If you are following cryptoworld since some time, probably you know EOS as a crypto project with a year-long initial coin offering (ICO) and its platform isn’t launched yet. Well, Nathan Reiff explains, in this Investopedia article, real challenges that Block.one team has faced to get platform ready and go.
EOS has extended been one particular from the most hotly anticipated cryptocurrencies to hit the scene.
Block.a single, the development group behind the project, launched a year-long initial coin offering (ICO) to help the project, raising $4 billion inside the process. Investors and other people in the digital currency community have waited for months to get a June launch date. Now, with that date having passed, you will find troubles that continue to plague the well-known digital token ecosystem.
Who Runs the Code?
Component of what has produced EOS stand out among a crowded field may be the exclusive model its developers have developed for the management on the blockchain ecosystem. Investors who bought up ERC-20 tokens during the ICO had their bought tokens converted to EOS currency on the EOSIO platform on June two. Those investors holding native EOS tokens are responsible for the management of the whole ecosystem, in line with reporting by Coin Telegraph. This process is set to become achieved through voting for block producers, that will help to sustain the network. At the same time, the project developers intend for the EOSIO network to assistance decentralized applications, that will also be linked for the native EOS tokens inside a proportional manner. The a lot more tokens staked within the application, the far more resources offered to that app.
Hundreds of Troubles Remain
The EOS Github page suggests that were about 620 bugs and also other concerns that remained unresolved as of earlier this week, following the official token swap and launch. Even though resolving these issues sounds like a daunting prospect, greater than 1,400 problems had already been resolved for the duration of improvement as of that time.
Perhaps the more important concern now is the fact that block producers are functioning to run the code, which is offered for the public, but the blockchain is still not live. Because the procedure continues, more glitches could reveal themselves. At the identical time, Block.1 is purposefully leaving itself out on the process. The developers likely anticipated expanding pains for their project, which aims to take the concept of decentralization to a level few other cryptocurrencies and blockchain networks have explored. Assuming that the group of investors, block developers and also other supporters of EOS will probably be capable to establish how you can best run the ecosystem by way of a lengthy procedure of trial and error, it may be that the item that emerges opens doors which have as yet remained closed within the digital currency realm.