— EOS Authority (@EOSauthority) June 14, 2018
For the project to become active, at least 150 million token holders had to vote to establish the set of 21 elected block producers. According to the data from EOS voting page, more than 17% of the EOS tokens have cast a vote.
EOS.IO is an Operating System on which scalable Decentralized Autonomous Communities “DACs” can easily be built, launched, and governed. Made possible through asynchronous smart contract communication, EOS.IO is designed to empower communities to create the next era of disruptive organizations.
As for the EOS blockchain project, there were doubts and some disagreement on whether the software should be launched at all. The projected launch date was June 2, but EOS failed to launch its platform. A live-stream vote was called, where users voted “Go” to launch the blockchain network. The blockchain was technically launched on June 9, but the company was unable to choose appropriate block producers, that’s why it was stalled.
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.
— EOS Authority (@EOSauthority) June 10, 2018
And once the necessary number of votes had been received, the chain became live. The EOS blockchain is now considered officially verified, which means it is now open to block producers to become active.
At the moment, 291 block producers have been listed on the voting page. Some of the block producers were running the blockchain before that, in test mode. In theory, producers can be voted in or out. However, some believe the EOS holdings are quite centralized and an almost permanent list of producers may form.
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. Among these producers are such crypto enthusiasts as EOS Canada, who is currently leading with just over 42,000,00 token votes at press time, and EOS Authority, the entity that started up EOS, with about 39,400,000 votes.
With 500 millisecond block time, EOS becomes one of the fastest blockchains.