EOS – The History
After almost a year of waiting for EOS, the number 5 on the list of most valuable Cryptocurrencies will finally launch its software this coming weekend. The team behind the Cryptocurrency has been working hard this last year to raise the funds needed to develop the software and it has been extremely successful in pulling together the money. It has been suggested that $4 billion has been raised. With this amount of money behind the Cryptocurrency, it is hardly a surprise that there is an awful amount of hype around this release.
Although there are some who find the vision of the Cryptocurrency questionable, others are fully supporting of this decentralized option. Many believe that it is a good replacement for the current Cloud Hosting services available.
Now The Launch
The forums for the Cryptocurrency are already full of questions.
Of the very limited information that is available on the launch, is the fact that the EOS software will be released 23 hours after it’s code is released as open-source software. The company responsible for this particular element is Block.one – the publisher. Once this has been completed, Block.one’s work is done.
After this major step has been taken, the Cryptocurrency is then in the hands of a large number of block producers. Their first role will be to see where the Cryptocurrency sits; the details and information will then provide a benchmark for the Cryptocurrency. They will also take an in-depth look at the EOS tokens to gain a full understanding of the number of tokens that need to be migrated to customer’s wallets. This is just to make sure that the amount raised from the Ethereum fundraising matches that in the users’ EOS wallets. This will apparently only take a few hours.
After the verification process of the tokens has taken place, a select few block producers will then test the software. Only when they are happy will everything be released to the public. It is also thought that the testing of the software may also be completed by third parties.
The Token Transfers
The transfer of tokens will still not be able to take place once the above steps have been finalized. In order to do this, they first need to select the block producers through a voting system. Those users with a higher number of tokens have more of an influence over the outcome of the election. There is also a stipulation that for a user to be able to transfer tokens, there must be at least 15% of the total number of tokens on the network staked first. This may well be a contentious point for many of the EOS customers.
Although this has been an eagerly awaited release with many of the stakeholders waiting for the launch for months, there are expected problems and frustrations. One of those has been highlighted above. This is without taking into consideration possible bugs and other issues associated with the launch of new software. It’s going to be an interesting weekend.