As June approached, I struggled to find easy ways to register the tokens to ensure my place on the genesis block of the new blockchain. However, in the end I was able to move the tokens to a wallet which allowed me to register them through the Ethereum protocol and the EOS website. It was a very intimidating process as I am not a technical person when it comes to seeing code on a computer screen. However, the community here on #STEEM had a number of great resources that shared tutorials on how to go through the registration process. That process provide me with the public and private keys I would need to have my EOS tokens once the Mainnet was up and running. Crazy to think that EOS ran up to over $20 right before the launch but we live and we learn: “buy the rumor and sell the news.”
Unfortunately, I felt that there were not many user-friendly interfaces early on to claim the tokens to a wallet. I searched many alternatives here and on the web but did not find one that help me with my concerns of security given my paranoid approach to cryptocurrencies and the web in general. I remember seeing that Scatter was the overwhelming choice of many but never felt great about inputing my private keys anywhere for a long period of time. I also started to see fake Chrome extensions and targeted phishing scams that just turned me away from even trying to claiming them early on. It was unfortunate as one of the key responsibilities for a EOS tokenholder is to vote for Block Producers much like our votes here for Witnesses. As I continued to learn the importance of Witnesses here on #STEEM I forced myself to look at options to get involved and claim my EOS tokens to vote for Block Producers; particularly given the governance issues they had been having early on as only a small portion of tokenholders were staking to vote.
I decided to wait it out until a Hardware Wallet option was available. A couple of months ago, I saw that a Block Producer put up a bounty to get a wallet with hardware wallet support. Once I saw that it was up and running, I decided to get back into researching the process. I continued to run into issues as there was not one single tutorial to get me through the process of claiming from the original genesis block to moving into the Hardware Wallet. Instead, I figured out a way of using two separate wallets to finally get to a spot I feel comfortable with. I will briefly share the process I went through here in case you are one that has been waiting for a similar explanation.
I started by feeling comfortable with the wallet I would ultimately use to hold the tokens so went over to the Fairy Wallet Github Site to download the correct version of the software to run on my computer. I also used their Wiki Page for detailed guides on how to not only download and setup the applications but also how to execute transactions as well. Once I downloaded the application, I also downloaded the Ledger Hardware Wallet application on the device. Once installed, it will request you connect to the EOS Mainnet using one of the endpoints listed. This will now allow you to go through an account creation process which would provide you the keys necessary to manage it going forward. Once you get the keys generated, you will be able to choose an account name and when you finish paying for the account (various payment options available, including fiat) you will have full access to the EOS account under that name. As stated on the guide, this is an optional solution to create an account as other are available. Your account is now ready to receive EOS tokens from any source in order to transact with the blockchain.
I then went over to the EOS RIO Website where they have a wallet called SimplEOS which you can download for free. They are a Block Producer and have done a great job with their interface with the protocol with this wallet. It was also one of the simple processes I found in order to claim your tokens from the original swap from ERC-20. Once you download the application, you can do a quick check of your balance by inputing the public key provided when the ERC-20 tokens were first registered. This is what provided me some comfort in the process before I continued. It is then a quick and simple five step process. First, you will need to select Import Existing Key.
Next, you will be asked to enter the EOS private key provided from the registration (Step 1). Step 2 will be for you to decide the password for the application going forward. As usual, you should ensure that this is a strong password in case you lose your computer you will reduce the risk of losing the cryptocurrency held in the wallet. Step 3 is agreeing to accept the EOS Constitution which is an issue I will not go into details now but is a different approach in governing the blockchain. Step 4 is optional but adds an additional layer of security as you can enter a PIN to provide security in case the application goes inactive for a short period of time. Once these steps are completed, you will see the Dashboard with the detail of the EOS you hold.
This seemed like a great wallet as it was user-friendly and provided great tools like History and the ability to vote for Block Producers. However, I wanted to move my EOS tokens to my Hardware wallet so I immediately unstaked my tokens and waited 72 hours before sending them over to the new account created using my Hardware Wallet. Of course, I sent a couple of tokens over first to ensure everything was setup right before sending the bulk of the balance. I did run into some bandwidth issues as it did not allow me to send all of my tokens to the new wallet for some reason. I am not well versed on the implications of CPU and RAM but after doing some high level research, I staked a couple tokens again on the SimplEOS wallet before sending the tokens over without any issues at that point. I also saw the long list of Airdrops received over time just for having the tokens which was interesting to see. Since I liked the interface from SimplEOS, I decided to leave a small balance there staked along side the Airdrops tokens as well.
