EOS Mainnet Launch Stalls as Too Few Users Stake Their Tokens

eos
mainnet

#1


via ccn

The EOS mainnet launch has stalled, as fewer than one-third of the tokens required to activate the platform have been staked by their owners.

The mainnet technically launched on June 10 — more than a week after Block.one released version 1.0 of the EOSIO software — but the platform cannot be fully activated until 150 million EOS tokens — 15 percent of the total token supply — vote to elect the network’s 21 “block producers,” who will more or less fulfill the role that miners play in Proof-of-Work (PoW) networks like 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 as of the time of writing, and no one knows when the other ~102 million will be staked.

The reluctance to vote may be due to the fact that the process is somewhat complicated and users may understandably be concerned about accidentally exposing their private keys. The pace of voting seems to have ticked up over the past 24 hours, but, nevertheless, users — and their tokens — continue to remain in limbo as they wait for others to stake their balances.

It’s likely that block producer candidates themselves control 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, the 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.


#2

patience people - block produces are coming out with voting options everyday and this new governance model is being tested on the fly

I don’t give a f*ck if traders are wanting a moon shot now missing the point of the vote and realizing the true value comes from the competition between block producers

If your paying attention to this event it is amazing

We are sitting at (7.11%)


#3

What can possible go wrong to trust 21 board members’ integrity on a multibillion dollar business?

Isn’t ‘code is law’ the whole point of the cryptocurrency?


#4

Why would only the first block producer be required to have this much RAM? Wouldn’t you want every block producer to have the same capabilities? Just curious as this part seems a bit weird for me.


#5

Yes 21 is not perfect but I like the continual competition and is sort of the point in the voting method

I am fully aware of some of the faults but things evolve


#6

I see EOS (POS) is a degradation from Bitcoin.

If the human democracy (a form of POS) was able to iliminate human corruption, Bitcoin (POW based on hardware investment) has no reason to exist.


#7

halfway there… but things do not look as promising as many people claimed it would be

https://eosauthority.com/voting


#8

W T H with this? is this true ? damn …


#9

lol I remember the community arguing for the opposite regarding ethereum and wanting to be able to redistribute lost or unused tokens

yeah it’s a clause for the same reason masked as fud


#10

It’s only been up for a couple of days ( I think ) and we’re already half way there :stuck_out_tongue:
https://eosauthority.com/voting

pretty alright


#11