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The Blockchain Is Getting Ever Nearer To Going Live

Samantha Mitchell

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What’s The News?

As we have been reporting on regularly, things are moving forward with the launch of the EOS blockchain. A mighty step was taken forward last weekend when the code was released by Block.One. This effectively ended their involvement in the Cryptocurrency although to be fair the company has been supporting the initial stages following the release of the code. An update to the code has already been released, which is impressive.

However, in the main it is now down to the EOS community to put the next foot forward and actually test and validate the code, after which the launch can take place.

The somewhat unusual approach to rolling out this Cryptocurrency has raised several eyebrows over the last few months but things seem to be going smoothly with the software at the moment.

Tokens Are Frozen

It can now be confirmed that all of the initial Ethereum tokens that were available for the initial coin offering have been snapped up. Right now it is not certain as to what will happen with these tokens in the future. However, the original plan was to freeze them until the EOS Blockchain was ready to be launched.

Mirroring the above, the last major change was on the 2nd June when the tokens were actually frozen. The information obtained from this process will be able to provide the necessary details for the allocation of the tokens to their owners once the Blockchain is actually released whenever that may be.

So far everything looks as if it is running as scheduled. More information will follow for sure as and when things start falling into place with the Cryptocurrency.

Story So Far

Industry experts are stating that the release and next stages are going as planned with the usual couple of bugs and fixes along the way. This is always expected and often resolved easily when software is released.

The 21 block producers are so far working well together which is quite amazing considering this very unorthodox approach to developing a Cryptocurrency. There will be no mining involved as there is with Bitcoin. Instead, the block producers will complete the thousands of transactions required every second of every day. They certainly are very keen to work as a team to reach the end goal as smoothly and eloquently as possible.

This has not been an easy road so far though with troubles kicking off last week. The main issue is that because the code was released as an open-source code, it is available for anyone to access until the final Blockchain is actually released. As always in the Cryptocurrency industry there are always two sides to every story but thankfully the argument has since been resolved with the two parties involved.

It has already been reported that of all of the wallets holding tokens, 10 of them contain 39% of all of the tokens. When you add the next 90 largest wallets on top of this, that is 65% of the tokens held. So the target of 15% of all tokens needing to be live will not be an issue as once thought.

This whole process has been a lot more seamless than expected although the challenges certainly aren’t over. With so many big fish in the industry wanting to see EOS blockchain launch successfully there was very little doubt that things would not work out in the end – even with a few little bumps along the way.

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