EOS Launch: orchestra without a conductor?

5 June, 2018

The launch of EOS is becoming more mystifying as time passes - especially given the high stakes for a blockchain that exists only in the form of publicly available code. But the EOS community is already facing its first decision - who, and how, should run the code. Block producers are right now attempting to run the code, promising a live blockchain in two days. But the process may lag for a while, and reveal glitches. BlockOne will have no role in the process, neither with guidance, nor with voting, or establishing consensus.

In the first days after the token lockdown, there was talk of the network coming “within hours”, as EOS Canada tried to coordinate the effort. But the initial consensus is taking longer than expected.

Granted, Bitcoin launched months after its white paper was written, but there was hardly any fanfare, much less large-scale fundraising. The wealth of EOS is estimated at $4 billion in Ethereum, all controlled by BlockOne. Because of the high market capitalization of EOS, at $12 billion, more skeptics see the project and its codebase as overpriced:

Even now, EOS keeps trading as balances exist on exchanges, but cannot be withdrawn to the new EOS wallet. EOS trades at $13.83, on surprisingly high volumes, and is the second best-traded asset on Binance. For now, the lag of a few days until the network launch is seen as normal.

The EOS GitHub is seeing a chaotic addition of issues and bugs, as there are attempts to run the code, with nodes and wallets. EOS skeptics point out that for $4 billion, the community has bought an overrated, and bug-riddled code.

What is known about the EOS project, is that block producer candidates are working in ways invisible to the wider public, with the first task of determining which version of the code they should run.

For the system to work properly, all 21 block producers must agree to run the network in a concerted way. But for regular users, the signal that a network is in the making would be five trusted block producers reaching consensus:

“Do not import your private key until you have seen a joint statement released from at least five Block Producers that you trust which states when it is safe to do so,” wrote EOS New York.

And while EOS is not yet launched, it has forked: EOS Classic claims to be the continuation of the ERC-20 tokens.

The EOS Classic will be an asset mined with Ethash, and reflect the balances of the old tokens, as far as possible. The EOSC digital asset is, in effect, a new proof-of-work coin, with all the associated risks. To add to the confusion, there is an alternative team with their own version of EOS Classic

The state of EOS shows that the top 1,000 addresses are extremely influential, and the top 100, or even 10 wallets, could agree to build the network and vote in block producers. The situation may resemble the formation of “elites” in the Lisk network, where positions as validators are hard to vote down for small-scale coin holders.

Source link   Crypto currency: EOS

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