Bitcoin, Crypto currency, Blockchain

The bumpy Start of the EOS Mainnet

A year passed and the longest ICO of the previous history comes to an end. Now EOS is supposed to go live. However, the launch of the EOS Mainnet does not run quite as smoothly as the many imagine. What just happened with EOS?

Currently, the EOS-Ecosystem, the Phase after the Start of the Mainnets. After serious security flaws the EOS Mainnet Launch Group (EMLG) unanimously voted for the launch of the EOS Mainnet voted. In other words, the EOS-Blockchain is running!

Difficulties in Voting, the Block Producer

A time line of EOS Blockchain. Currently, the choice of the Block Producer (BPs)

EOS works with the so-called Delegated-Proof-of-Stakealgorithm. The holder of the crypto-currency for Block votes-producers. The more tokens an address holds, the more valuable their voice is. The same mechanism is also used for BitShares and Steemit, both of which are also conceptions of Dan Larimer, inventor of the EOS.

According to the ICO-Phase EOS, the choice of the Block Producer (abbreviation: BPs), is now available. But here the complications are beginning to show: It is not trivial, with the ICO acquired the Token a vote for a BP. The official Tool for this is based on a Command Line Interface (in short CLI). Many computer users are not used to operate with such a presentation of the programs.

On 5. June (approximately 13 hours), and have less than voted 2 percent of all EOS Token for the Block producers. The EOS-Blockchain offers, up to now, only limited functions, especially the BPs. Only if 15% of all EOS-tokens have cast their votes for a BP, receives the Blockchain the rest of your functions. Currently, the System is in a kind of Limbo.

In Blue are the votes already cast, in Red is the minimum number of votes

How can I choose for a EOS Block Producer?

Who has acquired EOS in the ICO Phase and now is the choice of the Block producers to participate, some of the possibilities. Generally, there are two Alternatives.

The first is the “official” and therefore safest Option, namely the use of the so-called “Cleo’s”. This is an Open-Source application that works as a CLI. So a program that is controlled via the Terminal and no graphic interface. As already mentioned this operation is not trivial and requires basic technical knowledge, a half-day of time and some courage (after all, it is a lot of money!). Detailed instructions can be found in this Medium post. A word of warning: This is not for the faint of heart, it takes time, patience and some technical Knowledge.

The other Alternative is to use a program that a potential Block has written Producer. Also here first a warning – as is usual in the crypto-Space, the following applies: If there are programs of a third party, should exercise extreme caution, because the Private Keys could be intercepted. Thus, the Token can be a quickly way. BTC-ECHO of the above-mentioned Tools are not tested.

A graphical program (GUI) is a grey mass. In the Steemit Post grey mass describes how the Software is to use and how to get from zero to one. In the contribution is also described that the Private Keys never leave the local machine and therefore there is no danger of losing his money.

For these users, the Voting seems to have worked.

Another Tool of the Block Producers is called “eosc”, EOSCanada written. Eosc is also a CLI program, however, EOSCanada enjoys a good reputation in the EOS Community, and is one of the leading BPs. Alohaeos has written on Steemit a Guide that explains the start-up of eosc. Important here is also the Version of the Chain is to check before you choose. According to EOSCanada the correct Chain_id: aca376f206b8fc25a6ed44dbdc66547c36c6c33e3a119ffbeaef943642f0e906

It is careful with his Private key. Who controls the Private Keys, has full access to the holdings on the Blockchain. A Reddit user noticed:

A Dilemma: Either a third party trust or with the technology know all about it. For many, it is not a good Option.

What happens now with the EOS?

Block.one, the company that was previously for EOS responsible, has kept largely out of the launch of the Mainnet. Finally, EOS is intended to be a decentralised project. Even if one or the other may be due to the long launch of the EOS seeds-Blockchain disappointed, it is now to keep calm and patience.

As is already known, keep a few addresses, almost 50 percent of all tokens. If these instances have taken the trouble once to the ballot box, should be the Start of the Blockchain is no longer a Problem. It is still “wait and see”. For smaller EOS-Token-Holder, it is recommended to keep the feet still. If you aren’t in the mood for a technical adventure in the Terminal, not worth the effort for the election, probably.

Criticism of the EOS Mainnet Launch

The criticism against EOS and Block.one is especially on Reddit, according to. “4 billion for the ICO taken and no GUI to Select the BPs.” The technical hurdle is not excluded “normies” virtually from the election, which reinforces the idea of decentralization. On the other hand, the lack of coordination is a side effect of this decentralization.

A disappointed Redditor and a clever counter-argument. Most of the crypto-Fans are not because of the technology here, but because the big money beckons.

Against decentralization, the unilateral distribution of the EOS speaks-Token. A single large Investor should have fought through the ballot box, could be met in the Minimum of the 15 percent immediately, and the EOS-Blockchain would start with this one-sided choice.

A critique Vitalik Buterins was picked up on the /r/eos Subreddit and seems to be true. The effort and the risk in the case of the elections is too high. Therefore, many investors do not choose at all, and certainly not “the average Joe”.

Has Vitalik Buterin seen this Situation before?

Some important Links to Check the progress

  • A block Explorer for EOS shows that since 09. June produced no new blocks.
  • On eoscount down, you can see that the elections are still in progress.

The Situation is very fresh, and develops hourly. BTC-ECHO will keep you up to date.

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