EOS Mainnet goes stay as Block producer voting Passes 15% Threshold

EOS Mainnet goes stay as Block producer voting Passes 15% Threshold

The system took almost two hard weeks, however, the EOS blockchain has officially long past stay.

in line with facts from UK-based totally block manufacturer EOS Authority, the blockchain went stay at about 17: forty-six UTC, straight away after block manufacturer vote casting handed the 15 percent threshold essential to set off the community.

The manner had technically launched a week earlier — after the diverse EOS release corporations sooner or later agreed to try and prompt the network — however it couldn't turn out to be practical until users staked 15 percent of the overall deliver of EOS tokens to vote for the network’s 21 block manufacturers, who verify transactions at the platform.

Few customers had been short to stake their tokens, and less than one-0.33 of the desired 150 million tokens have been staked as of Tuesday. but, balloting picked up over the following several days, especially once cryptocurrency exchanges started to stake tokens on behalf of their users, and a flurry of votes brought about the official release on Thursday.

Blockchain improvement firm Block.one, which raised $four billion to fund the improvement of the first version of the EOS software, however, did no longer take part within the main net launch, congratulated the network in a statement.

“we're witnesses to records,” wrote the company, which owns 10 percentage of the 1 billion circulating EOS tokens. “by no means before has a decentralized community of this length and scale been launched in such a short time.”

The EOS price has outperformed the market within the day on the grounds that its launch, rising 7.five percent to $10.89 at the time of writing — almost 5 percentage factors greater than the overall index, which rose via 2.6 percentage in the course of the equal timeframe. EOS presently has a $9.8 billion market cap, making it the fifth-biggest cryptocurrency in step with this metric.

appreciably, EOS is not the simplest top 10 cryptocurrencies within the method of migrating from the Ethereum community — wherein they had been established as ERC-20 tokens — to independent networks. Tron, the 10th-largest cryptocurrency, released its main net software on might also 31 and plans to finalize the transition earlier than the quiet of June.

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