Anyone who has invested in Tron or EOS , must prepare for the upcoming Mainnet token swap. Both currencies are in the process of introducing their mainnet and the respective ERC20 tokens must be swapped. It seems that Binance will be the first port of call for these swaps, although other platforms will follow.
The TRX and EOS token swap process
Anyone who is forced to participate in these swaps must take some important precautions. First, users must transfer coins to one of the supporting exchanges, preferably Binance. Of course, this requires first-time registration on the platform, but this is done in minutes, because you do not have to divulge any personal and time-consuming information on Binance.
Once the coins are available on Binance, all you have to do is wait for them to be converted, as the popular crypto-exchange controls everything automatically. It is possible that there will be delays in the deposit, as many transactions in the next few days may be charged to both networks.
This is also a debut for Binance. With so many transactions pending in the coming days, the company will have to pay attention to all deposits. However, EOS has one more difference to remember, as EOS users you will need to register your address, otherwise access to the funds may be lost if they are not stored on a crypto-exchange.
EOS users must register their EOS Wallet address
According to Exodus Movement , users need to register their EOS Wallet address. The need for registration is relatively easy to explain. Current tokens are based on the ERC20 format from Ethereum. However, EOS will soon use its own blockchain and will no longer need Ethereum for its token.
This is where the token swap comes into play. The ERC20 tokens are withdrawn from circulation. Conversion only occurs when users hold their ERC20 tokens in a registered Ethereum address. It’s possible that Wallet users will have to take some extra steps, depending on which platform they’re using. All tokens that remain in an unregistered address until the start of the mainnet are considered unusable.
At Binance, all the necessary arrangements are made automatically, but whoever has his coins in Myetherwallet should either transfer them to Binance or register their EOS.