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EOS: What Happens Now That The Blockchain Has Been Released

Samantha Mitchell

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As previously reported, Block.One had a busy weekend last weekend when it released its EOS code. Who knows what the future will now hold for this $4 billion’s worth of code?

What Has Happened?

block.oneIn an unusual launch process, Block.One released its code at the weekend and has as of now relinquished all of its responsibility to EOS. It is now up to the EOS community to take the open-source product further and actually release the Cryptocurrency. Therefore as of this moment, there is actually no launch date of EOS. This will only be decided once the EOS customers and community decides.

As is widely know, this approach has caused a lot of concern and comment amongst the Cryptocurrency industry. The industry in itself is unstable as it is but the rogueness of the EOS concept has definitely rocked the Cryptocurrency boat. Even the non-mining approach is out of the norm – ie block producers (of which there are only 21) will be responsible for processing the operations of EOS. As we all know, bitcoin uses the mining model, which in itself has its own issues with the power consumed by ASICs. However, with EOS, the thousands of verifications required every single second of every single day will be handled by 21 validators alone.

What’s Stage 2?

Now that the code is available, a team of EOS users will need to take the Cryptocurrency to the next level and actually test and verify it before final launch.

Those wishing to take on board this project ie the block producers need to initially step forward and then start working together to develop EOS.

The first step will be to choose who will take the lead on producing the genesis block. Once this has been completed, the next stage will be to take a vote. This will be on the first set of block producers. However, as has been already highlighted, this vote can only happen once 15% of all tokens have been activated.

The Road Ahead

The road ahead is more than likely going to be a bumpy and an uncertain one. With such an unorthodox approach there are many questions that remain unanswered.

At the moment, there are no certainties with this Cryptocurrency at all. Although there is a team of block producers that have already stated that they will start the testing process off, because the software is open source, anyone else can jump onboard. So pretty much anything can happen until EOS is actually launched.

But as we all know with the Cryptocurrency, most things are so fast paced that standard business practices certainly don’t work in this industry. There is sure to be two camps that fall out of this process with very different options on the way forward. It is also guaranteed that all eyes will be on EOS and how it progresses to and post-launch.

In terms of keeping up with all things EOS, EOS Go is keeping the market up to date on YouTube. Live interviews and streams are already available for those interested. Yet another first to follow!

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