Alexandre Bourget - Co-Founder at EOS Canada, discusses a few of the possible challenges we may face when honouring the snapshot of the token holders of the ERC-20 EOS tokens. We'll have to work as a community to make sure that everyone who bought EOS tokens will have access to them.
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I wanted to expose today a few challenges with the snapshot. There's a snapshot tool developed by the folks at "Block.One" that will fetch from the "ERC 20" token on Ethereum. It goes through the transactions and extracts who owns what. And as a community we really want to honour everyone who has bought EOS on Ethereum. And there's a few challenges for that.
So some people for example, have not registered. What does that mean? It's like you buy EOS with Ether and now, where we're going to launch a new network, you can't use the Ethereum key, it's not the same cryptography. It's not the same account system that we have on EOS. So you need to register a key that gives you access in the future on the real EOS network. So some people have not done that. Now we don't want to leave them like that, so there's going to be what we call an unregistered balance sheet, where people who have not registered will hopefully be able to claim their things. Through some, I don't know, some community members developing something to honour that in the future.
Those funds will not be available at launch, so what I can suggest is; just register your coins. Now, there's also the fact that there's all sorts of edge cases. People have put in some "Bitshares keys," and some other networks keys. So we need to do all that's possible to extract the key, even though it's not a proper EOS key to make sure that they can have control of their coins back on the EOS Network.
There's also people who sent EOS to the crowd sale contract. The crowd sale contract never sends it back, right? But we understand that people might have been confused, so we want to honour those things too. So we're going to effect those coins that were sent to the contract, in the name of the original owner. So there's a lot of edge cases like that. And so I've seen some tools being written that try to go and extract it from Ethereum, but some have been short-sighted. So I encourage you to take a look, we need to take a look into that code and make sure it does what we think is the best as a community to honour those who participated in the crowd sale. That's the "EOS.IO/Genesis" repository on GitHub. And the tool is inside the snapshots directory.
So take a look at that and we'll want at least a few people in the community to run the snapshot tool. It takes a few hours to synchronize with the Ethereum Network and run. Computing all these transaction and looking at the balances. And we'll want to have many people create that snapshot and we'll all agree on it when we do launch the mainnet.
Send your questions in the channel here. It'll be great to answer them for you. Ok bye!