Why Is EOS Still Not Live Despite Its Launch


Jun 13, 2018 by Mitchell Lee


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Despite the tedious and long process of EOS’s technical launch it’s still not live. What can be the probable reason behind EOS not going live notwithstanding EOS blockchain technically being launched on June 10 at 13:00 UTC? Well, the main reason for this is that the tokens created by Block.one’s $4 million EOS initial coin

Despite the tedious and long process of EOS’s technical launch it’s still not live. What can be the probable reason behind EOS not going live notwithstanding EOS blockchain technically being launched on June 10 at 13:00 UTC? Well, the main reason for this is that the tokens created by Block.one’s $4 million EOS initial coin offering are all locked up. This can only be unlocked after 21 block producers are elected by EOS network. This has not happened and unfortunately, no one can use EOS.

According to a recent report, it is stated that EOS blockchain can go live only if 15% of all tokens are “staked” in a vote on block producer candidates. The 15% of the token comes to an equivalent of 150 million tokens.  The process of staking tokens will allow cryptocurrency holders to vote for almost 30 block producers. The votes will be weighed on the tokens being staked. This process is still ongoing and EOS will not be able to go live until it is completed. However, considering blockchain self-governance it can be said that the process will be successfully done in time to come.

The moment, the magic number of 150 million tokens are done, which is underway and can happen at any given point of time, EOS is expected to go live. Current news claims that the staking is going to gain speed, but by the end of June 10, only 10 million tokens have been staked. The platform still needs a huge number of tokens to start the voting process.

Kevin Rose of EOS New York has said that the slow start was due to the launch happening late at night in Asia. He justified that Asia market made a remarkable difference since several countries in the continent had a good number of cryptocurrency users. This can be believed since the number of staked tokens tripled the very next day.

However, speculation from members of EOS community suggests that investors are being cautious on the number of issues before staking their tokens.

Mitchell Lee is a spirited cryptocurrency enthusiast who believes in the infinite potential of the blockchain and its upcoming causal effects. He implements his knowledge in this ambit and scoops out fascinating pieces of news, keeping our audience updated with the latest ongoing of the ecosystem. With his exquisite penmanship, he has been successful in harbouring an audience on our website. In his free time, Clark likes to wrote futuristic poetry and listens to Beethoven.

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