EOS is live: 5th largest cryptocurrency is officially accessible
EOS is officially live now. World’s 5th largest cryptocurrency by value has officially ended weeks of rigorous work & development with the cryptocurrency going live. EOS, for which Block.one raised more than $4B in a year-long ICO, is now accessible.
For a week deliberation & testing carried out by block producers trying to get the spot on 1 of the 21 validator nodes. For which they were going to get rewards for verifying the transactions from across the globe.
While in the testing phase, the software had a lot of vulnerabilities that the two group of block producers to get their head to head and implement the blockchain the way it should. Also, thanks to stringent testing phase, the launch that was expected on June 9th was delayed big time. To begin with, 15% of the holding had been voted, this happened only after further validation had been completed by one of the appointed block producers.
Soon after the 15% of the token holders voted to authorize 21 elected block producers the blockchain became live. However, this took much longer than many had anticipated for various reasons, including security concerns. Following the launch, the tokens were being traded for $10.45 and currently, it’s being traded at $10.47. Though a very small degree of change, but there is a price rise.
For those who aren’t aware of what EOS is, here’s a brief that’d do the needful.
What is EOSIO Software?
EOSIO is a blockchain architecture designed to enable vertical and horizontal scaling of decentralized application. This happens through a dedicated operating system upon which the applications can be built. The provides accounts, authentication, databases and asynchronous communication. Furthermore, the resulting technology is a blockchain architecture that is capable of managing millions of transactions per second, removes the needs for users to pay fees and allow quick deployment of DAPPs. You can find more detailed insight in the EOS.IO WhitePaper.
How can you access EOSIO blockchain?
You can access EOSIO blockchain using your private key. You just need to have EOSIO account in order to access the EOSIO blockchain.
Furthermore, there are no particular networks and/or wallets that the Block.one endorses. However, the networks are run independently by the EOSIO community. That being said, you will need to find a community that works for you, one your own.
While using applications on the blockchain, it is important to know the application well. Some of them might be of a scammer and might hack your accounts, and to make it worse, you may end up losing your funds too. Do not share your private key with any suspicious application on the blockchain. Always have a thorough research of the application that you are about to use. Failing to do this might end up giving access to your account to the hacker for free.