The launch of the much expected EOS mainnet has stalled after one-third of the tokens required to activate the platform have been staked by their owners. The mainnet was supposed to (and launched) on June 10th – about a week after Block.one released the version 1.0 of the EOSIO software.
However, the platform cannot be activated until 150 million EOS tokens (which is 15% of the total token supply) are elected to the network’s 21 “block producers” who will more or less fulfill the role that miners play in the Proof-of-Work (PoW) networks such as Bitcoin.
According to some data coming from the block producer candidate EOS Authority, only 4.8% of the tokens – or 32% of the necessary tokens – had voted as of the time of writing and no one knows when the other (approx. 102 million) will be staked.
The users are probably reluctant to vote at this point because of the complicated process – or the concern that is going on over the potential and accidental exposure of their private keys. The pace of voting seems to have ticked over the past 24 hours, though, but the users and their tokens continue to remain in limbo as they wait for other users to stake their balances.
Block.one is not participating in this mainnet launch which caused the problems – and there have reportedly been many heated tensions between the team at Block.one and the block producer candidates.
Meanwhile, the price of EOS has experienced a slight decline against Bitcoin and Ethereum since June 10, which suggests that investors are disgruntled that the platform is still about to go live.
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