The long-awaited EOS Mainnet launch is set to happen June 2nd, 2018 – only a week left. According to the EOScountdown webpage, prior to its launch, all “EOS tokens will become frozen on the Ethereum blockchain.” This is said to occur a day prior to its launch.
The EOS token was originally built on the Ethereum blockchain. With EOS own blockchain in place, users holding EOS tokens will have them credited to its respective platform. Upon release, two keys will be provided; a public and private key.
The public key will be used as the “receiving address” in which transfers will be made, whereas, the private key is held as a mean of validating the rightful owner of the tokens.
Unlike most Mainnets, which redistribute tokens at different ratios, EOS plans to stick to its “1:1 distribution ratio to the ERC20 tokens held by registered addresses.” The token swaps are said to occur immediately after its launch.
As for the functions of EOS, it believed that the goal is to maintain 21 block producers, each given the responsibility to confirm each block. The approach taken to choose the producers varies slightly, as the majority (20) will be voted for and the remaining, chosen. Similarly, it will only take 21 nodes to confirm a transaction.
Based on the claims made, the entirety of the Mainnet is open to changes given block producers who maintain at least 17 of the 21 blocks for a continuous, 30 days suggest it, otherwise it will remain as is.