EOS (EOS) community unable to select 21 block producers, project stalls 13425
Pinaz Kazi
Jun 13, 2018 at 12:11 PM

EOS (EOS) MainNet launch took place last week but till now the community has not been able to select the 21 block producers they need to move the project ahead.

Candidates for the role of block producers or validators from all around the world voted ‘Go’ to make the main net go live on Saturday. At 1:00 UTC more than 100 candidates gathered and participated in the vote while around 1800 people watched. The meeting was streamed on YouTube by EOS GO, Coin Desk reported. However, now, the future of the project remains uncertain as for the project to go ahead 21 block producers must be voted in by EOS token holders and only 4 percent of the holders have voted, which is almost less than a third of the votes required, ETH news reported.

Why is the number of votes low?

One of the possible reasons for the low votes is the lack of validated mechanisms for voting. It is maybe keeping some investors on the sidelines. According to Syed Jafri of EOS Cafe Calgary, “The majority of people are waiting for tools to be vetted and confirmed to be safe before jumping onto voting,” Hacked reported. The only way to currently vote on the blockchain is in a hot wallet. Therefore, possibly people are sceptical whether it’s safe to vote or not. According to Jafri, “part of the reason some people are waiting to vote is that, during the blockchain’s testing phase, several epic vulnerabilities were found.”

Another factor could be that until recently, the only method to vote was through the command line. Therefore, people with limited technical knowledge were effectively shut out of participating in the vote. Maximum holders wouldn’t touch a command line with a 40-foot pole and others would consider it to be too risky. If you’re wondering what will happen to the EOS tokens that are stalked. Well. They’ll remain frozen until the EOS MainNet goes live because most of the tokens are sitting in the wallets. However, EOS tokens on exchanges are continuously being bought and sold.

Image via shutterstock

Join our Telegram group