Block.one, the development team behind the project, launched a year-long initial coin offering (ICO) to support the project, raising $4 billion in the process. Investors and others in the digital currency community have waited for months for a June launch date. Now, with that date having passed, there are issues that continue to plague the popular digital token ecosystem.
Who Runs the Code?
Part of what has made EOS stand out among a crowded field is the unique model its developers have created for the management of the blockchain ecosystem. Investors who bought up ERC-20 tokens during the ICO had their purchased tokens converted to EOS currency on the EOSIO platform on June 2. Those investors holding native EOS tokens are responsible for the management of the entire ecosystem, according to reporting by Coin Telegraph. This process is set to be accomplished via voting for block producers, which will help to maintain the network. At the same time, the project developers intend for the EOSIO network to support decentralized applications, which will also be linked to the native EOS tokens in a proportional manner. The more tokens staked in the application, the more resources available to that app.
Hundreds of Issues Remain
The EOS Github page suggests that were about 620 bugs and other issues that remained unresolved as of earlier this week, following the official token swap and launch. While resolving these problems sounds like a daunting prospect, more than 1,400 issues had already been resolved during development as of that time.
Perhaps the more significant issue now is that block producers are working to run the code, which is available to the public, but the blockchain is still not live. As the process continues, more glitches could reveal themselves. At the same time, Block.one is purposefully leaving itself out of the process. The developers likely anticipated growing pains for their project, which aims to take the concept of decentralization to a level few other cryptocurrencies and blockchain networks have explored. Assuming that the group of investors, block developers and other supporters of EOS will be able to determine how to best run the ecosystem through a lengthy process of trial and error, it may be that the product that emerges opens doors which have as yet remained closed in the digital currency realm.
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