EOS Q&A | Ecency

EOS Q&A

Now that the EOS main-chain has officially launched and past the 15% vote I have a lot of questions. The goal of this post is to start the conversation to start asking questions and find the answers. Let me start out with a few of my own.

Question 1. Where are my EOS tokens?

This may sound like a simple question but I hear a lot of people ask this question. "How do I send my ERC20 EOS tokens from my myetherwallet or exodus wallet or from an exchange to a EOS wallet". This may seem like a fair question, but really it's not the question you should be asking.

If you understand how cypto works you have a public key and a private key. If you have these two keys you have your EOS tokens already. Nothing has to be transferred. That's the beauty of block-chain, it holds all of the value in the chain and to unlock that value or manipulate the value all you need to tell the block-chain is your pulbic key and private key.

So, for now take a deep breath and make sure you have your public key and private key in a safe place and don't share it unless you 100% trust whatever site, application you decide to use.

As for the ERC20 EOS token, think of it like a picture in time. That picture was taken on June 2nd 22:00 UTC. At that point, your ERC20 EOS token became frozen never to be used again. They can't be moved, added to. They are dead. They served their purpose.

That purpose was to let EOS main-chain know how many tokens your Public Key owned at that time and you have the private key to unlock that value.

Question 2. Yeah but what about the Exchanges like Binance I bought and sold after June 2nd

Great question. Since Binance is an exchange they can do fun stuff like move value between users in their master wallet. For example, let's say Binance owns (or all of their users owns) 1,000,000 ERC20 EOS token and for sake of argument they have 10 users that each have 100K of these tokens. Let's say a new Binance user (user 11) wants to buy some ERC20 EOS tokens after June 2nd snapshot. And user 10 is willing to sell 50K to user 11. Binance would now keep track of this in their database. At this point 9 users have 100K user 10 has 50K and user 11 has 50K. However, Binance master wallet is still 1M ERC20 EOS token. It's one big wallet that all of the Binance user community can play in.

The way Binance was able to do this, was on June 2nd snapshot they disabled any deposits or withdraws from the exchange for the ERC20 EOS token.

At this point you are at the mercy of the exchange to convert the ERC20 EOS tokens to real main-chain EOS tokens when and however they decide. Because you don't own the public or private keys. They own the keys.

So, what do you do? You wait until they let the community know.

Question 3. Well what about the AirDrops?

Another great question. If you hold the pub and priv keys you can claim your airdrops however the dAPPs instruct. If you have EOS on exchanges you again are at the mercy of the exchange.

This is why you always want to hold your pub and priv keys and not keep your crypto on exchanges. This is yet another example why you don't keep your crypto on exchanges for long periods of time. Not to mention, problems in the past where exchanges were hacked.