The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
The process of registering for EOS’ token swap associates the Ethereum wallet where one’s ERC-20 EOS tokens are with an official EOS Wallet. Doing so is the only way to ensure that one’s exchange EOS tokens are usable on the EOS mainnet – meaning that by failing to register, users essentially forfeit the use and advantage of owning EOS tokens.
Fortunately, for those who failed to register, a fallback mechanism has registered 99.7% of all token holders – leaving only some 0.3% of token holders unaccounted for. While the move means that for those addresses are left screaming in the void, it also means that several addresses have been saved from the clutches of disaster.
EOS’ fallback mechanism effectively maps Ethereum public keys to an EOS public key – meaning that Ethereum users may be able to retrieve their EOS tokens had they not registered.
Unfortunately, the fallback will not work for all users – Ethereum public keys are only recorded on-chain if an address has at least one outgoing transaction; meaning that addresses which have never transacted cannot be mapped to an EOS public key.
If you missed registration, have an Ethereum address with at least one outgoing transaction, you can take the following steps to try and recover your tokens:
- Install Scatter for either Firefox or Chrome
- Open up the scatter browser extension and create a new profile.
- In Scatter, select the Key Pairs option, choose Ether (ETH) in the dropdown menu, and paste your Ethereum private key
- Once your Ethereum public key generates, change the dropdown menu to list EOS
- Find your new EOS private key generated within the field.
Users will subsequently be able to use their new EOS private key as with any other EOS key in the event that their Ethereum wallet has been captured by the fallback.