The EOS blockchain is finally active

The increase in voting for Block Producers activates the EOS blockchain and allows people to operate with tokens

The EOS blockchain is finally active: Leggi qui l’articolo in Italiano 

Almost two weeks after the planned launch of the blockchain, the EOS chain has finally been able to see the light of day.

Yesterday, a sudden increase in the number of votes for Block Producers triggered the command to permanently activate the chain.

Timeline

Before the planned launch of the mainnet, EOS token owners had to register their addresses or let exchanges swap from ERC20 to EOS tokens.

The launch was due to take place on June 2nd, but due to a number of code security issues, the launch was postponed.

Thanks to a bounty program set up by Block.one that included $10,000 for every bug found, it was possible to find all the errors and solve the security problems.

On June 9th, the candidates for the Block Producers finally decided to activate the blockchain, but that is not the end of the story.

The Eosio software has been programmed so that the launch of the blockchain is not equivalent to its activation.

Users could not move their EOS until 150 million tokens, or 15% of all supply, had been staked to vote the 21 Block Producers.

The aim was to choose the 21 BPs with 30 votes per account. However, the people were not at all ready to vote, they found it very difficult with the voting systems available.

Yesterday morning 100 million votes were staked and finally, in a few hours, the threshold of 15% was reached and the mainnet was activated giving rise to the EOS blockchain.

Who activated the blockchain?

The slow voting is assumed to have involved individual token owners in the first 10% and from here you can clearly see the distribution of votes, but the rise of more than 5% was made by someone with a large number of tokens.

EOS Asia, one of the Block Producers candidates has revealed that the cryptocurrency exchange Big.one was behind the activation.

Dafeng Guo, the co-founder of EOS Asia, was contacted by Big.one with the aim of helping them write the code for the exchange’s tokens in order to vote, reach 15% and unstack directly

The obvious thing is that Big.one has used all the votes to vote only for one BP candidate, namely EOS Canada. 32.3 million EOS were used for that applicant alone.

There are those who believe, however, that the exchange has not used its own funds but rather the EOS of its users.

If this were the case, it would be a serious thing especially if repeated after the activation of the mainnet. This would not only make EOS users stake for 3 days but would also be against the EOS Constitution.

At the moment the situation is under investigation by the EOS Arbitrators to see if everything happened correctly and in accordance with the Constitution.

The approach implemented by Big.one is completely different from that of Bitfinex.

Bitfinex decided to ask the community if it preferred to wait for the activation of the mainnet or if Bitfinex should vote for them: “However, for the sake of added transparency, and to provide our users with an opportunity to participate in the activation of the EOS network, we have decided to host a public vote on the following topic: Should Bitfinex temporarily stake EOS balances to contribute to EOS network activation?”

EOS Constitution?

EOS is the first blockchain that has created a constitution to which each member of the EOS blockchain is linked from the moment of the first transaction and the Arbitrators, chosen by the community, can decide in this case if the constitution is violated and whether to apply sanctions or not.

EOS implements the DPOS consensus algorithm in which BPs can be voted for by the community and therefore are chosen by a pool of candidates on a continuous basis, but all must obey both the BP Agreement and the Constitution, of which Article V prohibits exchanges from using users’ tokens:

“No Member nor EOS token holder shall have fiduciary responsibility to support the value of the EOS token. The Members do not authorize anyone to hold assets, borrow, nor contract on behalf of EOS token holders collectively. This blockchain has no owners, managers or fiduciaries; therefore, no Member shall have beneficial interest in more than 10% of the EOS token supply.”

The Arbitrators are investigating whether Big.one has acted against the Constitution and if so, it can be decided whether to freeze the funds.