EOS Mainnet Account Balances - DON'T PANIC

in eos •  last year  (edited)

The EOS Mainnet is being launched

The block producing and EOS community are hard at working validating the ERC-20 snapshot to ensure the entire transaction history and account balance records from the last year are accurate.

Several copies of this snapshot have been independently validated against each other and various testnets have loaded these validated snapshots and are awaiting final validation and consensus before becoming a Mainnet.

What is EOS (the token) used for?

The EOS system token is an extremely versatile and important part of the EOS blockchain network. EOS can be staked to accounts and to smart contracts and divided between bandwidth and CPU. What this means is that you are reserving a percentage of the networks total processing and network.

An account that is used to only hold funds only needs a small amount of Network and CPU, while large and busy smart contracts such as Wikipedia or an Exchange may require significant quantities of Network and CPU.

EOS can also be used to buy and sell RAM (this is how smart contracts can store data) and to purchase premium names.

It is important to note that the EOS staked to CPU and Network can still be used to vote! In fact, this is the only mechanism to stake for voting. By using the network, you get to vote for who runs the network.

Also important is that you can vote for thirty producers at once, they all receive the full weight of your stake. You can update your vote anytime and as often as you wish, only the stake itself is time locked.

But why do I only have 10 bucks??

The decision was made among the community and in collaboration with @dan to make 10 EOS available immediately (this only applies if you own 10 or more EOS prior to the freeze), and the remaining balance is staked 50/50 between Network and CPU when the Mainnet is created.

This serves several important purposes.

The Mainnet requires 15% of the total token supply to vote for block producers before the Mainnet is "unlocked" and starts rewarding block producers. By staking the majority of the EOS supply immediately the voting process is drastically simplified.

Staked quantities require three days to be withdrawn. This will help ensure the network isn't immediately inundated with significant transnational volume, everyone has time to prepare to purchase RAM and buy account names. Indeed, this pre-staking provides a buffer between the day-0 early adopters and people who may be away or slower to the gate.

Since the quantities are already staked developers can still deploy smart contracts and operate them, while the 10 liquid EOS available will still allow people to create new accounts or buy small quantities of RAM.

TL;DR

When checking your account on the EOS Mainnet when it is officially made available to the community be sure to add up your EOS balance, your Network stake, and your CPU stake. These three values will equal your total EOS holdings prior to the migration.

What's next?

Team GenerEOS will be providing articles on how to vote and how you can begin unstaking and withdrawing your EOS. We strongly encourage everyone to take this opportunity while your EOS is staked to vote for the thirty block producers they feel most passionate about, and we hope to be among your selected producers.

About Us

GenerEOS is a social enterprise block producing candidate with a mission of promoting and supporting scalable and highly reliable block production whilst giving back block rewards to charities.

Based out of Sydney, Australia, GenerEOS is founded by a team of like minded blockchain enthusiasts with diverse backgrounds and a passion to make a difference in the world and fostering the spirit of generosity by giving back.

Public Presence

Website: https://www.genereos-sydney.io
Steem: https://steemit.com/@genereos
Telegram: https://t.me/joinchat/FfqLYBDQkv5vSkiLsh34IA
Reddit: https://www.reddit.com/user/GenerEOS
Github: https://github.com/generEOS
Medium: https://medium.com/@generEOS
Facebook: https://www.facebook.com/generEOS

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Very clear writeup. I'm extremely excited about mainnet launch. There's no doubt in my mind that EOS mainnet is going to be a big game-changer for the entire crypto ecosystem.

Thank you! We couldn't agree more we have been given the keys to a rocketship and up to all of us to ensure a safe launch :)

This was helpful for sure, couple of small items in there I didn't realize. Thanks!

No problem. Glad it helped :)