EOS Mainnet Launch Group Vote “Go” On Launch
In 2017, the EOS project raised a staggering $700 million in its year long ICO campaign, and many began to predict that EOS would surpass Ethereum as the leading open source blockchain platform for smart contract and dapp development. In Unhashed’s Ethereum Vs EOS article we highlighted many of the promising technical upgrades EOS has made to its platform that could offer dimensions of efficiency, speed, and security unmatched by its smart contract predecessors.
EOS’ highly anticipated mainnet launch was set to take place on June 1. Much to the disappointment of the cryptoworld, the launch has been delayed for over a week. However, last night thousands watched live on Youtube as EOS delegate candidate organizations voted almost unanimously “Go” on the mainnet launch.
EOS was developed by a company called block.one led by cryptocurrency veteran Daniel Larimer (creator of Bitshares and Steem). Unlike most blockchain platforms, the block.one team has given complete governmental control of the platform over to the users. EOS uses a Delegated Proof of Stake (DPos) algorithm in which special delegates are elected by EOS token holders to be solely responsible for all block production and governance decisions made on the platform. The group of over 100 prospective delegates have invested tremendous amounts of time and money into EOS, and have been working extremely hard to optimize the platform before its official launch.
Prior to this meeting, the prospective delegating body decided to postpone the launch until last minute security concerns had been addressed. The meeting last night lasted about an hour, and finished with a decisive historic vote.
EOS will now follow a series of procedures outlined in the EOS Mainnet launch order. An initial network stand up will begin shorly, followed by another series of validations and 48 hours of testing. Assuming no problems are encountered, an official vote will take place to elect the delegated block producers. The platform will go live once 15 percent of the tokens have been used in the vote, and the first group of block producers have been designated.
There are still many questions left unanswered as to what will happen after the launch. The team at block.one has designed EOS to rely on users to create their own blockchains, and after the first election of delegates takes place we might see an immediate fracturing of the network into multiple independent chains. It is thought that these fractured chains will wind up competing against each other until a main chain distinguishes itself. However, this is only a theory.
There is also the question of whether or not the un-elected deligates will remain loyal to EOS or go out and build other blockchain projects.
One thing is for sure, all eyes will continue to be on EOS as this sure to be crypto giant inches closer to its global release.
Jacob Godshall is a former professional poker player turned cryptocurrency enthusiast. He is a contributing writer at Unhashed, and aims towards furthering the spread of ideas and important information surrounding all things crypto. In his spare time, Jacob enjoys reading and making electronic music