EOS Blockchain Still Not Live

Despite the fact that the EOS Blockchain was launched on Saturday, June 2, EOSIO still hasn’t gone live. The launch, typical of the entire project, took place in an unorthodox manner, through a distributed process run by the EOS community and not the creators. However, despite the fact that the platform still hasn’t gone live, the EOS software seems to be progressing towards its go-live goal without any major problems.

What is Block.one Doing?

After a year-long ICO which resulted in the collection of $4 billion in funds, which were used to create the EOSIO software – version 1.0.0 – Block.one (the creator of EOS) left the new platform to its community to actually launch the project.  However, the company hasn’t taken a completely “hands-off” approach either.

While the company did not involve itself in the initial launch effort by the community, Block.one has just released an update to the software, called version 1.0.1. This update, according to Block.one’s Chief Technology Officer Daniel Larimer, has been put in place to prevent “potential crashes” in the update notes as well as iron a few other issues.

Freezing of Tokens

The ICO officially ended on Saturday, June 2, just before the new Blockchain – EOSIO – was launched. What this means is that all the initial Ethereum tokens that were bought during the ICO are now frozen. This means these tokens are no longer tradeable till the new Blockchain is online and EOSIO goes live. At the time of writing, it is not clear as to how cryptocurrency exchanges are managing their books while trading continues.

Snapshots of all Ethereum tokens were taken at the very moment that all tokens were frozen. These snapshots are the records which will be used to allocate the new EOS tokens once the Blockchain is operational. According to all news reports, this process took place without any complications or losses of cryptocurrency.

According to Kyle Samani from Multicoin Capital, one of the network’s biggest endorsers, things were going mostly according to plan and the Blockchain should go live in the next few days.

Conflict Resolution

This does not mean that there were no hiccups along the way. At one point during the launch a fight within the EOS community almost led to 2 separate launches taking place. One group, the “Ghostbusters”, was critical of another group’s, EOS Canada’s approach towards the launch of the new network. Both parties are vying for a spot on the list of 21 block producers.

Luckily, the split was resolved in time, with each side’s concerns being addressed, leading to the successful launch of the new EOS ecosystem.