EOS Blockchain Launching – What You Need To Know
The project firstly announced in 2017, has been fund-raised for over a year, reporting $4 billion dollars gathered from interested users. There are some experts that are even claiming that this is one of the largest amounts ever collected by a cryptocurrency team.
EOS has always been criticized from many different points and aspects. But at the same time, EOS was able to attract many supporters in the cryptocurrency world that have been very interested in this fascinating project.
At the moment all the people is focused on the mainnet launch and how the markets will evolve after it. But it is difficult to understand for holders about token registration, airdrops and wallet compatibility.
The network launch will begin 23 hours after the protocol’s publisher – known as Block.one – makes the code available and open source for the community and interested parties.
Later, there will be a selected group of block producers that will start to pick up the baton as part of a process that appears to be unorthodox in the world of blockchain technologies.
After it, the group of block producers – that includes exchanges, cryptocurrency mining operations, consultancies and many others – will be taking a ‘snapshot’ of the EOS tokens to determine the amount of EOS tokens that need to migrate to users EOS wallets. After the tests, the network will be ready for token holders, but they will not be able to carry out token transfers – at least for some time.
The protocol works with a consensus system that is known as dPoS or delegated proof of stake. Users need to select block producers by voting, something that is carried out staking tokens. Those users with more tokens have more influence in the election of block producers than individuals that stake small amounts of EOS tokens.
Something that it is mentioned by some block producers is that it will not be possible to launch the EOS blockchain on mainnet, make it public, and allow users to undertake transfers all on the same day.
Vulnerabilities in EOS Code
At the beginning of this week, an important internet security firm located in China known as Quihoo 360, informed that the protocol has ‘epic vulnerabilities.’ That was affecting the nodes, making them susceptible to attacks. The same day, the vulnerability was fixed. Additionally, Block.one CTO, Daniel Larimer, announced a bounty on Twitter to find more bugs – the reward was $10,000 for each major find.
Additionally, more bugs are predicted to appear after the launch. According to Dafeng Guo, co-founder of EOS Asia, it could be very easy to solve it or very hard.
“I anticipate that there might be more vulnerabilities being discovered and patched in the first one or two weeks after the code is frozen,” he explained. “It could be a very easy patch or it could be a harder to fix type of problem.” Kyle Samani, managing partner at crypto investment fund and EOS investor Multicoin Capital said that Bitcoin and Ethereum at the very beginning had similar problems but they were headed into the right direction.
Another important problem that Guo and Kevin Rose – co-founder and head of community at block producer candidate EOS NeW York – talked about is that there could be mainnet clonss created. These are forks of the EOS blockchain that are created to steal users’ tokens.
This is going to be an important problem because the software is open source and EOS private keys are the same across all the networks. Moreover, ordinary token holders will not now which is the real mainnet. Additionally, Rose advises to be ‘extremely vigilant’ about inputting the private keys and rely on unified statements put out by mainnet block producers.