EOS Is Launched But Not Yet Live – Why?

Visit any EOS Telegram channel and some version of this question will pop up again and again: Is the mainnet live yet?

While the EOS blockchain technically launched on June 10 at 13:00 UTC, the answer to that question is effectively no. That’s because the crypto tokens created by Block.one’s $4 billion EOS initial coin offering (ICO) are locked up until the network elects 21 “block producers” (the equivalent of miners for the new network), and as that still hasn’t happened, currently no one can start using EOS just yet.

As it stands, the blockchain will go live if 15 percent of all tokens – an equivalent of 150 million – are “staked” in a vote on block producer candidates. Staking tokens allows EOS holders to vote for up to 30 block producers – the groups in charge of verifying transactions – and votes are weighted by how many tokens are staked.

And while this process is currently underway, what we’ve seemingly learned about blockchain self-governance from the EOS launch is: If people are given time, they will take it.