On 31st May, EOS Mainnet Launch Group [EMLG] has issued a statement giving detailed information regarding the order of events during the EOSIO mainnet launch. The entire cryptocurrency has been really enthusiastic about the mainnet Launch and revealing of the new blockchain.
EMLG wants to provide complete transparency to the entire cryptocurrency community as they possibly can.
The first step is the token freeze as in the circulation of the ERC20 EOS token will shut down at 10:59:59 PM UTC. About 23 hours after the shutdown the circulation of ERC20 EOS token on the Ethereum blockchain, the EOS tokens will be frozen.
The sale, purchase, and trade of the ERC20 tokens will be suspended on the Ethereum blockchain. The users are required to generate the EOS key pair before the freeze of the token so that the users can map their ERC20 tokens to their Ethereum address.
The users are advised not to import their key pair until the users receive a joint statement released by at least five out of the twenty-one block producers asking the users to do so, in order to avoid the loss of tokens.
The second step is the Snapshot. After the freeze of the ERC20 tokens on the Ethereum platform, EMLG will produce a final snapshot of the frozen EOS ERC20 tokens using the official snapshot. EMLG is encouraging the EOS community to take snapshots of their frozen tokens using the official snapshot to verify if it matches the EMLG’s snapshot.
After the verification of the snapshots, the boot process shall begin. The Block producers will be posted within the launch group to make sure the network is being booted properly. There would not be any block rewards awarded during this time. The Block producers will finish the boot process and make sure the tokens are perfect.
The next step is the testing and verification of the network. EMLG will clone the network to conduct their own in-depth acceptance testing for the next 48-hours. Once it is opened for verification, the community will provide the tools to check and verify the new EOS network for any users who want to do so.
The 48-hour window may be reset if there is a major bug being found, to fix the bug and allow time to test the new changes. EMLG will have absolute authority to rest the 48-hour window whenever it is necessary.
The next stage is the release of the EOSIO network to the general token-holder community by the EMLG. The EOSIO chain will only be enabled after at least 15% of all token-holders uses their private key pairs and stake votes for minimum one block producer. This phase will be completed only if the token holder’s community votes in the block producers.
Once a minimum of 15% of the tokens are used to vote and staked, the chain will be valid and the function will be actuated. The Elected block producers will take charge with the actuation of the network.