Once I finally had my EOS tokens on my new account and Hardware Wallet, I immediately went through the process of staking the tokens then voting for Block Producers. This was one of the main reasons why I have been wanting to finally control my tokens as I believe that in any community, it is important to have our voice heard for the future of development and progress. In EOS, this is achieved by voting for those that have demonstrated the capability as well as the knowledge to help build and govern the protocol. Since most of my learnings around EOS has been from my experience here on #STEEM, I have often looked for users to help my experience and understanding of EOS. One of those users is @lukestokes which also represents a Block Producer, @eosdac. While I typically do not like to proxy my vote out, I knew that @eosdac was on the top of my list to vote for given their interesting approach to governing through a decentralized model. I have continued to read their blog posts and it demonstrates the caliber of talent they have and how I believe future organizations will be run in a more decentralized world. I also wanted to vote for other like Rio and New York which have also been in the forefront of creating for the ecosystem. Given that blockchains are transparent in providing data, I searched @lukestokes votes for Block Producers here and saw that he had those that I wanted as well. Therefore, I copied his votes for the others I had open with the exception of two that I could not find.
It has been an interesting process to finally get setup within the EOS ecosystem. I continue to learn about the blockchain technology everytime I endeavor in learning these processes which is great as I think that many of our day to day processes will be governed by a blockchain in the future. While it has been challenging to be a stakeholder in any blockchain project this year, I think I have seen enough to know that the technology is not going away and continues to develop at an accelerated rate given the amount of capital that continues to flow into the space. The potential of disruption from these projects is enormous and when consider how early adopters are still currently is encouraging. I continue to look forward to seeing where this project leads to in the development of blockchain technology in general.
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Great article. I prefer the Greymass wallet and in early days they had released a cold storage feature built in to sign transactions offline (believe it would allow an air-gap computer to function like a hardware wallet).
One thing you might consider to look into is Chintai leasing service for idle tokens. There are 7 day to 28 day leases at the moment. The thing is you have to use Scatter currently versus other wallets, if I recall correctly. I've been considering going through with it because the APRs reached crazy levels in the recent week.
I had saw that option a couple of weeks ago! It was one of the reasons I wanted to get my tokens on a wallet. However, as you mention, they only tie with Scatter at the moment. I’m waiting to see if they do anything to add others. If not, given how widely used Scatter is, I may create another account with Scatter.
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That sounds like a messy process. One of my larger holdings is Cardano, which has its own wallet developed by IOHK, the same company that developed the Cardano blockchain. This gave me some reassurance.
Not only is their wallets easy to use, it also acts as a full node, allowing you to connect directly with the blockchain and removes some areas of weakness for security.
Will be interesting to see how these different projects perform, specially considering that Dan and Charles worked together to build BitShares.
@kabir88
Cardano (ADA) is also on my list as well as it is the only cryptocurrency that I still have on an exchange (big no-no). I hope to research more in the coming days as I get some time off from work! Thanks for sharing!
Very cool! Don’t forget, you may have some EOSDAC tokens as well. See my latest post talking about how you can help us launch the DAC by voting with those tokens using Satter and our DAC Member client. I recommend creating a couple deferent EOS accounts so you can play around with things like EOS Knights and eosDAC without putting your main funds at risk. Kind of like a bank + spending wallet approach.
We just had another dev meeting today and we’re going to be working towards more wallet support for our client soon, in addition to Scatter.
Yes! Your post back in May is what moved me to finally register my ERC-20 tokens for the Mainnet! I have been watching the @eosdac project carefully as I believe we need more blockchain and decentralized projects to run on that type of governance organization (including some on #STEEM). I am looking closely at options to see how I can participate in the voting process to get closer to that 15% goal! Best of wishes!
You would’ve probably sold your eos so fast if you claimed it when during the genesis block!
Not sure if I miss my eos or not, but could get my position back if I see some promise
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Not really... I see a huge potential for the blockchains that are building ecosystems like Ethereum and EOS. I bought EOS for the long term as a hedge that one will win with additional adoption.
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What do you think about cardano?
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