The EOS blockchain has been launched this weekend as block producers located all around the world finally voted “Go” in a livestream broadcasted on Youtube by EOS Go.
The blockchain for the EOS project, was created by Block. One which also raised around $4 bn. in U.S. dollars through selling EOS tokens in an ICO. In doing so, it became the largest ICO in history do date.
The official "launch sequence" process has now entered its final stage - the community vote. EOS Mainnet is set to become valid and fully operational once at least 15% of all EOS tokens are staked and used to vote. The progress of the vote can be tracked live here.
Also through this method, the token holders will allocate the block producers that will become part of the new system. At first, 21 block producers will have to be chosen. The voted in block producers will replace the allocated once and at that point the chain will go live. Developers add that once the chain is activated the community members can untie their EOS balances and send transactions to the new eosio blockchain.
According to EOS Mainnet Launch Group (EMLG), this is a community process and therefore it "could take hours or days”.
Meanwhile the users are expressing discontent with the voting. They claim that the process is user unfriendly and that some of the votes have failed to process into the system. This build on top of the fact that the initial launch of the Mainnet was delayed by over a week due to potential security vulnerabilities and bugs within the system.
This uncertainty hasn’t played into the hands of EOS. At its peak on April 29, the price of EOS stood at $22,89. One month later, May 29, Qihoo 360, China’s largest internet security firm, has found bugs in the EOS mainnet, claiming that the blockchain’s vulnerability could let attackers remotely run arbitrary code on network nodes, subsequently gaining full control over them.
EOS (EOS/USD) price has dropped further since the announcement that the new mainnet is live.
By Alex Savenko