EOS, the largest and most hyped $4 Billion ICO which went on for a year has finally launched the Mainnet and voting to reach 15% of the voting for the Block Producer.
In this live stream, the Block producers discussed the final points of launching and the launch went live 1300 UTC. The voting to obtain 15% i.e 150,000,000 EOS has to cast the vote for at least one Block producer only then the chain will be considered valid.
You can track the Voting Statistics Here.
This Block Explorer shows the movement of the Blocks
EOS is one of the first projects that has taken a decentralized approach to launching the Mainnet which means that the launch is decided by the people and the date and time of launch is not really predetermined as it is up to the community to cast the vote.
There are six phases to the actual launch of EOS which are:
- Snapshot- where the ERC 20 tokens are frozen and different block producers will initiate the launch process. This was completed on June 3rd.
- Boot – The block producers will verify the chain. This was completed on June 4th.
- Test – Various security and software tests are carried out. This was completed on 9th June and GO for launch
- Enable – The block producers collectively will release the announce the beginning of voting.
- Activation – This is currently ongoing where 15% of the tokens are staked and used to vote.
Only after the completion of the voting process the will EOS launch and can be used.
To vote, it is recommended to use ‘cleos’ command line tool, in other tools the vote goes through a trusted third party which can be a risk to secure the private key and might risk the loss of funds. Some concerns have been put forth by the users on the voting as the command line interface is not really user-friendly for non-coders.
EOS Authority Tweeted:
— EOS Authority (@EOSauthority) June 10, 2018
sevenlu on Reddit said:
EOS is currently the 5th largest Cryptocurrency with a market cap of $11.7 Billion. It is priced at $13.08 at the time of writing this article. It has lost over 8% of its value in the past day.
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