Motivation

Among existing digital cryptocurrency tokens, EOS gained prominence within the crypto community and has been touted as the next-generation flagship blockchain infrastructure. Its market capitalization has recently skyrocketed and makes it 5th place with more than $6B valuation [1]. Notice that holding a certain amount of EOS tokens at this stage is not equivalent yet to having the corresponding share of native EOS tokens. In particular, before the official EOS mainnet launch in June, 2018, token holders need to register their EOS tokens through the EOSCrowdsale contract. Only after the token registration, current token holders can ‘‘own’’ their token share on the EOS mainnet right after the June launch. The ownership will further entitle token holders to vote for their favorite block producers, which currently undergo intensive competition and heated discussions.

Our Approach

The registration logic is part of the EOSCrowdsale contract and its main implementation is shown in the following code-snippet.

Results

To demonstrate the registration progress, in Figure 1, we show the registration status in the last six months. Specifically, for each month, we choose the first day as the cut-off day for our calculation and the result is illustrated with four stacked bars:

  1. EOSCrowdsale: the portion of tokens kept in the contract is still undergoing crowdsale. Certainly, they are not registered because those tokens could be transferred to any buyer during
    the crowdsale period.
  2. Mapped: the portion of tokens is currently circulated and the corresponding token holders have registered
  3. Unmapped: the portion of tokens is currently circulated and the corresponding token holders have not registered.

Conclusion

Despite the increased market capitalization of EOS, we may not see a fully-engaged EOS ecosystem if we continue to observe a low participation in the token registration process. The low registration may possibly imply low participation of subsequent voting activities, which are crucial for smooth EOS blockchain operations. This is certainly not a situation the EOS community wants to face.

  1. various cryptocurrency exchanges should provide token-registration instructions in a transparent and timely manner to guarantee their customers that their benefits (including later voting) will be protected;
  2. individual token holders register your own valuable EOS tokens ASAP. Based on your wallets, here is the MetaMask guide [3], MyEtherWallet guide [4], and Exodus guide [5].

About US

PeckShield Inc. is a blockchain security company which aims to elevate the security, privacy, and usability of current blockchain ecosystem by offering top-notch, industry-leading services and products (including smart contract auditing). Please contact us at Telegram, Twitter, or Email.

References

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