EOS (EOS): Why the launched blockchain is not live yet?
EOS (EOS) launched after a painful process of bug hunting and other issues which delayed the launch. However, it is reported that despite the fact that it has been technically launched, it is not live yet.
Candidates for the role of block producers or validators from all around the world voted ‘Go’ to make the main net go live. However, the vote count has not been disclosed by the moderators yet. 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.
But why is it not live yet? The answer to the question is, the tokens created by Block.one's $4 billion EOS initial coin offering (ICO) are all locked up. It will only be unlocked after 21 block producers are elected by the network. Unfortunately, that has not yet happened and therefore, no one can start using EOS yet.
According to a Coin Desk report, if 15 percent of all tokens (almost equivalent to 150 million) are ‘staked’ in a vote on block producer candidates, the EOS blockchain will go live. The process of staking tokens will be allowing the cryptocurrency holders to vote for almost 30 block producers. The votes are weighed on the number of tokens being stalked. The process is still underway.
So far, the votes are stacking up slowly. It might take some time to hit the 150 million tokens mark. By the end of June 10, it has been reported that around 10 million tokens had been staked, and by next day it reached 30 million tokens. Community lead for one of the leading block producer candidates, Kevin Rose told CoinDesk that he believes that the slow start was maybe because of the launch timing as it late night in Asia – where cryptocurrency users are significantly high. It makes sense because by next day when Asian crypto users would wake up and get to know about the launch the number of staked tokens tripled. Vahid Toosi of EOS SW/Eden, on the other hand, he said that he believes there's a psychological barrier, he adds that 40 million tokens mark needs to be crossed before the tokens start flooding in.
Image via shutterstock
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