‘We did it!’ is what the EOS launch announcement on Telegram proclaimed. Currently, they have reached 172,210, 628 [17%] votes that determine the committee of ‘block producers’ that will be tasked with the responsibility of representing the EOS network. This launch comes as a relief to the EOS community after a wait of almost 4 to 5 days from the mainnet launch.
The voting system as described by some of the voters was complex and there were also many platforms on which one could vote depending on their attributes like ‘vote with Greymass in 60 seconds’, ‘Maximum security for experts – voting with CLEOS’, ‘simple block producer voting tool- GitHub’, etc.
With this said, EOS did reach its 15% outset at approximately 18:45 UTC and the 21 temporary block producers have been replaced with the 21 formally elected block producers.
Currently, EOS Canada stands on top of the ranking list with 42,139,452 EOS followed by EOSauthority, eosDAC, and Bitfinex who was also running as a candidate for this election stands at 8th position with 32,231,682 EOS.
Who are Block producers?
The BPs are decentralized teams that govern the EOS blockchain. Block Producers design the blocks of the blockchain and will earn block rewards in the form of EOS tokens produced by token expansion.
The elected block producers are responsible for many elements as mentioned in the EOS white papers, some of which are:
- Block producers are responsible for adding cycles to a block until the maximum wall clock time has passed or there are no new generated transactions to deliver.
- Block producers have to keep adding cycles to a block until the maximum wall clock time has passed or there are no new generated transactions to deliver and before any change can be made to the blockchain these block producers must approve it.
- The block producers also have the power to freeze accounts based on which transactions are to be included in blocks.
- Block producers can also replace the account’s code without hard forking the entire blockchain using the EOS.IO software.
- Block producers use changes to the source code to indicate the change in the constitution and propose it to the blockchain, using the hash of the new constitution.
- Block producers may also expedite the process if a software change is required to fix any harmful bug or security exploit that is actively crippling users.
Community members can now communicate with the EOS blockchain and these developers are free to start designing and testing applications. With this launch, the EOS community hopes to see EOS as a preferred crypto asset to that of Ethereum presenting a decentralized application platform that has better functionality and computing capabilities.
Colin Groarke, an investor and a Twitter user commented:
“Well done now let’s sit back and watch the magic happen! I expect you and your fellow elected BP to enhance my investment. Many Many congratulations.”
Peter Treants, a Twitter user commented:
“EOS’s $4 billion crypto-democracy has just launched—and it’s probably going to be ruled by fat cats”