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.”
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. https://t.co/pf3ealGGaa #EOSIO pic.twitter.com/4kHFkdtkXR
— EOS Authority (@EOSauthority) April 29, 2020
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.”