EOS which has been operating on ERC20 Ethereum network’s token is set for an upcoming migration as it launches its Mainnet on 2nd June. However, according to a London based block producer candidate- EOSAuthority, statistics reveal that 65% of EOS users are yet to register for the token swap.
The ERC20 Ethereum network token has provided the investors with greater availability as it allowed EOS to run a one-year long ICO. The migration move seeks to enable EOS to move from the ERC20 token onto its separately designed blockchain focused dApp aimed at facilitating ma million transactions per second, theoretically speaking.
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In a recent post on medium, the EOS team disclosed that the network with offer a significant boost from what is currently supported by the Ethereum blockchain. They put the worst case scenario at 1000 TPS with the token swap, while the ERC20 supports 15TPS. The migration has seen Bitmain’s Antpool running to act as one of the EOS’s official block producers and it has been revealed that the network’s back-end will use the dPOS system of delegation to elect 21 supernodes that will support it.
Despite the excitement facing the Mainnet release, the migration process has faced its fair share of challenges. Token swap from the Ethereum network to the EOS Mainnet requires investors to undergo a registration process for them to utilize the new network.
However, only 45% of EOS users have registered their tokens according to statistics released by EOSAuthority despite the efforts EOS has made to make the registration process fairly easy.
This poses a major challenge for the remaining 65% of unregistered token holders since, after the Mainnet launch, the unregistered coins will be worthless in the short term since they will not be compatible with the new network.
This is to say that the unregistered ERC20 tokens will not be counted and will be rendered useless in the blockchain snapshot.
The question as to whether users will be able to transition unregistered tokens onto the Mainnet at a later date is yet to be answered as the EOS team has not issued any official statement on this matter.
There has been rising concern that some of the networks core functionality could be degraded should the low registration of users translate to lack of participation in the network upon release, given the significant role they play in community engagement within the dPOS network and their voting responsibility for official block producers.
However, the crypto community can’t wait for the potential of a unique blockchain 3.0 platform, with the Mainnet release just around the corner.