Two of the top ten cryptocurrencies are poised to launch their own blockchains and gain digital independence. The Tron mainnet launch on May 31 will effectively split the cryptocurrency off the Ethereum ERC20 network and onto its own. EOS meanwhile will be launching their mainnet on June 1 and similarly moving away from Ethereum’s blockchain.
So What Do You Need to Know?
TRX and EOS are currently an ERC20 tokens which means you can use your Ethereum wallet address to send and receive them. Many people choose to leave their tokens on the exchanges but a safer option is to use the blockchain directly via services such as MyEtherWallet/MyCrypto, or a plugin such as Metamask, or even safer a cold wallet.
If you have your tokens in one of these systems you will need to move them to an exchange that supports the new wallets. In a medium post MEW has explained how to do this with emphasis on knowing what exchanges will support the changeover. Binance is highly recommended as they have already announced support and it is one of the world’s largest and most reliable exchanges; “Binance would like to confirm that we will support the EOS MainNet Token Swap. We will handle all technical requirements involved for all users holding EOS.”
The same applies for Tron. On May 25 the Tron Foundation will be launching a virtual machine to facilitate the migration of dApps from the Ethereum network to Tron’s however this does not affect TRX holders.
By using MEW or mycrypto.com you can access your Ether wallet address and load up the other tokens stored there, in this case TRX and EOS. In the Binance find the deposit address for TRX or EOS and use that as the destination back in MEW. You will need a tiny amount of ETH to cover the cost of the transaction.
According to the Exodus Movement, which recommends registering your EOS address, all ERC20 tokens will be frozen on June 1;
“EOS Mainnet tokens are to be distributed in a 1:1 ratio to the ERC20 tokens held by registered addresses. The current ERC20 EOS tokens are simply placeholders. All tokens are said to be swapped for Mainnet EOS tokens after the launch of the Mainnet.”
The post goes on to state that EOS developer Block.One are not launching the mainnet but creating the software for block producers to create their own blockchains. This will not affect token holders though providing they have been moved to an exchange which supports the migration. EOS is a little more complicated than Tron as it is effectively down to developers to launch their own blockchains on the platform.
Big things could be ahead for these two cryptocurrencies, and there are more to follow later in the year with mainnet launches also planned for Cardano, VeChain, Ontology, Aeternity, and Zilliqa.
Read more at: Ethereum World News