Blockchain EOS is approaching to be launched as of June 6,

EOS is one of the most promising projects in the industry of cryptocurrencies and the strongest potential competitor to Ethereum — is approaching to launch its own blockchain. However, the procedure is non-standard for the cryptocurrency community is the first blockchain that starts with the consensus of the holders of the tokens, not the miner, who created the first block.

A few days after the end of the ICO, the freeze token and the beginning of a non-standard startup routine, the blockchain EOS still not started. But organized group of developers and investors, is moving towards this goal.

Last Saturday the company Block.one released version 1.0.0 of the purse EOS and have already published the first update code version 1.0.1. This release is technical Director of Block.one Daniel Larimer (Daniel Larimer) called the method of «preventing problems» in the updates of the nodes, and other possible vulnerabilities.

The participants of the ICO EOS, which ended
last Friday, I bought all of the proposed primary tokens ERC-20 platform Ethereum. Each purchaser of the token received in the process of their registration on the website of the developer key pair that allows after starting the blockchain to get these coins EOS. They will be used for start-up and operation of the blockchain. However, even with keys, coins cannot be moved or sold until the blockchain EOS does not start; however, the exchange shall conduct internal accounting and trade tokens on the exchanges without the I / o continues.

The last major event took place on June 2 at 10:59 UTC, when the tokens were frozen
the blockchain of Ethereum and was made of the so-called «snapshots» (snapshot) to save the state of their distribution, which later can be used to account for the coins issued in the blockchain EOS. The General view was that it happened on time and without any problems (that’s one of the reports).

In addition, the developers have warned the community members that they don’t have anywhere to import your private keys, you have not made an official statement at least five of the founders of the blocks in the blockchain kapustnom EOS.

«Everything happens as we expected. A few small obstacles, no global problems. I expect the blockchain to be launched in the next couple of days,» said Kyle Samani (Kyle Samani) of Multicoin Capital, one of the most famous supporters of the EOS.

However, it was interesting to see how trying to unite the creators of the blocks — the largest holders of tokens that will handle transactions in the new blockchain and get your reward. Given the global nature and distribution of the launch of the network, is a difficult process.

«Every day I was on the phone with 60-90 people,» said Marc-Antoine Ross (Marc-Antoine Ross), General Director at EOS Canada, and added: «I think it’s important that we all supported the agreement on the launch of the unified network».

The launch phase

In contrast to the usual competitive environment of mining, adopted in classic crypto and formed on the basis of the capacity of the hash in the blockchain EOS to create the blocks and confirm transactions only, the largest holder of tokens, so-called «validators» or «creators block». The main holders of tokens already formed a Group to start the main blockchain, called EMLG — EOS Mainnet Launch Group. Its members work together to coordinate the process of starting the network.

In his blog
the developers of the EOS group, New York, one of the contenders for the role of «maker blocks», described the main phases of network launch and noted that none of them tied to any specific period of time, as the successful completion of each of them is much more important than speed of implementation. Developers allocate the following stages of the launch:

  • Verification of the «snapshot» and download: the made and tested EMLG and third parties. Started the download process.

  • Testing. EMLG and third parties need time to make sure all tokens are loaded in accordance with the file «picture,» and that the software works well. Now is this stage.

  • Run. Issued a joint Declaration of the community of candidates to the creators of blocks that are safe to import private keys and to vote. The voting has begun.

  • Activation. Core network EOS is declared is running. Begins the creation of the blocks.

  • The developers also note that only after the implementation of all four phases, you can say that the community got really immutable blockchain. Until then, a possible rollback and restart the chain. These necessary technical checks, including verification, can take several days.

    Problems

    However, this appearance of a unified work would not have been achieved without serious behind-the-scenes work and friction. So, last week, in the community of EOS of disagreement, when the group who called themselves the Ghostbusters, has published criticism
    approach to the launch of the network under the guidance of EOS Canada — another group claiming to be the Creator of the blocks.

    9 APR EOS Canada has published a part of the software open source under the name of EOS, the BIOS is a set of codes designed to coordinate the run ON EOS. Since then had released dozens of versions and the final version 1.0.0 on Saturday. «Many candidates for the role of the Creator blocks endorsed the decision to launch the network,» said Ross. However, criticism was supported by other aspirants to the creators of blocks to the main network.

