EOS Launch: No Go, Block Producers Will Convene Every 12 Hours Until Launch

Too many unknowns and technical tasks surround the launch of EOS, which was supposed to be a fully decentralized effort.

The launch of the EOS app turned out more difficult than expected, as block producers are trying to reach agreement on what version of the code to launch. There are also security issues to take into account. So instead of a quick launch only two days after the token freeze, as promised, the running of the EOS distributed operating system may be a protracted effort.

https://twitter.com/eosnewyork/status/1004542324955926533

The ecosystem of EOS is not completely decentralized. Consider Bitcoin, where thousands of miners and node holders would signal support or disapproval of certain proposals. Instead, EOS will have only 21 block producers, some of which are assuming more prominent positions. EOS New York and EOS Canada are those trying to coordinate the effort of the launch, as well as the communication with the token holders.

The block producers must also build intuitive voting portals and notify the community. The EOS code for now allows command prompt voting, which may not be accessible to regular users.

The EOS community sees the news as positive, and the delay has not harmed the EOS market price so far. EOS trading remains relatively active, given that a lot of the assets have been sent to exchanges and without a working network and a way to withdraw will remain in exchange wallets.

EOS inched down a little, to $13.90, but trading volumes remain above $1 billion in 24 hours. More than 60% of EOS volumes have been concentrating on Binance, one of the exchanges that promised to credit the new asset balances.

There are also EOS skeptics seeing the project as a scam, or at least an overfunded, but incomplete idea. There is no knowing what BlockOne would do with the $4 billions’ worth of Ethereum.

https://twitter.com/Bacon_Chain/status/1004030268825432064

Skeptics note that the EOS code may have been written by a sub-contractor, and contains too many potential vulnerabilities:

https://twitter.com/MisterCh0c/status/1004304067664007168

At the moment, buying into EOS may be highly risky, as there is no operational blockchain and all that is acquired is a balance reflecting the exchange’s database entry. There is no real EOS digital asset. The EOS Classic asset that will be minable from June 9 is also considered highly risky.