Nick Chong · 1 week ago · 2 min read · Insights via Grayscale Investments
The highly anticipated launch of the EOS mainnet has resulted in a chaotic stall, with less than 7% EOS tokens staked and used to vote. As the EOS block producer voting process requires 15% of all tokens to be used for voting before the launch process is complete, the launch is subject to an indefinite delay — shaking market confidence in the project.
The EOS mainnet launch was officially announced on June 10, with EOS block producer candidates coming together to deliver a unanimous ‘yes’ to launching the mainnet. However, the complex launch process has run into a roadblock — EOS token holders are not contributing to the voting process, which is essential to the establishment of the new EOS blockchain.
— EOS Authority (@EOSauthority) June 10, 2018
EOS Holders Reluctant to Participate in Voting Process
Before the EOS mainnet can go live, 150 million EOS tokens — 15% of all EOS tokens —must participate in a vote to elect 21 block producers. The delay in voting response is partly due to the relatively complex method used to submit votes — Block One, the creator of the EOS project, has left the development of a voting tool to the EOS community, causing a significant amount of confusion.
Moreover, in order to vote, EOS token holders must provide their private keys as part of the voting process — a very concerning proposition for many security-conscious cryptocurrency investors. The only officially supported voting method is the Cleos command line tool released by Block One – a method that requires basic programming comprehension.
There are several tutorials available to EOS token holders explaining how to vote with a range of different tools, including the EOS Portal and Scatter, EOSC, EOS-Voter, and Tokenika. The Tokenika solution is the simplest and allows users to cast their vote offline without revealing their private key. The Tokenika platform has also made all code available for public review, yet the prospect of divulging private key information is undoubtedly still hindering the voting process.
EOS Community Will Come Together to Launch Mainnet
Despite the slow response in voting time, EOS community members are confident that the launch will go ahead once 15% of tokens have cast their votes. Roshan Abraham, the Head of Technology at EOS Authority, one of the block producer candidates, commented on the delay in voting:
“EOS is a truly decentralised platform and the community is eagerly waiting for the chain to get activated. We are currently at over 6% votes and need 15% for chain activation. We saw EOS registrations take a long time but eventually we got over 98.8% manual registration!”
Despite such assurances, EOS token performance has taken a significant hit as a result of the delay in launch, falling by over 10% as market sentiment shifts away from the ailing platform. A conclusion to the voting process could potentially see the value of EOS recover amidst the current bearish market run, but this relies on the EOS community coming together.