EOS launch update: All you need to know to clear up the confusion
Currently, the EOS blockchain is on the process of being launched. Though, previously there have been other main net launches of other blockchains but this is nothing like them.
Information have not been properly packaged in one location yet, making the token holders anxious. This has also lead to a lot of confusion and questions. So, we bring a few points which might help you during this confusing time. Already, there’s an update to the EOS software, the ‘version 1.0.1’ which CTO Daniel Larimer described as a method of preventing a potential crash in the update nodes. It reportedly has a huge success story as it raised around $4 billion over the last year to create the software required to launch the blockchain.
It is suggested not to panic if you have EOS registered. You should just be patient and try not to access your EOS, until it’s the official procedure. Moreover, there are predators trying to convince people into give them their EOS keys which of course, you should never give away.If you’re wondering when the launch process will start, well, it might take a few days. According to a media report, there are four phases to the launch:
The first is the launch sequence, where the Snapshot of ERC-20 token is verified by the EOS Mainnet Launch Group, and also third parties. The Block Producers within the EOS Mainnet Launch Group initiate the Boot process. After the launch sequence, comes the testing phase and verifying the tokens takes some time according to the snapshot file. This stage might take for 48 hours.
Next is the enabling phase where the Block Producer community is to release a joint statement once they know it is safe to import private keys and vote. Then comes the activation. After 15% of votes have been staked, the appointed Block Producers will immediately be replaced by the elected Block Producers. Then it can be declared that the EOS Mainnet is active. They are still in the testing phase, as of June 5 at 12:07pm (EST).