EOS (EOS) Is Now Live! What’s Next?
It’s done! EOS is live, after what appeared like a never-likely-to-end well two weeks of confusion.
Block.one, the EOSIO developers, had handed the initiative to launch the blockchain to the community. It soon became apparent that the task was quite daunting for an ill-prepared community.
Various groups jostled to take the mantle of launching the platform of the $4 billion ICO. They finally did agree, but another problem sprouted: EOS users didn’t stake enough coins that would enable voting for 21 validators- called block producers.
However, a few exchanges supporting the release began staking coins on behalf of users. And as soon as block producer voting reached the 15 percent threshold, it was all systems go.
The EOS network went live this Tuesday at about 17:46 UTC and then launched officially this Thursday.
Genesis block produced
The first block on the EOS blockchain has already been produced and moving forward, the 21 block producers will be tasked with validating transactions on the network. As it stands, every given functionality on the platform is activated and everything seems to be working smoothly.
The scare caused by the discovery of vulnerabilities just before the initial launch on June 1, 2018, has not resurfaced. Seemingly gone too is the uncertainty about whether it was going to be launched at all.
About 19 percent of the total coins have been staked as the race to get block producers gather momentum. It’s still early days though, but a pattern is emerging that will eventually draw attention to the platform.
It should be noted that, from the available voting stats, a worrying trend is shaping up. It’s turning out like EOS is more centralized than it should be. The pattern conforms to earlier data that showed about 50 percent of all tokens were held by just 10 addresses.
The stats also showed that about 1000 addresses were holders of nearly 85.81 percent of the total EOS supply that stands at 1 billion coins.
There’s one danger in all these stats: there’s likely to be grave centralization, lending credence to the fact that the process of selecting block producers may be prone to power plays.
Of utmost sensitivity is that having power concentrated in the hands of a few whales could be likened to endorsing centralization. This goes against decentralization, something that EOS has espoused as being at the center of its governance.
What next for EOS?
The market reacted well to the official announcement that the network was live. Prices jumped by about 6% as investor confidence rebounded, albeit guardedly.
Although the token remains within the red over 24h and 7-day periods, a change in sentiment will likely see prices soar.
The big question right now is whether the EOS platform will be able to deliver on its promise to make creation and deployment of dApps and blockchain easier. However, of immediate concern is that the team must ensure everything goes as planned.
In fact, they need to address how the seemingly centralized voting system won’t compromise the system.
The crypto has faced criticism before, accused of trying to compromise decentralization in pursuit of transaction speed, network scalability, and efficiency.
It’s been felt by many within crypto that EOS has the potential to challenge Ethereum and even replace it. Long-term, that is more likely.
However, in the short-term, the crypto will need to content with establishing itself, especially proving that it is secure and ready for developers.
In short, it has to justify that it’s up to the hype that surrounded during the year-long ICO that helped to raise $4 billion. With that in place, global adoption will lead to success.
EOS market and price
EOS has a market cap of $9.6 billion and ranks 5th in the crypto charts. It has a circulating supply of 896,149, 492 coins and a daily trading volume of $910,824,000 worth of EOS tokens. at the time of writing, EOS/USD is trading at $10.73 against the US dollar.
Its value has dropped by 2 percent and 25 percent over the last 24 and 7 days respectively. As the market looks to turn bullish, EOS could see some sort of price surge.