EOS opted for a year-long token distribution process, and now its holders are making sure that the project has one of the most stressed mainnet implementations.
On June 10th, Block.one launched EOS mainnet, more than a week after releasing version 1.0 of the EOSIO software. However, to activate the platform, at least 15 percent EOS token holders are needed to elect the network’s 21 “block producers” by voting.
Time to buy the dip?
This voting process turned out to be the biggest roadblock for the project as, even after 5 days, only 10 percent of the token holders had cast their vote. The project still needs approval from around the holders of 50 million more tokens.
Transparency is good
The opaque process and concern of exposing the private key are the reasons for the sluggish voting response from the community. However, the tables are turning fast as in the recent hours more and more token holders are turning to vote from the network activation.
Gate.io, a crypto trading platform which holds around 2 percent to 3 percent of EOS tokens in circulation, is also considering to participate in the voting process and is currently taking feedback from its users holding EOS tokens.
The token holders can vote as many numbers of times as they want, however, a maximum number of 30 “block producers” can be voted at a time. The network will only conder a voter’s latest vote.
It is to be noted that Block.one itself holds a majority of EOS tokens, however, based on the voters’ turn out, it is clear that the firm is not participating in the process.
Meanwhile, EOS token suffering from a tough time in the market due to the recent dip. However, it maintained its position among the top five coins with a market cap of $9.3 billion. Moreover, positive traits can be seen in the coin’s performance as it gained more than 7 percent in last 24 hours, trading at $10.50.