- TRX and EOS to launch their own blockchain
- Transfer Token to exchanges which supports new wallet
Two of the top ten cryptocurrencies are launching their own blockchain (mainnet) and gain their digital independence. Both Tron and EOS mainnet will be launched on May 31st and June 1st respectively, eventually which will allow them to split from Ethereum’s blockchain.
What’s the current status of TRX and EOS?
Right now, both TRX and EOS do not sustain on their own blockchain, instead, they run on Ethereum blockchain with ERC20 standards. This means you can receive and send tokens using Ethereum wallets. Many people choose to leave their tokens in the exchange itself but a safer option is to directly use blockchain via services like MyEtherWallet/MyCrypto or plugin like Metamask or any cold wallet.
What Should I Do Next?
If your tokens are held in these services, you need to transfer them to exchanges which support Tron blockchain upgrade and token migration. And if your TRX tokens are currently placed in exchanges like Bitfinex and Binance, then you don’t have to do anything, the exchange will take care of it by migrating from ERC20 blockchain to native TRX tokens (or coins) on June 25th, and these will be available to you on June 26th.
The following exchanges have promised to take care of TRON’s blockchain and token migration. Those exchanges are UPbit, ZebPay, Coinnest, RightBTC, Bithumb, BixinIM, Coinrail, Binance, Gate.io, Liqui exchange, Bitfinex, Bibox, IDAX, Cryptopia and DragonEX.
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.
Try to transfer your token to any of the exchanges which has promised to support migration before June 20, 2018 00:00 (UTC).
Between 21st June to 24th June; TRX withdrawals will be suspended for all exchanges.
On June 25th; there will be no TRX deposits/withdrawals in any exchange.
And finally, on 26th June transactions involving TRX will resume, since exchanges might have completed all procedure for the migration of token leaving only native TRX coins in the Mainnet.
What do you think the future of this blockchain is, comment below?