In the early hours of this morning EOS block producers voted unanimously to go live and launch the network, with EOSIO version 1.0.2 scheduled for launch later today.
EOS is a decentralized operating system which enables the development of dapps (decentralized applications) on a large scale and without the use of transaction fees. Dan Larimer’s Block.one team claims the platform’s DPoS (distributed proof-of-stake) system will enable the network to process millions of transactions per second, offering dramatic improvements on the performance of other platforms. In order to ensure its scalability, EOS requires that app developers stake their tokens to secure network resources such as bandwidth and RAM, thereby driving increases in the value of EOS tokens.
Once the mainnet is launched block producers can vote to enable particular chains, with EOS Core and EOS Mainnet Launch Group being two of the most significant groups of block producers seeking support for their chains. 15% of all EOS tokens must be staked to a chain for it to go live, at which point the chain is automatically validated and its functionality enabled.
Today’s launch marks the beginning of the EOS journey as a real-world platform. With token sales raising over $4 billion, and countless developers awaiting a successful launch, the stakes are high. Markets responded positively this morning, with EOS bouncing near 5% to $14.42.