    Group EOS Canada immediately responded to the call
    to «strengthen cooperation», arguing that some of the identified vulnerabilities were the settings required for effective testing, and not to run the network. The following message
    Ghostbusters has described his approach as «focus on security».

    Unity or forks?

    Despite the impression that may be a split that will lead to the appearance of two or more competing blockchains, apparently, winning consensus. On Saturday, the participants supporting the launch, announced that the parties have resolved their differences (this was confirmed by Ross), and agreed to coordinate with the EOS BIOS — the network should have no problems with the integration of security measures proposed Ghostbusters, according to Ross.

    «We reached out Ghostbusters so we have a single strong network,» said Ross.

    Thus, in most of the community did not split and was not created by competing baccani, as many had feared.

    EOS Classic

    However, one group has launched a separate project EOS Classic, which basically recreates the existing balance of tokens on Ethereum, where users of trading. The creators of the network have implemented a fairly complex procedure that gives users the ability to claim your tokens. The main difference between the EOS Classic is that the blockchain will be to work on consensus PoW, not PoS, it will use the hashing algorithm Ethash.

    CEO MyCrypto Taylor Monaghan (Monahan Taylor) has asked your team to study this network, and the developers saw no warning signs that could threaten owners EOS EOS when receiving Classic. Exactly the same as the Block.one has reserved 10% token EOS for the company, team EOS Classic has retained the same number of coins for yourself.

    The vote

    Another oneproblem that community will have to decide before you start the blockchain EOS — election «creators block». The difficulty is in choosing a limited number of founders units, while the candidate can be any token holder EOS. At the moment claimed about 200 candidates, but the voting mechanism is still not running.

    Because this vote should be those who possess the token EOS, members of the community foresaw a number of complications. For example, tokens for voting may eventually remain unused or be lost forever, if the buyers of tokens and have not registered address EOS (a necessary step to obtain the keys and move the coins from Ethereum).

    To prevent the exclusion of users who have not followed the blog posts EOS, the community created a workaround, so they don’t lose their tokens. For all of you who were not aware of the need to create addresses, they generated the EOS version of their public key Ethereum. Thus, once the user has created the EOS version of your private key (preferably in offline mode), he can claim their tokens.

    «Your public key Ethereum is just a wrapper around a longer set of numbers that can be compressed to a string of 64 characters called your public key,» explains
    EOS New York.

    The real obstacles to the vote never happened. Perhaps the only significant threat is that there are «whales» — the owners of very large amounts of tokens. People who have a vested interest in that system has been launched, but the community will have to some extent rely on their honesty.

    A Reddit user @Lannisan studied the figures recorded balances and found that the 10 largest wallets (including the account of the developers) own more than 49% of all tokens. In other words, these 10 wallets, in the case of coordinated action, could provide the outcome of the vote, which would be beneficial to them. While the top 100 wallets control 75% of the tokens.

    However, these figures cannot simply be taken on faith, since one should not exclude the fact that many of these «whales» are likely to exchange, and the largest of the sites promised not to vote with tokens for their users. However, it is likely there are some large owners of the tokens that are planning to vote as soon as they will be the best release of the core network, and then it will start.

    At the moment nobody can give a specific launch date of the network. Now the candidates for the creators of the blocks launch multiple testnet, any of which may be suitable according to all required parameters. When all members of the group agree that they have satisfied all running version network, the group will appeal to owners of the tokens, to bring them to a vote.

    Co-founder of Turing Group Advisory Siddharth Kalla (Siddharth Kalla) said:

    «The real test of the network will come when it will be launched. The most difficult is human factors in security, voting, economic incentives, etc. It is much harder to check than the code phase of testing.»

    At the moment, according to the news on Twitter EOS New York, the security testing and network client, preparing to launch. Some of the upcoming launch of test networks and potential creators of the blocks can be seen on EOSportal.io. Here you will find a complete list of portals, conducting the vote, and a lot of other useful information. And Eosgo.io can see the entire list of candidates to the creators of blocks and see them on an interactive world map.

    Now we can say that the community of EOS is still in the stage of primordial chaos, and the sequencing has not happened yet. To one of testnet moved to the status of the current full blockchain requires consensus of at least 15% of all available tokens. This means that you can create up to six competing blockchains. It is hoped that the community will come together and will be running only one network. In the end, in the interests of all owners of the token EOS, as only a single blockchain will be able to win the trust of investors and to make a real competitor to Ethereum.

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