EOS is 14% higher at $14.05 with the wait for the mainnet launch almost over. The entire crypto is advancing as bitcoin consolidated above $7,600, according to coinmarketcap.
There has been some confusion about how the launch will unfold and how to vote.
The block producers are initially picked at random and then after testing wallet and smart card breach’s in the chain, token holder get access. At that point the voting begins and continues until at least 15% of token issuance has taken part.
The top 21 in the poll will takeover from the appointed block producers.
The voting process to elect block producers is an ongoing process that never ends.
In the EOS delegates proof of stake consensus system voters are also able to select another token holder to vote on their behalf by proxy.
Exchanges and mining pools are thought to be the most likely to be elected as the first block producers given that voting power is weighted by the number of tokens held, benefiting the big players.
Vitalik Buterin has criticised EOS governance as a plutocracy but its destroying gun is far more efficient from a computing resources point of view and is an order of magnitude faster at processing transactions than Ethereum. It is claimed transactions per second in the EOS blockchain is potentially in the hundreds of thousands per second.
Four individuals or entities own 150 million tokens, which equates 15% of total supply. 100 million tokens are owned by Block.one, the company that built the network.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane