EOS [EOS] mainnet launch one week away! Here’s all you have to know about it

After 11:59:59 PM UTC, 1st June, all the ERC20 EOS tokens which remain in an unregistered address will be worthless once the snapshot occurs after being frozen on the Ethereum platform. The EOS token holders are currently holding and trading their ERC 20 tokens on the Ethereum Blockchain hence EOS and Ethereum receiving addresses are currently the same. After the launch of EOS Mainnet, EOS will have its own completely separate blockchain for its users.

EOS blockchain is going to credit the user’s tokens on the new EOS Mainnet platform for all the EOS ERC20 tokens which are on a registered Ethereum address. All the registered ERC20 tokens will be transferred on to the EOS mainnet address.

The public key and private key for all EOS addresses will be used by the EOS blockchain at the time of release. The public key is the receiving address through which transfers can be made and the private key is used to verify the user who owns the blockchain address.

After the user registers their Ethereum wallet on Exodus or any other platform, their wallet will generate their EOS mainnet public key and private key pairs linked to the Ethereum wallet, enabling users to send ERC-20 tokens directly linked to their EOS address. Users will receive one EOS mainnet token for every ERC20 token that they possess.

The developers of EOS, Block.one is creating a software for block producers to launch their own blockchains, as they won’t be releasing a mainnet. After the snapshot occurs, block producers would pick it up and run the software which Block.one has created. Each blockchain requires 21 block producers, out of that 20 are voted in and the last one is chosen.

The mainnet’s constitution and protocol can be amended if it is being proposed by the block producer who maintains 17/21 approvals for 30 consecutive days. After which, all full nodes will be given a week to adapt to the changes and if any node that doesn’t follow the new protocol will be shut down. Before a blockchain goes live, at least 15% of the token holders have to approve it, which enables token holders to participate in the administration of the network. Block.one just has control over 10% of the total EOS supply.

The Developer team is deploying dApps on the EOS beta network like eosDAC, eosCoffee, Evolution etc. Except for eosDAC and Evolution, users are required to provide KYC or a registered address for receiving other Airdrops.

Bitfinex, Binance, and Kraken are some of the exchanges who are supporting the protocol migration. But Bitfinex is aiming to be one of the 21 block producers who run the application.

A Twitterati comments:

“I hope the EOS and TRONIX mainnet launch will pump the price.”

Robert Janik says:

“At $12.81. Up 20%. You are crazy if not buying now, or major FOMO next week leading up to main net release. EOS is hottest ticket out there!”


Source: Read Full Article

Leave a Reply