To say it’s been a bumpy start for the EOS blockchain might just be the understatement of the year. The voting process was long and winded, experiencing many unexpected delays, but it’s finally complete. The votes are in, and EOS is officially live.
EOS Blockchain Voting System
The 21 block producers have finally been elected, but it was a slow start to get there. If you’re unclear about EOS block producers, you can check out our break down.
For a while, the voting process was stalled. 15% of all tokens in the system needed to be staked to complete the process. That’s 150 million tokens total. Until that happened, all EOS tokens were locked from use (other than to stake for voting). No one was able to do anything on EOS until the voting process was completed.
As of June 10th, only 10 million tokens had been staked. By June 11th, 30 million – still a long way from the necessary 150 million. Although many reassured that that target could be achieved at any moment, it seemed a long time coming.
Today, finally, the necessary amount of tokens were staked, the voting completed, and the block producers elected – at long last making EOS live.
What was causing the holdup? Part of why it may have taken so long to get votes in comes down to the method of staking votes. To stake a vote, EOS token holders need to use their private keys, a complicated and risky process that some might not be able to manage or be willing to do.
The other possibility is that a large number of token holders may have been waiting to first see who others were voting for. Today, staked votes very quickly jumped from 110 million to 150 million, suggesting that this might be true.
Regardless, EOS is finally live – will this be the end of the problems? Let’s hope so, but it’s good to keep one eye open. After all, people are still discovering bugs on the EOS blockchain.
Currently, EOS is selling for $11.44, which puts the coin up 13.70% in the past 24 hours.
Despite the struggles, it looks like EOS is up today on the news that it has gone live.
Featured image: Steemit