Thursday, July 9, 2020
No menu items!
  • News
  • Blockchain
  • Cryptocurrency
  • Contact Us
More

    The Lost 2,662,479 EOS Worth $7.6M from ERC-20 Days is Finally Recovered

    Must Read

    David Schwartz Answers Questions on How Fair and Reasonable It Is for XRP to Stay below $0.2

    The Chief Technical Officer (CTO) at Ripple, was recently tasked by a crypto community member to explain how fair...

    Charles Hoskinson: Those Who Took a Very Bearish Contrarian Position on Cardano (ADA) Are Wrong

    Charles Hoskinson, the CEO of IOHK has stated that the 7th largest cryptocurrency by market capitalization, Cardano (ADA), has...

    Brad Garlinghouse Identifies the Lapses Ripple and XRP Can Fill In Global Economy in Terms Remittances

    The CEO of Ripple, Brad Garlinghouse, has recently pointed out the lapses in the traditional finance that he believes...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    EOS Authority, the EOS Founding Block producer, has finally realized its month-long aim in the recent successful recovery of the lost 2,662,479 EOS worth $7.6 million from ERC-20 days.

    According to the report, when the digital token was still hosted on Ethereum’s ERC-20 protocol, the holders of the digital asset possessed EOS on the system, but they all lost access to the digital tokens as soon as the cryptographic project launched mainnet in 2018.

    In the effort to recover the tokens that seemed locked in forever, EOS Authority brought up a program that is based on smart contract, which opened the door for the token holders to gain access to their tokens.

    Also, the holders were able to gain access to their tokens by using cryptography to prove that they are the legitimate owners of the Ethereum keys, a process that will reset their EOS genesis keys, which eventually grants them access to the digital tokens on the new chain.

    Going by the stats from EOS Authority’s official website, 1,983 EOS accounts were successfully recovered in the course of the program.

    What makes this recent recovery significant is that the circulating supply of the digital currency will closely match the value of tokens, which would result in more liquidity for the digital currency in the market.

    EOS Authority shared the following on its official Twitter handle to hint at the successful recovery:

    “2.6 million EOS locked up from the ERC-20 days were recovered with the genesis lost key recovery process. A great lifeline for the community! The holders cryptographically proved ownership of Ethereum key on-chain to reset their EOS genesis keys.”

    EOS Authority furthered that,

    “This recovery program has now ended. There was a one year period set into the smart contract. During this period, we managed to help a lot of accounts together as a community. The BPs might choose to extend it if required.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    David Schwartz Answers Questions on How Fair and Reasonable It Is for XRP to Stay below $0.2

    The Chief Technical Officer (CTO) at Ripple, was recently tasked by a crypto community member to explain how fair...

    Charles Hoskinson: Those Who Took a Very Bearish Contrarian Position on Cardano (ADA) Are Wrong

    Charles Hoskinson, the CEO of IOHK has stated that the 7th largest cryptocurrency by market capitalization, Cardano (ADA), has been proving those with bearish...

    Brad Garlinghouse Identifies the Lapses Ripple and XRP Can Fill In Global Economy in Terms Remittances

    The CEO of Ripple, Brad Garlinghouse, has recently pointed out the lapses in the traditional finance that he believes are affecting the huge part...

    Leading Global Steel Company Adopts VeChain-Based My Care to Reduce Risk of COVID-19 Infection

    A leading global steel company, ArcelorMittal, has announced the adoption of a VeChain-based technology, My Care, to reduce the risk of the new coronavirus...

    Wietse Wind Answers Question about Linking Multiple XRP Public Addresses to a PayID

    Wietse Wind, a lead developer at XRP Ledger, has taken his time to answer a necessary question directed to him by a supposed XRP...

    More Articles Like This