EOS Meets Vote Threshold For Mainnet Launch
After EOS missed the date launch for its platform which was scheduled to launch on June 2, a live-stream vote was requested, where users voted “Go” for launching the network. But while the network received the approval, it couldn’t go live if the investors didn’t activate it with their EOS tokens.
Things didn’t go according to plan as token owners became hesitant to contribute with the minimum vote required to start the blockchain activation. 15 percent of the total EOS tokens in supply was needed to make EOS blockchain to go live because they would be used to designate the network’s 21 EOS block producers.
Block producers, also known as supernodes, work as part of their delegated proof of stake (DPoS), where they function in a manner similar to Bitcoin miners with their secure proof-of-work systems.
The candidates for the supernode positions consists of EOS Canada, who is currently in the lead with over 42,000,00 token votes at press time, followed by EOS Authority, the company that started EOS, with about 39,400,000 votes. Established cryptocurrency exchange Bitfinex is currently in the eighth position, having just a bit below of 32,000,000 votes, and HuobiPool is in eleventh place with a little over 30 million token votes.
The voting system for the supernodes involves token owners having to undergo a process of proving ownership, which necessitates the use of their private keys.
The most significant voting software is CLEOS, a command-line tool developed by Block.one, the blockchain that built EOS. This software can only be used by users that have a great deal of programming knowledge, which left non-technical voters with crowdfunded projects such as EOS Portal and other desktop apps.
As much as users wanted to start the activation process of the mainnet, they were also worried about the possibility of losing their holdings.
The project’s failure to acquire the necessary number of tokens staked contributed to the delay of the mainnet’s launch, which lasted for days.
In spite of its successful ICO, the developers at EOS were not able to come up with a long-term solution to the vulnerabilities that have been plaguing their system. Recently, Chinese internet firm Qihoo 360 exposed a vulnerability that could have been exploited by hackers to remotely control the nodes and attack any cryptocurrency that ran on the network.