In what can be claimed as a break-through progress, the launch of the EOS blockchain finally took place yesterday on Saturday, June 9. After a year-long ICO, the EOS blockchain has finally managed to validate its goals towards reaching more than $4 billion while developing their own open-source software.
Yesterday’s launch of the EOS blockchain was a result of the live-stream voting that took place on Friday, June 8 in a meeting that took place on YouTube sponsored by ‘EOS GO’. During the live-stream session candidates for the role of validators and “block producers” from all across the globe voted “Go” to take the mainnet live.
There was a lot of skepticism brewing in the cryptocurrency community when the company released the version 1.0 of the blockchain protocol EOSIO to the public. However, this distributed proof-of-stake blockchain created by blockchain software developer Block.One, EOS, has managed to raise nearly $4 billion over the last one year to develop its own open-source software.
The EOSIO open-source software is basically designed for “community-driven” and enterprise level businesses for building scalable blockchain-based applications. Many experts believe that EOS, as a platform for building decentralized applications (DApps), is a direct competitor to the Ethereum.
The basic aim of developing the EOS platform is to organize communities around the open-source software thereby creating community-driven models which can directly compete with today’s financially centralized tech conglomerates. Developing Relation Officer for EOS, Serg Metelin said:
“Blockchains will change everything. Agricultural industries, Governance, Science, Medical, Insurance and all of the industries that have a middle man as a part of the business process can be disrupted by the blockchains.”
Prior to the release of the EOS blockchain, several blockchain organizations formed the EOS Mainnet Launch Group (EMLG) and have also agreed on unanimously to launch one mainnet for EOS. Nearly 100 candidate organizations had participated on the call which took place on Saturday and the voting took place 45 minutes later with over 1800 people watching it at a time.
There were almost unanimous decisions supporting the “Go/No Go” votes, however, the moderators did not disclose the final count. As an outcome of this vote, a group of appointed block producers will be taking the network live. According to the order of events in the EOS mainnet launch, initiation of the network through appointed block producers will be followed within 48 hours of additional testing. After excluding the major bugs discovered few weeks ago, EOS holders will be invited to vote for a set of block producers. EOS will go live with 15 percent of the outstanding tokens being staked to votes.
At the press time, EOS is trading 8.5 down in last 24 hours at $13.23 with a market cap of $11 billion, according to the data on CoinMarketCap.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.