The EOS blockchain is officially live
The network has received the 15% of votes for block producer candidates required to launch the mainnet.
The much-anticipated EOS blockchain is finally up and running after attaining the minimum number of votes required to officially launch the platform. These votes determine candidates for mainnet “block producers”.
EOS “block producers” are comparable to miners on the bitcoin blockchain network. They are responsible for creating blocks, file hosting, establishing back-up servers, internal controls, communications, account management, hard and soft forks, account creation and fees, among other tasks. There will be 21 block producers elected to run the EOS network.
Block producer candidate voting began on June 8. However, it has taken one week to tally the 15% of votes required to launch the mainnet. This has been attributed to a range of factors. For example, security concerns compelled voters to keep tokens on cryptocurrency exchanges and therefore were ineligible to be staked. Users are required to prove the validity of their tokens, a process that requires the use of private keys. If lost, users’ funds would likely vanish and the risk was clearly too great for many EOS coin holders.
CLEOS, a voting tool issued by the creators of EOS, Block.one, has been subject to third-party security review. However, this software requires a significant degree of technical ability in order to be employed and many EOS token holders lack the competence to operate such a tool. Other software has been created to help EOS holders cast votes, however, many remain reluctant to give up their private keys.
Despite this, Block.one is adamant that the mainnet launch has been a speedy and efficient process.
“We are witnesses to history. Never before has a decentralized network of this size and scale been launched in such a short time,” the Block.one team said in a blog post published this week. “Developers are already building groundbreaking DApps that will be powered by EOSIO, with the promise of more innovation to come.”
As of press time, almost 216.5 million tokens have been staked and used to vote, according to EOS Authority.
Votes have a half-life of 365 days. This means that after 90 days, votes are worth 80% of their original weight. EOS account holders are able to vote as many times as they want and previous votes are overwritten by new votes. Voting is free and votes will continue to be accepted as long as the EOS network is available.
Up until this point, EOS tokens existed solely on the Ethereum blockchain. The new EOSIO blockchain system is being touted as a much quicker and more efficient alternative, with a reported 500 millisecond block time.
However, earlier this year Ethereum creator Vitalik Buterin argued that EOS’ block producers voting system makes the blockchain vulnerable to vote-buying tactics that may possibly lead to a consolidation of authority.
The EOSIO software has been created and designed to enable businesses to rapidly build and deploy high-performance and high-security blockchain-based applications, alternatively known as DApps.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
- Cryptocurrency: Why all eyes are on eToro’s USA launch
- Bitcoin weekly price analysis 28 August: Token’s value soars in face of ETF rejections
- Most global companies are slow to adopt blockchain technology: PwC survey
- Leading universities are offering a growing number of crypto courses: Coinbase
- Cryptocurrency: Value-making coins vs value-giving coins