There has been further bad news for the EOS mainnet launch with the whole process now stalled, according to sources. This is because less than two-thirds of the tokens required for platform activation have been staked by their owners.
The mainnet launched on June 10, 2018, which was more than a week after Block.one released version 1.0 of the EOSIO software. However, the platform cannot be activated fully until 150 million EOS tokens or 15% of the token supply vote to elect the network’s 21 ‘block producers.’ These will be fulfilling the role that the miners play in Proof-of-Work networks such as Bitcoin.
According to data from block producer candidate, EOS Authority, just 4.8 percent of tokens — or 32 percent of the necessary tokens — had voted by press time and no one knows when the other 102 million will be staked.
The reluctance to vote may be because the process is somewhat complicated and users may understandably be concerned about accidentally exposing their private keys. The voting pace seems to have increased over the past 24 hours, but users — and their tokens — remain in limbo while they wait for others to stake their balances.
It’s quite likely that block producer candidates hold enough tokens to activate the network, but — stemming from the fact that Block.one is not participating in the mainnet launch — there have reportedly been heated tensions between the various groups jockeying to win one of these exclusive spots in the network.
For example, the first block producer randomly chosen to verify transactions will be required to purchase approximately $260,000 worth of random access memory (RAM), and there has been much debate about whether and how that organization should be compensated for the in-network purchase. One controversial proposal would see developers use “god mode” to essentially print, out of thin air, the estimated 19,000 EOS tokens needed to pay for the RAM.
Meanwhile, EOS’ price has experienced a significant decline against both bitcoin (BTC) and ether (ETH) since June 10, suggesting that investors — many of whom contributed to the token sale nearly one year ago — are disgruntled that the platform has still yet to go live. In fact, at press time, EOS had dropped below the psychologically significant $10 level, and a further drop was expected in the short term.
Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.