$11 Billion: EOS Mainnet Goes Live After Launch Group Gives Green Light

Omar Faridi
  • 10 Jun 2018
  • /
  • In #EOS
  • The EOS mainnet has just launched, following the official “go ahead” from the EOS Mainnet Launch Group.
  • The EOS project is moving forward despite questionable governance and vulnerability issues.

A website counting down towards EOS’s mainnet launch currently states that the cryptocurrency’s mainnet has just launched. On June 9 (01:00 UTC), the EOS Mainnet Launch Group (EMLG) members unanimously decided to go ahead with the launch of the EOS blockchain.

Reportedly, the official “launch sequence” process began later that day and is scheduled to be completed within the next two days. For the EOS blockchain to go live, there were a number of steps and processes that must be satisfactorily completed.

One of these steps is meshing with the seed nodes. In order to facilitate the process, the EMLG was to recommend a number of trusted peers to mesh with, in addition to the related software and system requirements. The EMLG was also to determine how the validation process on the EOS network is to be performed. Based on the results of the validation process, the mainnet could go live.

Another important step that must be completed is voting to appoint the first 21 block producers. There will reportedly be official notifications posted by block producer candidates. The voting process will require 150 million tokens to be spent, and once this has been done, the chain will be officially designated as the EOS mainnet and will be accessible to the platform’s community.

Should token holders decide at this stage to unstake their tokens, they may do so while also being able to reclaim them after 72 hours. In order to vote, there are a number of tools that have been developed by community developers. These, however, have not passed any official security audit, and as such aren’t recommended. Entering private keys in a third-party tool could see holders lose all their funds.

The only voting tool that can reliably be used is one approved by Block.one, the company behind EOS, a command-line based tool called “cleos”, which is bundled with the EOSIO software.

Questionable Governance and Critical Vulnerabilities

The EOS project has received a lot of criticism and has experienced a number of setbacks in the past few weeks. Notably, the EOS mainnet launch had to be postponed, partly because critical security vulnerabilities pointed out by a Chinese cybersecurity company, but also because of what seemed to be protocol violation issues.

Block producers purportedly decided to print an extra 19,000 EOS tokens in order to resolve a Random Access Memory problem. This, however, appeared to be in violation of the EOS protocol’s constitution, which sets a cap on the number of tokens that are to be in circulation.

 At press time, EOS is trading at $12.37, down from a $14.7 high the cryptocurrency reached earlier this month at the time its mainnet was supposed to go live. EOS' market cap is of $11 billion.

Block.one Continues Washington, D.C. Push; IoT Startup Attracts Big-Name Crypto Investors

The top daily news from the cryptocurrency and blockchain space:

  • Block.one continues push into Washington, D.C. with lobbying involvement.
  • Helium attracts big-name cryptoasset investors as it launches peer-to-peer IoT device.
  • Angel investor, former Google director marks first hire for Square Crypto.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $8,130.8 (+2.0%) and $260.3 (+4.9%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,043.3 (+0.5%).

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Block.one Continues Washington, D.C. Push as Lobbying Details Shared

Block.one – the publisher of the EOSIO blockchain protocol tied to the popular EOS (EOS) cryptocurrency – appears to be looking to influence blockchain policy conversation in the U.S. As initially reported on by The Block, the blockchain technology startup is cited as the client of lobbying firm Holland & Knight, LLP in a disclosure document filed in May.

The news follows efforts by the Hong Kong-headquartered Block.one over recent months to set up a new office in northern Virginia; a region that is adjacent to Washington, D.C. and home to various government institutions including The Pentagon (i.e., the United States Department of Defense headquarters) and the George Bush Center for Intelligence (i.e., the Central Intelligence Agency (CIA)).

Helium Launches Blockchain-Enabled IoT Device, Raises $15 Million

Helium, a San Francisco-headquartered startup using blockchain technology to facilitate wireless connections, announced the launch of its Helium Hotspot product along with the closure of a $15 million Series C fundraising round.

Some big-name venture capital firms partook in the $15 million raise. This included Kyle Samani and Tushar Jain’s Multicoin Capital and Union Square Ventures (USV), who each co-led the Series C round. In a blog post appearing on Multicoin’s website, Jain noted the fact Helium marked “the largest private investment [Multicoin has] made.”

Although initially launching in the U.S., Helium intends to expand network coverage internationally, chief operating officer Frank Mong mentioned in a Medium blog post published Wednesday evening (CET).

Ex-Google Director Marks Square Crypto’s First Hire

Square Crypto, the crypto-focussed entity of the Jack Dorsey-led payments company, Square, announced angel investor and former Google director, Steve Lee, as its first hire.

Most recently, Lee served as a product manager for Bitcoin Operations Technology Group (Bitcoin Optech), a group dedicated to bringing open-source technologies and techniques to Bitcoin-using businesses. Notably, Square hosted Bitcoin Optech’s inaugural workshop in San Francisco in July 2018.

While at Google, Lee led product management for mobile applications, Google Maps, as well as Google’s location platform. He was also a co-founder of Google Glass.