain for a similar amount of coins on the EOS blockchain. However, this will ONLY occur if you have registered your EOS address.
According to this communication, all EOS ERC20 tokens held in unregistered addresses will be frozen 23 hours after June 1, 2018 at 22:59:59 UTC. This means you will not be able send, receive, or exchange the tokens effectively making them worthless henceforth. There are proposals about how recovery can be made after this snapshot swap but nothing has been developed so far. With such uncertainty and given that the registration process takes less than 2 minutes it will be unwise to pass up this imperative action. From where I stand it is better to be safe than sorry.
How to register
There are several guides on how to register on youtube, popular crypto forums, and blockchain websites. The process differs slightly based on the location of your assets. Some wallets such as Exodus, MEW, and Metamask provide guides on how you can register your EOS addresses. In addition, there are tons of guides from the blockchain community that you can check out. But knowing the number of scams, technicalities, and confusion that is exhibited in the cryptocurrency space it is very important to be cautious.
With that said, there are some official and reliable guides that you can check out to get step by step guidance on how to register your EOS addresses. For instance, this guide by Block One’s Sean Mitchell is quite insightful. Also, this guide I found on steemit provides procedures for registering without necessarily using third party apps. This other article gives guidance for registering on MEW, while this is from Exodus.
Besides this you can check out a guide on coinomi’s help desk.
If you have done this before or just did it, be safe and check whether your address is registered on the eosauthority website.
PS: Beware of scammers and phishing attempts especially during the period before and after the swap. DO NOT share your private keys with anyone as this could result not only in the loss of your EOS tokens but also Ether and other ERC20 tokens held in the address.