As the world’s largest Ethereum wallet, many imToken users keep their ERC-20 compatible EOS tokens on imToken, distributed prior to the launch of EOS platform. With that, imToken will provide the support required for users to seamlessly transition their EOS token when the EOS platform goes live on June 2nd, 2018. imToken is also the earliest wallet to introduce one-touch EOS wallet mapping, supporting the EOS project from the very beginning and has maintained close relationship with the EOS official team.

More details on EOS support

EOS wallet design is vastly different from that of Bitcoin and Ethereum, it has a more comprehensive account system. EOS supports human-readable account names, unique authorisation controls, recovery of stolen private keys and other functions.

Each EOS account has two native named permissions: Owner authority and Active authority.

Owner authority symbolises ownership of an account. It has the highest privilege including management of Active authorities.

Active authority is used for transferring funds and voting for Block Producers (BP).

There is an option for users to select single private key mode or dual private keys mode for EOS wallets to authorise transactions, vote and executing other operations.

Single private key mode: Both Owner and Active use the same private key, relatively simpler for users, backup of a single private key is sufficient.

Dual private keys mode: Both Owner and Active use different sets of private keys. Both private keys have to be backed up, but wallet security is stronger in this mode.

imToken will configure the default setting to be single private key mode. Users are reminded to conduct EOS wallet mapping using imToken Candy Bar DApp before the launch of EOS platform. To vote for the desired BP, users will have to import EOS wallet private key in imToken EOS DApp (to be launched after EOS platform is live). The usage of EOS wallet will be similar to that of Ethereum wallet, imToken will also support dual private key mode and more detailed control options when the EOS platform is launched.

Voting of EOS Block Producers

The consensus algorithm used by EOS is Delegated Proof of Stake (DPoS), with 21 community elected block producers acting as nodes to maintain the network functionalities. One EOS token is equivalent to one vote, and a vote can be casted to up to 30 individual block producer candidates at any given time, with maximum of one vote per candidate. Users can flexibly collateralise EOS to cast votes or redeem the collaterals at will, the EOS will be refunded to the wallet within 72 hours.

With reference to the data by EOS Go community, there are more than 167 candidates competing to become a block producer. Besides maintaining the network functionalities, the elected block producers will also have the authority to propose modifications to EOS tokenomics or make decisions on DApp incubations to name a few.

To enhance the user experience for imToken users, imToken will be supporting the voting mechanisms, allowing users to vote for their desired block producer candidates with imToken.