$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.

'Bitcoin Type' Privacy Enhancing UTXO Transactions Now Available on EOS

Omar Faridi

The developers of pEOS, a project focused on enabling private and “untraceable” transactions on EOS, one of the largest platforms for building decentralized applications (dApps), have noted that they intend to provide tools which will allow users to conduct efficient token transfer transactions while maintaining their financial privacy.

“Accelerating Any Aspect of EOS” in Direction of Providing Greater Privacy

As explained in pEOS team’s Medium blog post, published on May 16, 2019, the privacy-enhancing crypto project is "much larger than just delivering pEOS.” The development team wrote:

We consider part of our mission to help educate, provide support, provide tools, and accelerate any aspect of the EOS blockchain in the direction of providing privacy enabled features and technologies. We strongly believe in the multiplicative effect this can have to every aspect of the EOS ecosystem.

Bitcoin Type UTXOs for EOS

In order to add more functionality to the EOS blockchain, while promoting economic privacy, the developers of pEOS have introduced a new smart contract which “implements bitcoin type” unspent transaction outputs (UTXOs) for EOS-based tokens.

As mentioned in pEOS team’s blog, UTXO was first used by the developers of the Bitcoin protocol, and it is “one type of output which can be either unspent (UTXO) or spent.” The outstanding balance of a UTXO-enabled wallet can be calculated by adding up all its spendable UTXOs, pEOS’ blog noted.

A UTXO Needs to Be Spent “as a Whole”

Transactions are processed by spending a certain number of UTXOs while producing new UTXOs for the recipient (of a transfer) and for any change that is returned to the sender, pEOS’ blog explained. The pEOS team clarified that “amounts in UTXOs don’t mutate.” This means users cannot “spend only some part of a UTXO.” In order to conduct such transactions, users must spend the UTXO “as a whole.”

According to pEOS’ team, these “constraints on what a UTXO is and how it is immutable, is what allows for privacy algorithms to be built on top of them.” For instance, the privacy-centric CoinJoin algorithm can be used with the smart contract-based UTXO code released for EOS, pEOS’ developers revealed.

On May 17, 2019, Block.one, the Cayman Islands-registered developer of EOS, released new software development kits (SDKs) for both Swift and Java developers. The latest SDKs for EOS aim to provide more support for native smartphone applications in order to offer “richer, more engaging experiences.”