EOS Blocks Launched But Network Remains Non-Operational As 15 Percent Voting Support Still Required

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Mon, 06/11/2018 - 09:13
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Yuri Molchan
Fairness of voting is contented by some during heated debates and assumptions that the voting is made on a very much centralized basis
EOS Blocks Launched But Network Remains Non-Operational As 15 Percent Voting Support Still Required
Cover image via U.Today

The Go vote for the EOS chain was finally achieved at the weekend on Saturday, June 9. However, that happened through heated debates and assumptions that the voting is made on a very much centralized basis.

Anyway, the EOS mainnet ship has at least moved out of the harbor. Now users need to vote to select BPs for the network.

Not quite there yet

Once the owners stake 15 percent of  their tokens and use them to vote for block producers (BPs), the network will be fully operational. Here it all depends on the token holders, on their reaction, so the validation of the network may take a while to finish.

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Too few EOS tokens to vote with

At the moment, exchanges are not taking part in the EOS voting. A lot of them do not even store any EOS tokens right now.

Besides, the website set up for voting makes the process very confusing and does not contribute to a clear process of giving away users’ votes. It all may give EOS a setback until the chain gets activated by the 15 percent of the required votes.

Market situation

Ahead of the event, during the delays in launching the mainnet, the EOS dropped by over 15 percent and is now trading at $11.22.

While the whole thing is not finished, the market price will stay bearish and it may take a few days. The risk is that the EOS price may decrease as low as $5 due to the growing panic and disappointment of investors.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.