After a long process of several weeks of ups and downs, the EOS network has been officially launched on June the 15th. For some it is an important event in the history of the crypto market. If you don't know what it's about, we'll explain that in this article.
At 09:56 UTC (1 hour ago) we had an alert with transactions frozen on the EOS network globally. All the BPs are aware. We are all on a call with the other BPs to identify and resolve this issue. No timelines yet. #eosio #mainnet
— EOS Authority (@EOSauthority) June 16, 2018
What Is EOS?
EOS is like a cloud computing service in the style of Amazon Web Service. It is a platform for data storage or hosting, except that instead of using a centralized server, EOS is distributing the data in a decentralized distributed system using blockchain technology.
Chronicle (UTC) of EOS centralized shitcoinery
-9:56 blockchain catastrophic failure
-10:01 All 21 block producers (BPs) on a conference call
-10:57 BPs freeze nodes
-11:03 BPs agree privately on plan
-13:00 PR "consensus bug" fix
-13:53 PR merged, 1 review
-14:03 Patch released
— Francis Pouliot ⚡️ (@francispouliot_) June 16, 2018
It was created by the Startup Blockchain Block.one. It was able to raise more than $4 billion to develop its open source software in a year-long of Initial Coin Offering (ICO).
— WhalePanda (@WhalePanda) June 16, 2018
Instead of competing in an open global market like Bitcoin (BTC), users who own tokens constantly vote for block producers. Its purpose is to establish a global network that no one can control from the ground up.
— dark pill (@DanDarkPill) June 16, 2018
EOS Mainnet Launch Week
Since last week Block.one has delivered its code to the community, i.e. to developers willing to work on the software, as well as to 21 block producers who will approve its transactions. In order to be more efficient than the average blockchains, EOS reduces the number of individuals or companies that can validate transactions.
Not much surprises me in crypto, but you'd think after raising $4B over 365 days $EOS would be a bit better prepared
— Crypto Bobby (@crypto_bobby) June 16, 2018
Some individuals questioned the configuration, as they claimed that the voting process took some time, while all distributed users of the network had problems with coordination. Thus, the most damaging criticism might come from those who were anxious to point out that this had been done before with varying results.
Looks like the EOS network managed to stay up for a whole day before running into a showstopper bug that froze the chain. https://t.co/bG9EuIBYBe
— Jameson Lopp (@lopp) June 16, 2018
Overall, it is safe to say that this voting process seemed a little confusing from the outside, and that other market observers were perhaps too quick to make a judgment. Some even went so far as to blame the action plan for the poor performance of the token market in recent weeks.
Proof of Stake is a security.
No if's. No buts.
Reeves test, but rather basic. You are PoS… in any form. You are a security.
— Dr Craig S Wright (@ProfFaustus) June 16, 2018
The EOS Mainnet Difference
EOS operates differently from other blockchains. It has been hard for the industry to see what EOS is trying to create and that this vision actually adds value to the users it wants to reach.
…and this software had $4B in funding. Making it hard to not be critical folks 🤔 https://t.co/Z93qpkbxcS
— Jackson Palmer (@ummjackson) June 16, 2018
It is still not very clear who would use a blockchain that is not so decentralized. After all, blockchain believers cite decentralization as a key advantage of blockchains over the world's traditional financial system.
I DO NOT understand why the $EOS situation is news. It has always been centralized #securities fraud by a company w/ 0 innovative or decentralized tech. This is NO different than #Ethereum bailout #TheDAO or Vitalik asking to stop #Cryptokitties traffic
Decentralized = #Bitcoin
— Tone Vays [@Bitcoin] (@ToneVays) June 17, 2018
Currently, EOS ranks as the number five cryptocurrency according to CoinMarketCap, which is quite surprising for some other currencies that are in the space since longer time and with bigger communities.