22 May 2018, 14:39
On June 1st, 2018 Block.one, the company behind EOS, will distribute the last block of EOS tokens. On that day at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will be non-transferrable on the Ethereum blockchain. That means you won’t be able to send, receive or exchange your EOS tokens.
Before that happens, you can either exchange your EOS Tokens for another cryptocurrency or wait until a new blockchain is created.
What new blockchain are you talking about?
In June 2018, Block.one is launching a software platform called EOS.IO 1.0, on which other blockchains can be created. The company is not planning to launch a new blockchain themselves, but will provide other communities with the means to do so.
If and when someone launches a blockchain on the EOS.IO platform, you may receive as many of the new coins as you have in your EOS wallet at the time the blockchain snapshot is taken.
What is Freewallet going to do about all this?
We will closely monitor the situation with EOS. In the event that a new blockchain is launched on the EOS.IO platform, we will try our best to support it.
We will also take a snapshot of the EOS blockchain at the time the EOS tokens are frozen, to guarantee that all Freewallet EOS holders are able to claim the corresponding amount of the new coins if any are created and Freewallet supports them.
However, there is still not enough information about the future state of EOS, so we can’t provide any guarantees. Remember, cryptocurrencies are a new frontier of FinTech, and participation bears certain risks.
What are the risks associated with EOS?
Before making a decision about what to do with your funds, please consider the following:
- Block.one is not going to launch a new blockchain on the platform that they are creating. That means they are not going to support the EOS tokens after the last distribution period ends.
- So far, no company has expressed the intention to launch a new blockchain on the upcoming EOS.IO platform. It is possible, but there is no guarantee that a new blockchain will be launched.
- If a new blockchain (or blockchains) are launched, we at Freewallet will try our best to support it and add the newly created coins to your wallets. However, due to the technological complexity of this process, we can’t make any promises or commit to any deadlines.
The bottom line is, there is a possibility that the new EOS.IO blockchains will be launched and that they will be viable. But, so far, we cannot make any precise predictions or strong guarantees.
I need more information!
Here is an official statement from Block.one about the upcoming EOS token freeze.
For more information about the EOS.IO platform, EOS distribution, blockchain snapshot etc. please go to the EOS.IO official website. Click on Get EOS, tick all the checkboxes — this does not bind you to do anything — and read the information carefully.
If you are interested in community predictions about what is going to happen after the EOS mainnet launch, check this Reddit thread.
If you have any questions about the EOS Tokens that you keep in your Freewallet, feel free to contact our support team.