The EOS mainnet will lastly launch at 1300 UTC right this moment (0900 EST) — after every week of delays because of bugs within the community. The a lot-anticipated launch follows a 12 months-lengthy preliminary coin providing (ICO) which noticed the corporate increase over $four billion.
The mainnet was scheduled to launch on June 2 however, based on its developer Block.one, was delayed because of a research by Qihoo 360 which discovered an “epic vulnerability” within the EOS community.
The problems raised by the research led to Block.one making a bug bounty program, providing as much as $10,000 for essentially the most extreme issues. After the unique vulnerability was mounted, they determined to put money into ensuring the community was totally safe. One developer has since earned $120,000 by fixing 12 bugs with the potential to crash the sensible contracts underlying the system.
EOS block producer candidates had been assembly by video name at 01:00 UTC, 9 p.m. EST, every day to find out if the mainnet was prepared. Their votes had been forged as “go” or “not go.” Nevertheless, they had been criticized on Twitter for an absence of decentralization as simply 21 folks had been allowed to find out the destiny of the community.
Following a token holder group assembly at 13:00 UTC on June 7, the EOS Mainnet Launch Group agreed to enhance the voting course of and livestream the vote. On the time, an replace was made which mentioned that the “safety audit shouldn’t be completed however no present-stopping bugs have been discovered.”
“Historical past within the making,” Brock Pierce, one of many 21 individuals who voted on EOS’ launch, tweeted shortly after the announcement. “EOS mainnet launch is a GO!”
The EOS ICO took a 12 months to finish and completed on June 1. The undertaking’s increase was larger than Telegram’s document ICO of $1.7 billion. Nevertheless, Block.one have confronted questions over their motion of $1 billion price of Ethereum (ETH), in respect for whether or not or not they had been attempting to depress the worth of ETH.
EOS makes use of a Delegated-Proof-of-Stake (DPoS) consensus mannequin which charges block producers by their honesty worth and solely the highest 21 receives a commission transaction charges. This mannequin is supposed to incentivize producers to document transactions precisely. Block.one additionally declare that the community can obtain a 500 millisecond block time.
picture by WikiImages. CC BY 2.zero
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