The blockchain network of the fifth largest cryptocurrency by market cap went live on Friday. The protocol has been activated after over 15 percent of token holders have voted to start the procedure.
The EOSIO main net got successfully validated by the holders of the cryptocurrency, with the number of tokens staked rising above 216 million as of writing. A total of 192 561 transactions over 94 000 blocks have been processed.
The block producers, which is the term equating to miners on the bitcoin network have been preparing the move for about a week. The market capitalization of EOS at present is about $9.8 billion as the token’s value dropped close to 3.7 percent during the past 24 hours.
At the beginning of June the creator of the EOS blockchain protocol, Block.one, released the first fully operational version publicly. The company has also pledged $50 million to support the development of the ecosystem after raising $4 billion in the largest ICO to date.
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Voting Only for True HODLers
The launch of the network took about a week with the main reason for the delay being focused on the lack of the ability of all holders of the token to vote. In a well-expected development, those EOS token holders who have their assets stored at exchanges couldn’t case a vote on the launch of the system.
The decentralized application protocol has been one of the main contenders in the crypto space claiming much faster transactions speeds than Ethereum leading to better scalability. The first batch of block producers is limited to 21 with EOS Canada holding the top position at launch.
The President and CEO at EOS Canada, Marc-Antoine Ross, said: “As custodians of the network, we want to help secure and lead this revolution.”
The EOS network aims to solve the main problem which is currently encountered when an app is running via Ethereum: scalability. The 15 transactions per second threshold on the second largest cryptocurrency in the world is greatly limiting the ability of developers to launch sizeable projects.