What You Need to Know About EOS’s Main Net Launch and What to Watch Out For
EOS was created by Block.One, a private company but it’s worth noting that its system is totally public and open. The Main Net launch date was June 2, but this was not the date when the EOS network itself was actually launched. As a public network, it all comes down to the community to get the network started. In other words, we’ll see a few messy days until everyone manages to figure out the system and settling the new blockchain routine.
To follow this live, the best ways are via Twitter, Telegram and more because EOS does not have a block explorer yet. It’s really worthwhile understanding how the EOS network exactly works and to understand that scammers will show up trying to finesse funds out of naïve people.
EOS and its Main Net launch
EOS was created on the Ethereum network, and the initial EOS tokens were ERC20. The Main Net launch involved the fact that EOS will move out of the Ethereum network onto its own and EOS holders receive EOS coins on the network to replace their existing ERC20 EOS tokens.
The network will switch only when 15% of EOS tokens that are in existence will have placed a vote. The 21 delegates who will constantly be competing for votes will get the privilege of producing blocks and earn profits and whoever gets the most votes will be assigned as the block producers.
The network will only have launched when these points are marked:
- 15% of existing EOS are used to vote;
- 21 delegates have emerged;
- They have created and built on a genesis block;
- It’s precise which EOS chain is the real one.
Anyone is able to fork EOS, and the real EOS will be the one which gets the most popularity.
Beware of attacks, flaws and more
Constant attacks are a concern, and it’s not too far-fetched to assume that all delegates will be under distributed denial of service attacks. Attackers will have their own different motivations, and rival delegates who will want to undermine confidence in each other and enhance their own chances will be active as well.
Deal-breaking bugs are another things to watch out for, and it’s possible that the network will go live with bugs or various flaws and vulnerabilities.
It’s also possible that the community will disagree with the delegate selections and another potential issue could be that the group will try to immediately jump-start th4e network with their >15% token share and take control of all the delegate seats on the spot.
Even if a lot of things could go wrong, it’s still an exciting time for EOS as this is basically its very first real test.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.