EOS Mainnet Officially Launches

After a tumultuous few weeks, the EOS mainnet is officially live after receiving the minimum votes needed to launch the distributed network. At the time of writing, more than 170 million votes have been staked to determine the 21 entities that will maintain the blockchain.

EOS Goes Live

EOS Authority has confirmed that it now has the green light to launch its software after exceeding the 15% token threshold on Wednesday. Once 15% of tokens are staked, the chain is considered valid, which means normal functions can be activated.

Users are staking their tokens on more than 250 individuals or entities vying to be one of the coveted 21 block producers for the EOS blockchain. EOS Canada is currently leading with over 42.2 million votes. EOS Authority is second at just over 39.5 million. Rounding out the top five are EOS DAC, EOS New York and EOS Cannon.

Bitfinex, which runs one of the world’s largest crypto exchanges, is currently eighth with 31.9 million votes.

The top-21 entities have at least 22.6 million votes at the time of writing.

Block.one, the company behind EOS, had originally planned a launch date of June 2 after successfully raising $4 billion in a yearlong token sale. However, the roll-out didn’t go as planned as users became reluctant to stake their votes to activate the network.

There were multiple factors behind the delays, including general distrust over third-party software as well as confusion over the voting process. EOS users voted to launch the network in a live-stream on June 8, but that too failed to get investors to activate their tokens.

Over the past week, block producers have been conducting numerous tests to ensure that the launch would go smoothly. The testing phase uncovered multiple vulnerabilities that resulted in at least two groups deliberating over the correct implementation.

EOS Price Levels

The price of EOS is up double digits compared with 24 hours ago as the cryptocurrency market emerged from a protracted slump. EOS is currently valued at $11.20 for a total market capitalization of $10 billion. The cryptocurrency is up more than 11% on the day.

Data provided by CoinMarketCap shows a price bottom of $9.67 on Wednesday. Even with the recent uptick, EOS is down more than 21% over the past seven days. Bitcoin cash is the only other cryptocurrency in the top-ten to post similar losses.

EOS trading volumes have averaged $1.4 billion over the past 24 hours with several exchanges seeing large turnover. Huobi and OKEx each processed more than $20 million worth of EOS transactions compared with yesterday.

The broader cryptocurrency market was worth $288 billion early Friday after hitting a low near $266 billion earlier in the week.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi