EOS (EOS), a decentralized operating system that can support industrial-scale DApps, will migrate to its mainnet on Saturday, June 2. The EOS mainnet launch has garnered significant excitement in the crypto community, leaving many to speculate that EOS price will rise leading into the mainnet launch.
Here’s what you need to know about the EOS mainnet migration:
The sequence of events
For the moment, EOS is based on Ethereum’s ERC-20 standard and EOS investors are required to register their EOS tokens on the project’s platform by June 1, as the Ethereum chain will be frozen prior to the migration.
The new blockchain will credit each users’ tokens on the new mainnet at a ratio of 1:1, and all registered ERC-20 tokens will be transferred to the EOS mainnet address automatically. Both public and private keys for all EOS addresses will be used by the EOS blockchain.
After users register their Ethereum wallets on Exodus or other swap-supporting platforms, the EOS mainnet public and private key pairs will be linked to these wallets, enabling users to send ERC-20 tokens directly linked to their EOS address. (more)
What the EOS Mainnet Means to the Ecosystem
Block.one, the creators of EOS, will implement a new blockchain architecture that is designed to facilitate both horizontal and vertical scaling of the decentralized app. The software will enable authentication, scheduling of applications, asynchronous communication, accounts, and databases across various CPU cores and clusters.
Ultimately, these new features will allow for up to millions of transactions per second, while also eliminating fees and making deployment of decentralized applications straightforward and quick on the EOS blockchain.
How Major Exchanges Are Reacting to the Migration
Most major crypto exchanges are supporting the EOS migration, making for a simplified transition for token holders.
Binance, the world’s most popular crypto exchange with a 24-hour trade volume of over $1.5 Billion USD, recently announced that it will support token swap. EOS deposits and withdrawals will be suspended on May 31 and the swap will be initiated shortly thereafter. In the announcement, Binance also stated that they will be adding two more trading pairs: EOS/BNB and EOS/USDT.
Bitfinex was one of the first major exchanges to come out in support of the token swap. In a recent blog post, Bitfinex assured that they will manage all technical requirements for EOS token holders on their platform.
KuCoin, one of Asia’s largest altcoin exchanges, announced their support for the token swap. They also requested for users to deposit their EOS tokens onto the exchange as soon as possible to facilitate the swap.
Most other exchanges, including BigONE, Bitbns, Kraken, OCTBTC, CoinSpot, OKEx, BitMart, Mercatox, Zebpay, CoinDCX and others have also come forward for the support of the EOS token swap.
EOS nearly tripled in April as investors rushed to get in before the mainnet launch. While the price has since given back a portion of its gains in May, due in part to a bearish market, the project looks to grow through the expanded use cases made possible by its mainnet.