Has EOS Launched?
Although the eagerly awaited launch of EOS has been expected for the last few days, there is still no good news for the token holders or indeed those in the industry waiting to see what will happen.
The whole launch process has been completely different to anything we have seen before in the Cryptocurrency business so it is no real surprise that things are in the position that they are right now.
What Has Happened?
As we are all aware, the open source code for EOS was released a couple of weeks ago now by developer Block.One. It was then left to the EOS community to take the matter into their own hands and take the next step to progress the code and test it to make the Cryptocurrency market ready. The community has already made some major leaps forward, and the software is at the testing stage as we speak. However, it is the next phase which seems to be the tricky one. And it would seem that the very approach that has taken EOS this far may we be holding it up from going any further.
Why The Wait?
One of the final steps has yet to be taken i.e., the big election. This vote is the all important choice of who is going to process transactions on the network. However this is still yet to happen and all the while this vital step is not taken, the Cryptocurrency is stuck where it is and it cannot be launched.
The main snag at the moment is the simple fact that those holding tokens are extremely concerned about the safety of the vote. Each token holder will basically need to use their private keys to vote and this is what is holding everything up. By using their private keys, token holders are worried that their assets are going to be put in danger and then be lost. It doesn’t help that there are so many fraudulent activities and scams at the moment. Even though the Block.One voting system that is in place for the EOS customers is one of the best on the market, many of the users have been unable to use this software because of the need to be very technically aware and able. Thus clients have opted for voting software, which is not as secure. There is also widespread confusion about the whole voting procedure. The team behind EOS have produced a few pieces of software to try and ease the strain, but the simple fact is, the voting process is way behind where it should be. At last count, there was less than 38% of the votes made – and there are 150 million required for EOS to be launched.
So until that important 150 million votes has been reached – and there is still a long way to go – there is absolutely no way that EOS will be released. Something that the Cryptocurrency industry and the world, as a whole are all waiting for. Hopefully, as more and more people finally start to vote, others will become more confident in taking that step themselves. Then we can all see how EOS will react to going live.