Vote Threshold Is Met: EOS Can Finally Launch Its Platform

June 15, 2018
31 Views

According to data from EOS Authority, EOS has finally acquired the minimum votes required for its network to go live.

After EOS failed to launch its platform on its projected launch date of June 2, a live-stream vote was called, where users voted “Go” to launch the blockchain network. But while the network got the green light, it couldn’t go live until it was activated with the EOS tokens held by investors.

Things didn’t go as planned as token owners became reluctant to weigh in with the minimum vote required to activate the blockchain. For the EOS blockchain to go live, 15 percent of the total EOS tokens in supply had to be used to elect the network’s 21 EOS block producers.

Votes

Also known as supernodes, block producers operate as part of EOS’s delegated proof of stake (DPoS), where they serve a function similar to Bitcoin miners who secure proof-of-work systems. The candidates for the supernodes include local crypto enthusiasts such as EOS Canada, who is currently leading with just over 42,000,00  token votes at press time, followed by EOS Authority, the entity that started up EOS, in second place with about 39,400,000 votes. Blockchain heavyweight Bitfinex is currently eighth with a bit under 32,000,000 EOS votes, and EOS HuobiPool is in the eleventh spot with just over 30 million token votes.

To vote for the supernodes, token owners have to go through a process of proving ownership, which requires using their private keys.

The most noteworthy voting software is CLEOS, a command-line tool created by Block.one, the creators of EOS. This software requires a lot of programming knowledge, which left non-technical voters with crowdfunded projects like EOS Portal and other desktop tools.

As much as users were eager to activate the mainnet, they were equally nervous that the process might jeopardize their holdings.

EOS’s inability to get the required number of tokens staked led to the mainnet launch being stalled for days. There were also some reports that a general, widespread distrust in third-party software available to owners, coupled with the complexity of the voting process, led to voter apathy.

Vulnerabilities

Despite the success of its ICO, the EOS team has not been able to find a lasting solution to the vulnerabilities that have riddled it from the start. Some weeks back, Chinese internet research firm Qihoo 360 discovered a vulnerability that could be used by hackers to remotely manage codes on nodes and attack any cryptocurrency built on the network.

EOS launched a bug bounty program that rewards developers for discovering security vulnerabilities, with the most significant reward going to Dutch ethical hacker Guido Vranken, who was paid a hefty $120,000 for discovering 11 new vulnerabilities. EOS’s HackerOne profile shows that vulnerabilities are still being discovered.

EOS is currently up by 14.4 percent, trading at $11.32.

This article originally appeared on Bitcoin Magazine.

You may be interested

Which Stablecoin Is the Riskiest? The Crypto Market Is Pricing That In
Bitcoin
Bitcoin

Which Stablecoin Is the Riskiest? The Crypto Market Is Pricing That In

btcethereumadmin - October 17, 2018

The market is starting to differentiate between stablecoins, even though these cryptocurrencies are all designed to trade 1-to-1 with fiat.…

Blockgeeks and WozU Announce Partnership
Crypto News
1 views
Crypto News
1 views

Blockgeeks and WozU Announce Partnership

btcethereumadmin - October 17, 2018

WozU, a tech-education startup created by Steve Wozniak, co-founder of Apple and, Blockgeeks have partnered together to further the spread of…

With New Exchange Listings and Demand, New Stablecoins See Pegs Broken
Bitcoin
1 views
Bitcoin
1 views

With New Exchange Listings and Demand, New Stablecoins See Pegs Broken

btcethereumadmin - October 17, 2018

Fresh on the market, the industry’s newest batch of stablecoins is having trouble striking a price balance. Amidst news of…

Leave a Comment

Your email address will not be published.