The Bumpy Start of the EOS Mainnet
One year is over and the longest ICO of history so far comes to an end. Now EOS is supposed to go live. But the launch of the EOS Mainnet is not quite as smooth as many imagine. What is happening with EOS?
The EOS ecosystem is currently undergoing the phase after the start of the Mainnet. After serious security issues, the EOS Mainnet Launch Group (EMLG) unanimously voted in favor of the launch of EOS Mainnet. In other words, the EOS Blockchain is running!
Difficulty in voting the block producer
EOS works with the so-called delegated proof-of-stake algorithm. The holders of the cryptocurrency can vote for block producers. The more tokens an address holds, the more valuable is their voice. The same mechanism is also used by BitShares and Steemit, both of which are concepts by Dan Larimer, the inventor of EOS.
After the ICO phase of EOS, the choice of Block Producer (BPs for short) is now on. But here are now complications: It is not trivial to make a vote for a BP with his tokens purchased from the ICO. The official tool for this is based on a Command Line Interface (short: CLI). Many computer users are not used to using such a representation programs.
At noon on Tuesday (around 1pm), less than 2 percent of all EOS tokens have voted for a block of producers. The EOS Blockchain offers so far only limited functions — above all the choice of the BPs. Only when 15 percent of all EOS tokens have cast their vote for a BP, the blockchain gets its other functions. At the moment the system is in a kind of limbo.
How can I choose for an EOS Block Producer?
Anyone who has acquired EOS in the ICO phase and now wants to participate in the choice of block producers, has some options. Generally there are two alternatives.
The first is the “official” and therefore safest option, namely the use of the so-called “cleos”. This is an open source application that works as a CLI. So, a program that is controlled by the terminal and has no graphical interface. As already mentioned, this service is not trivial and requires basic technical knowledge, half a day’s time and some courage (after all, this is about cash!). Detailed instructions can be found in this media article. A word of warning: This is not for the faint of heart, it takes time, patience and some technical knowledge.
The other alternative is to use a program that a potential block producer has written himself. Again, a warning must be given first — as is generally true in crypto-space: If it is a third party program is extreme caution, because the private keys could be eavesdropped. So the tokens can be gone quickly.
A graphical program (GUI) is GrayMass. In Steemit Post, GrayMass describes how to use the software and how to get from zero to one. The article also describes that the Private Keys never leave the local machine and therefore there is no danger of losing your money.
Another block producer’s tool is called “ eosc “, written by EOSCanada. Eosc is also a CLI program, but EOSCanada enjoys a good reputation in the EOS community and ranks among the leading BPs. Alohaeos has written a guide on Steemit explaining the commissioning of eosc. It is important to check the version of the chain before choosing. According to EOSCanada, the correct Chain_id is: aca376f206b8fc25a6ed44dbdc66547c36c6c33e3a119ffbeaef943642f0e906
It is important to be careful with his private keys. Who controls the Private Keys, has full access to the stocks on the Blockchain. A Reddit user noticed:
What happens to EOS now?
Block.one, the company that was previously responsible for EOS, has largely kept out of the start of Mainnet. After all, EOS should be a decentralized project. Even if one or the other may be disappointed by the slow start of the EOS Blockchain, it is time to keep calm and patience.
As already known, few addresses hold just under 50 percent of all tokens. Once these instances have settled down for the ballot box, starting the blockchain should not be a problem anymore. So it still means “wait and see”. Especially for smaller EOS token holders it is recommended to keep your feet still. If you’re not in the mood for a technical adventure in the terminal, you probably will not bother with the choice.
Criticism of the EOS Mainnet Launch
The criticism against EOS and Block.one is mainly due to Reddit . “ 4 billion taken at the ICO and no GUI for choosing the BPs. “Due to the technical hurdle,” normalos “are practically excluded from the election, which does not exactly strengthen the idea of decentralization. On the other hand, the lack of coordination is a side effect of this decentralization.
Decentralization is also supported by the one-sided distribution of EOS tokens. Should a single major investor have fought his way to the ballot box, the minimum of 15 percent could be met immediately and the EOS blockchain would start with this one-sided vote.
Also a critique Vitalik Buterins was taken up on the / r / eos Subreddit and seems to be true. The effort and risk involved in the elections is too high. Therefore, a lot of investors do not choose, certainly not “the average Joe”.
Some important links for checking the progress
- A block explorer for EOS shows that since the day before yesterday (09.06.2018) no new blocks have been produced.
- On EOScountdown can be seen that the elections are still going on.
