First announced in 2017, the EOS project has been fundraising for nearly a year, raising a reported $4 billion in what many are claiming is the largest amount ever collected by a team creating a custom cryptocurrency. Now, the fifth valuable cryptocurrency is set to release its software, which has the attention of the entire crypto-ecosystem.
In an effort to be transparent, EOS Mainnet Launch Group has offered to release their plan of launch. There is no time association with the process of completing each phase successfully is the most important part.
As a result of this, the process might take days to complete.
There are 4 main processes involved in the mainnet launch.
- Phase 1-Verify Snapshot & Boot: The EMLG will use the official snapshot tool to produce a final snapshot of the frozen ERC-20 EOS tokens. The community is encouraged to use the same tools to produce their own copies of the snapshot and verify that it matches the EMLG’s copy exactly. Once the snapshot has been verified, Appointed Block Producers will be established within the launch group. These Appointed Block Producers are temporary and only exist to ensure that the network is booted correctly and stable throughout the verification and voting process. No block rewards are awarded at this time.
- Phase 2- Testing: Once Appointed Block Producers have completed the boot process and ensured that the token balances are correct, the network will be opened for third-party verification. Anyone who wishes to verify the network at this stage may do so, and tools will be released by the community to help facilitate this verification. The EMLG will clone the network at this stage and conduct their own in-depth acceptance testing as well. This stage will continue for a 48-hour period to allow for the completion of these tests. If a major bug is found which requires code changes then the 48-hour window will be reset to allow for ample time to test these new changes. The decision to reset the 48-hour window will be at the sole discretion of the EMLG.
- Phase 3- Enable: At this stage, a statement will be released by the EMLG and the network will be opened to the general token-holder community. For an EOSIO chain to be considered enabled, 15% of all tokens-holders must use their private keys and stake votes for at least one Block Producer. The length of this phase will be as long as it takes for the token-holder community to act. Many block producers have developed tutorials on how to vote. A community voting portal has been developed and you can follow updates on its construction on Twitter.
- Phase 4- Activation: Once 15% of tokens are staked and used to vote the chain is considered valid and normal functions are activated. All Appointed Block Producers will be immediately replaced by the Elected Block Producers that have been voted in by the community.
Only after all 4 phases are complete do we have an irreversible blockchain. Until then rollback and restart of the chain are possible. This essential technical due diligence, including validation testing, could take days rather than hours to complete.
What do you guys think EOS coin price will be from all of this transition off the ethereum blockchain an on to their own blockchain main net. At a current price of $12 range and highs of just over $20 USD, many have said EOS could be high as $36 by July. We shall see how the biggest ICO token that took a year-long to launch will do – especially with all of the controversy about the $10,000 bounty bug that was put out just days before the launch.
We will continue to update with more EOS Mainnet Launch Group updates as this $4 Billion dollar project rolls forward.