EOS (EOS): Tokens worth $1.1 million remain unconverted after MainNet?
EOS(EOS) blockchain is not live yet but it is expected to start soon. Since June 2, 10:59 UTC EOS tokens have been frozen and ‘snapshots’ were taken to keep records of tokens on Ethereum for the future use of allocation.
The process took place on time and without any issue. However, a website cryptocoinspy reported that tokens worth around $1.1 million remained unconverted after the MainNet migration. They further reported saying that during conversation, such incidents are expected as users need to move funds to a supported exchange.
Around 1.5 million of the old eosDAC tokens, ERC20 protocol tokens remain unconverted and apparently, they are still on the EtherDelta platform. Also, there are another 74,483 old tokens worth $1.1 million in a wallet which is owned by EtherDelta. The report also suggested that there is no system available to recover those tokens. If this happens, the supply of EOS in circulation would be reduced sharply and cause significant issues for the EOS cryptocurrency.
Following the news, Reddit users started sharing their views. One of them mentioned saying, “What is wrong with EOS mainnet? So many bugs and problems? This is getting crazy.” The rest of the users who commented mostly debunked the entire news, and wrote, “They’re still testing everything to make sure it’ll run smoothly.”
Since nothing officially has been mentioned about it, the news should be taken with a pinch of salt. As far as EOS launching is concerned, it happens in four phases. Starting with ‘launch sequence’ where snapshots are taken, followed by testing where the snapshots are tested and verified by EOS Mainnet Launch Group as well as the third parties.
Next comes the enabling phase where the Block Producer community releases joint statement after knowing it is safe to import private keys and vote. Last step is activation, as soon as 15% of votes are staked, the appointed Block Producers will immediately be replaced by the elected Block Producers. The EOS Mainnet will be declared active. Reportedly, they are still in the testing phase.
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