After exactly one year ICO - unprecedented on such a scale, primarily due to crowfunding time - as many as 12 months, and the amount of funds collected - estimated at over USD 4 billion, now finally the official launch of the main network (so-called MianNet) will take place in terms of the market value of cryptocurrencies - EOS, and the transformation of what was previously only ERC20 tokens, into official coins operating under the newly created blockchain. For a long time, no other event in the world of crypto has been accompanied by so many expectations, remarks, and at the same time understatements.
First of all, very important information for the ERC20 EOS ERC tokens holders - we assume, of course, that you have registered them equivalent to depositing them in the appropriate wallet. If not, you have literally a few hours for it. If they are in the portfolio of exchanges such as Binance or Bitfinex, you do not have to worry about anything - the exchanges themselves will freeze your existing tokens and exchange them for the right coins. Otherwise, you should immediately register your tokens in one of the portfolios, which will also convert for you - among the most important are MyEtherWallet and Exodus. The official page counting down the remaining time can be found here .
When MainNet launches
Officially, it is to take place after 23 hours from the moment when the company responsible for creating the protocol - Block.one, will make the code available as open-source software . And this is where the role of this entity ends. It is written in white paper that it is not responsible for launching any product in the EOS network, which caused a lot of media hype and unnecessary speculation that the project itself was a scam. The role of this company was to create a blockchain, comprehensively develop the code and conduct thorough tests. The mission ends with the start of the main network. The product will of course be the EOS main network itself with official tokens, with a completely new group of developers and entities responsible for network monitoring.
From that moment on, various entities enter the game, including undisclosed cryptocurrency exchanges, operators in the crypto mining industry , consulting companies, etc., which will fight for the privilege of becoming validators under the newly created delegated system of PoS ( Proof of Stake). They will review the EOS tokens still based on Ethereum (used to raise funds) for quality and check that the balances placed under new EOS addresses are the same as the ERC20 tokens' previous balances at the addresses in the Ethereum portfolios.
After the verification process, before the new blockchain is made public, selected future block manufacturers will test it thoroughly for the functioning of smart contracts, voting system and the operation of the official EOS portfolio with multi-sig function, of course, do not mention any errors in the code.One of the biggest uncertainties that arouse quite justified frustration within the EOS community is that the consensus protocol within the EOS network requires that users first select block manufacturers through the so-called staking - that is, who has more tokens, has more votes. In addition, it is necessary to collect 15% of the total number of tokens as part of the staking so that users can transfer funds within the network. The thing is that the voting process is not, at least for the moment, so simple. There are few solutions offering a simple interface created for this purpose, one of them is a crowfunding project called EOS Portal. People with knowledge about programming can vote through the command line interface . In fact, without the possibility of voting, the network can not be started.Therefore, bearing in mind the aforementioned need to carry out appropriate tests and the need to vote, in practice this means that it is unlikely that EOS blockchain will be launched in the main network today, it will become publicly available and users will be able to make transfers on the same day measures.
Problem with bugs
By "bugs" (ang. Bugs ) we mean gaps and deficiencies in the software, which is based on the network. Recently, Qihoo 360 informed Block.one that the protocol contains a number of weaknesses through which nodes may be vulnerable to attacks. The irregularity was eliminated on the same day, and Daniel Larimer - CTO ( Chief Technology Officer ) offered a prize of 10,000. USD for detecting others.
Dafeng Guo, co-founder of EOS Asia, a consortium of developers specializing in the EOS blockchain, admitted explicitly that in the first two weeks he even expects errors in code and irregularities of varying complexity and seriousness to be detected. There is also a common belief that when starting a system representing a completely new technology and taking into account the huge scale of the undertaking, it is impossible to avoid unforeseen situations such as errors in the code. Bitcoin and Ethereum have not been avoided by starting their own networks, nor will EOS, probably.
What to watch out for
There is no doubt that when the network on this scale was launched, where it was possible to obtain more than 4 billion USD of funds - one of the most important, if not the most important event in the sphere crypted this year, the teeth of cheaters are already sharpening the uninformed token holders and grapples. The threat to the global scale is the creation of MainNet clones or forks designed to appropriate tokens from un-educated owners. They constitute a potential threat on a huge scale, because in contrast to Bitcoin, for example, there is no guarantee that only one main network will be created. In fact, at the present theoretically everyone can run the mainnet for EOS. The most important is which of them will gain the support of the community and cryptoclips, which probably will be followed by their users.
It is to be hopedTherefore, especially in the coming days and weeks, special care should be taken and rely solely on information provided by official block manufacturers. Under no circumstances should we give our private keys to untried entities, especially those who can bombard us with commercials and the possibility of obtaining free tokens (called " dumps " - airdrops)). The launch of the EOS main network, which also coincided with the launch of the main TRON system, is an ideal medium for all types of fraudsters, for whom this summer will certainly not be a cucumber season. We appeal to our readers to exercise extreme caution! In the near future, the official desktop wallet will be launched and most probably also its web version. We strongly encourage you to take advantage of this first option, because it is much more resistant to hacker attacks. Let's also remember that there are many projects that the success of EOS is definitely not at hand. They will do a lot, directly or in various twisting ways, to prevent it.