The fifth most valuable digital currency in the world is about to release its software formally this weekend. First announced last year, the project of the digital currency has been raising fund for almost a year, raising about $4 bln in what a lot of people are saying is the largest amount ever raised by a team building a custom digital currency. As a result of this, the launch which is scheduled for this weekend has come with no shortage of hype.
What Will Happen After the Launch?
Upon the release of the software, a group of block producers – that includes a set of unknown exchanges, consultancies, digital currency mining operations and others – will take a snapshot of the digital currency tokens (which are represented on the blockchain of Ethereum, used for raising fund) to determine the amount of EOS tokens that needs to migrate to the EOS wallets of users.
For those that purchased EOS tokens, this means that the block producers will verify that the balance of EOS tokens at their EOS wallet is the same as the previous balance at their Ethereum address. According to Block.one, holders of EOS tokens can make sure that their tokens are transferred by registering their Ethereum address before June 2.
Another possible barricade to the complete chain activation is susceptibility in the code. Earlier this week, Qihoo 360 (a major internet security company based in China) told Block.one that the protocol had a series of epic susceptibility that made its nodes vulnerable to attackers. The bugs were fixed by developers on that same day, and the CTO of Block.one – Daniel Larimer, subsequently announced a “bug bounty” on Twitter, with an offering of $10k for major finds.
Guo predicted that there will be more bugs after the launch, and he said he was excited that the EOS code is being reviewed by Qihoo 360.