The EOS mainnet will finally launch at 1300 UTC today (0900 EST) — after a week of delays due to bugs in the network. The much-anticipated launch follows a year-long initial coin offering (ICO) which saw the company raise over $4 billion.
The issues raised by the study led to Block.one creating a bug bounty program, offering up to $10,000 for the most severe problems. After the original vulnerability was fixed, they decided to invest in making sure the network was fully secure. One developer has since earned $120,000 by fixing 12 bugs with the potential to crash the smart contracts underlying the system.
EOS block producer candidates were meeting by video call at 01:00 UTC, 9 p.m. EST, each day to determine if the mainnet was ready. Their votes were cast as “go” or “not go.” However, they were criticized on Twitter for a lack of decentralization as just 21 people were allowed to determine the fate of the network.
Following a token holder community meeting at 13:00 UTC on June 7, the EOS Mainnet Launch Group agreed to improve the voting process and livestream the vote. At the time, an update was made which said that the “security audit is not finished but no show-stopping bugs have been found.”
“History in the making,” Brock Pierce, one of the 21 people who voted on EOS’ launch, tweeted shortly after the announcement. “EOS mainnet launch is a GO!”
The EOS ICO took a year to complete and finished on June 1. The project’s raise was higher than Telegram’s record ICO of $1.7 billion. However, Block.one have faced questions over their movement of $1 billion worth of Ethereum (ETH), in respect for whether or not they were trying to depress the price of ETH.
EOS uses a Delegated-Proof-of-Stake (DPoS) consensus model which rates block producers by their honesty value and only the top 21 get paid transaction fees. This model is meant to incentivize producers to record transactions accurately. Block.one also claim that the network can achieve a 500 millisecond block time.
- Neufund Partners with Binance and Malta Stock Exchange - July 23, 2018
- IBM Partners with Stablecoin Stronghold USD on Stellar Network - July 18, 2018
- New Blockchain Platform to Provide Digital Immortality - July 18, 2018
- NatWest Joins R3 Blockchain Finance Platform Marco Polo - July 17, 2018
- iXledger Offers New Blockchain Insurance with London Broker - July 16, 2018
- Tech Group MonetaryUnit to Acquire Flubit and Launch Crypto Marketplace - July 13, 2018
- Futuristic, Blockchain-Powered, Algae-Coated Towers Proposed for Hangzhou - July 11, 2018
- Unchain Teams with KPN and Microsoft for Enterprise Blockchain Solutions - July 11, 2018
- Zen Protocol Launches Mainnet Genesis Block - July 10, 2018
- Palladium Launches Regulated ICCO for Institutional Investors - July 10, 2018
- Malta Approves Three Regulatory Bills to Encourage Crypto Adoption - July 5, 2018
- Ron Paul: “Crypto can Bring Back Gold Standard” - July 4, 2018
- EU Report Blasts Economists Who Criticize Cryptocurrencies - July 3, 2018
- VeChain Launches Thor Blockchain. Token Swap Set for Mid-July - July 3, 2018
- Galaxy Digital Invests $20 Million in Blockchain Virtual Reality Platform - July 2, 2018
- DNAtix Pilot Blockchain Technology for Preventative Healthcare - June 28, 2018
- Regulatory Clarity Will Have a Snowball Effect on Institutional Investors - June 28, 2018
- New Platforms Open Up Smart Contracts to Non-Developers - June 28, 2018
- Hyperledger Executive Explores Real-World Uses of Blockchain - June 28, 2018
- Blockchain Tech set to “Overthrow” Current Banking System: ABM AMRO Exec - June 28, 2018