After a series of trials, tribulations and deliberations, the EOS blockchain is fully active and online.
Block producer EOS Authority celebrated with a tweet.
— EOS Authority (@EOSauthority) June 14, 2018
EOS is a new proof-of-stake blockchain that aims to be faster and more efficient than its rival Ethereum. Its developers will now work to deliver on the promise of enabling millions of transactions per second and attracting commercial and large-scale enterprises to build on the platform.
Like Ethereum, EOS will host blockchain-based smart contracts and decentralized applications (DApps). Now that it’s officially up and running, developers can begin actively launching their own projects on the blockchain.
Concerns about security vulnerabilities first delayed the initial launch of the blockchain when a Chinese internet security firm announced it had discovered what it called a series of “epic vulnerabilities” in the platform.
The chief technology officer of EOS pushed back on the claims, saying most of the bugs had already been addressed and resolved. Nevertheless, the team’s developers and block producer candidates took more time to make sure the platform was rock solid before moving forward.
The blockchain then needed to receive 150 million votes from token holders who selected the final list of block producers – the 21 individuals and organizations that will power the network. The vote was completed a few hours ago.
EOS will rely on its 21 block producers as opposed to a network of miners. Some suggest this may leave the network open to manipulation and cement its future as a more centralized platform. For example, Ethereum creator Vitalik Buterin has called the EOS model “much more centralized.” The future will determine if potential trade-offs to gain more transactions speed are worth it.
EOS is well known for its incredibly successful year-long ICO that raised about $4 billion.