Many people in the EOS community are perplexed regarding the Mainnet launch. The delay has led many to doubt the integrity of the network. People are wondering why the Mainnet has been launched and isn’t live yet.
You’ll recall that EOS Mainnet launched at 13:00 UTC June 10. However, up till now, it hasn’t gone live. Why is this so? Well, for starters until the network elects the 21 block producers, the crypto tokens developed by Block.one will not be released. Until the election is complete, no one can start using EOS.
After the election, the blockchain will go live but the election will only be complete if 15% of the total number of tokens get staked in a vote on the candidates. This staking process will allow the owners of the tokens to vote for about 30 block producers. The number of tokens staked is what will determine how the votes are complied by the verification group.
On the Way But Not There Yet
The EOS community is currently putting things in place but they aren’t there yet. The self governance feature of the blockchain is giving people all the time in the world. The votes are stacking up slowly but until it hits the 15% mark, nothing can happen. There is evidence to show that the speed of the voting is increasing. 10 million tokens had been staked at the end of June 10 but at the time this piece was written, more than 30 million had been stacked.
Even with the increase, the number is still not enough. EOS needs up to 150 million tokens to be staked before the voting process can take place and at the current rate, this is going to take a while.
One of the representatives of a candidate, Kevin Rose, said that he believes the small start may have been related to the lateness of the launch in Asia. This may be possible as Asia has as a significant number of cryptocurrency users. As soon as Asia got involved, the number of tokens increased significantly.
Information from the EOS community is that the issues are being fixed and the votes are going to go up soon.