What do you get from Mainnet launching procedure of EOS

Thảo luận trong 'Blockchain research' bắt đầu bởi eos to the moon, 8/6/18. Trả lời: 0 Xem: 1,047.

  1. eos to the moon
    EOS is acquiring a lot of spot light, besides the technological innovations that EOS team has implemented, it's also well known as a biggest ICO with 4 billion USD raised for a year. While there's several criticals claim that they haven't yet produce software or service to the market, some show the respect to the team which is leaded by Dan for their disruptive technologies they introduced to the cryto-sphere.

    According to there white-paper the trait that makes them apart from other is the technique which enable the whole ecosystem to scale and to surpass the throughput which is a challenge for blockchain technology.

    Blockchain itself solves the major problem which central authorities are base on, that's the trust. Let say you open a banking account and deposit money because you trust in those banks. On another hands, you completely refuse to lend your money to an institutions that you don't trust or feel uncertainty. However, to have a such reputation for everyone trust in it it require many effort as well as their capitalism backed and the support of government. It's completely the problem which is a high bar for start-up or any community to tab into the financial market. Fortunately, blockchain and bitcoin as a pioneer firstly are consided as a solution for that.

    Bitcoin and other cryptocurrencies as methods for storing value which enable you to transact and involve in some financial agreements with-out having to trust your partners. Besides, you dont have to trust a central system, that means your assets are only controlled by you. Now a day we can see Bitcoin has had a major increment in value and that's for sure representing the vision of innovation that blockchain would ever brings to. Nevertheless, the facilities it has, there are some major shortages that's claim as a bargage for their adoption of daily payment method. Recently there is increasingly hight fee with low confirmation of Bitcoin transaction. It's contradict to the envision of Satoshi's white-paper has stated as a peer-to-peer, low fee for daily usage.

    That's because the fundermantal reason behind it, as distributed computers need more time than a central server to authorized a transaction and most of the time these computers (nodes) spent is to attempt to reach the consensus as a mechanism to confirm transactions. While central server itself responsible for confirming transactions, distributed and decentralized nodes need over 51% of them confirm transactions and group into blocks as a way to verify that. That's fundermantal and very basic reason why blockchain is really hard to improve throughput.

    There have been some reports recently show that capability of Bitcoin network now can handle 3 transactions per second and Ethereum performs better with 10 transactions per second. When compare with institutions namely VISA, MASTER then it is too far away. Right now it would make sense for you to understand why EOS claimed that it stands apart others. With blocktime is 0.5 while there will be 21 active block producers EOS stated that It's scalable ecosystem and can handle millions transactions per second. Among criticism there are a lot of hope and some even think it would be the first blockchain ecosystem to surpass the disadvantage of current crypto-sphere today and if so it will completely be disruptive and can get a higher rank in CoinmarketCap rank which it's now the fifth.

    As mention before the one-year-long ICO has come to an end and attracted many cryto communities. On the occasion of launching process, block.one, the company behind EOS stated that implementation and maintain it is the responsible of community and block.one has no control over it. That's so great at first but also lead to so much problems rights after block.one releases EOS 1.0.1.

    Firstly token holder had to go through uncertainty situation when there are alot of BPs clamed that they want to launch seperate mainnet with slightly different parameters. Some said that 21 BPs is not enogh to be a certant distributed and decentralized system so that they created a mainnet with 150 BPs (the similar number BP of LISK).

    EOS token holders completely got confused of course but more importantly they relised that a community that EOS is forming is a community of people who hold EOS token. In turn this brought to increasing number of questions on how the price of EOS token and eventually EOS will be effected. However such questions will be hard to find the reasonable answers.

    Secondly and it's more important, that is, when mainnet is officially launched. But hold-on, why people kept asking for official when those mainnets are implemented and maintained by different group of BPs, it turns out that every mainnet can be acceptable even they have just different names and surely there is nothing is considered as official.

    To show the fact, there was huge complain among EOS token holders stated that they haven't yet known the group which decide to set the mainnet online. And it turns out that people hold the token is not the one how decide for mainnet launching. Personally I really think this is a huge problem of EOS community. Now let’s do some math, total supply of EOS is 1 billion and current price of a token is 15$ then the market cap of it is 15 billion USD and that is decided by a group of unknown people.

    Now let’s move on the current situation, there were some announcements stated that there were votes for go/no-go which decided for mainnet launch. In fact this is the second attempt voting for go/no-go and it is still fail to get consensus even 71% voted for go. Besides, the market showed that the price of EOS went up and down as the time went to voting time. Now it’s clear that the decision making has huge impact to the market, even thought its is soon to report that this is manipulate schema however there are some questions arises for block.one as they are the company raised ETH during ICO.
    - What is the responsible of block.one to launch the mainnet?
    - What is the official mainnet?
    - Why don’t they set up a procedure in which token holders can decide instead of a group of unknown people?

    Whole community of people holding EOS token have lost their right to decide for their community and this is the huge problem.

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