EOS (EOS): Voting is half-way through, blockchain might go live within days
EOS (EOS) blockchain’s bad days might soon get over. Reportedly, the voting process post-launch started off really slow but increased by about 30% in past 24 hours.
After repeated the delays, the EOS MainNet launch took place on Saturday at 1:00 UTC, over 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, it did not go live because for the project to move forward they only need 15% of tokens to vote for one producer. Good news is, the votes are going up and have already reached 9 %. 24 hours ago, it was only 6%, within a day 3% of token holders voted. With this pace, it can easily go live in a few days.
Meanwhile, EOS blockchain is producing blocks but it is in a state of limbo. Currently, the crypto is only useful for voting, unless traded on exchanges. Despite everything, the price did not see much change, it is still trading at around $10. Tether (USDT) trading pairs have increased from around 22% to 34%, Cryptovest reported. Interestingly, it is still one of the most highly traded assets.
Why are the votes coming in slow?
It is mainly because of the voting process which appears to be risky, for obvious reasons. Token holders are supposed to provide their private keys, sensitive cryptographic strings and they know, if they lose it will be lost forever. So, despite being eager to take part in the voting process, they’re readily backing out for safety.
Moreover, the voting software uses third-party security review, CLEOS, a command-line tool, which further increased their distrust. Co-founder of block producer candidate and voting software provider EOS Canada, Alexandre Bourget told CoinDesk, “Current voting tools are on a spectrum of security, from trustworthy to extremely high risk.” However, as the voting process has already reached half-way through the vote, it might just take a few more days for the EOS to go live.
Image via shutterstock
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