41% of EOS users have not yet registered to change token
EOS will launch its mainnet on June 2, but statistics from EOSAuthority, a producer of candidate blocks in London, reveal that 41% of users have not registered their tokens for the next migration.
Since its launch, EOS has operated with the ERC20 token of the Ethereum networks, which allows the token to operate a one-year revolutionary ICO to provide investors with greater availability. The migration will see EOS move to its separate dApp-focused blockchain, designed to facilitate one million theoretical transactions per second.
A jump in the performance of Blockchain
The EOS team revealed in a publication that predictions of worst cases place the network at 1,000 TPS (transactions per second), which is still a significant boost from the 15 current TPS supported by the Ethereum block chain. The EOS back-end will have the backing of 21 supernodes voted using the dPOS delegation system with Bitmain Antolin as executor to be one of the official network block producers.
While investors have shown great excitement at the publication on the mainnet, the migration process has been anything but fluid. In order for investors to use the new network, they must migrate their token from the Ethereum network to the main EOS network through a registration process.
Although EOS has greatly simplified the registration process, EOSAuthority statistics have shown that only 45% of EOS tokens have been registered. This is a big concern for unregistered EOS holders, since the ERC20 tokens not registered before the release of Mainnet will not be counted in the instant blockchain which means that the unregistered coins will be incompatible with the new network and will leave them without short-term value.
Community Support to the Rescue
There has not been an official statement from the EOS development team about whether unregistered tokens will be able to transition to the mainnet at a later date, but community members have been working on a backup solution.
Roshan Abraham from EOSAuthority spoke with CryptoSlate and said: "We encourage all users to complete the registration and use a simple tool on our website to confirm that they have registered successfully. The community is actively developing an alternative solution so that unregistered wallets are automatically registered and claimed by converting an ethereum private key into an EOS private key. "
With such a low registration rate, concerns have been raised about whether users will actively participate in the network once it is launched. Given the importance of community participation within the dPOS network structure and its responsibility to vote for the producers of official blocks, the lack of activity could degrade part of the basic functionality of the networks.
While no one reasonably expects 100% registration of all EOS tokens, such a large portion of blocked tokens out of circulation can cause a change in the price of the mainnet token on the day of release.
With the launch of the mainnet just around the corner, the excitement is mounting as the crypto community will finally be able to witness the true ability to witness the potential of a unique blockchain 3.0 platform.