The EOS Blockchain Isn’t Live Yet, But It’s Getting Closer

Days after first initiating its launch in an unorthodox, distributed process, the EOS blockchain isn’t yet live, but so far, the software appears to be progressing toward that goal without major issues.

As profiled by CoinDesk, after raising a reported $4 billion over the last year to create the software necessary to launch the blockchain, the company that created it is leaving it to its community to actually get it off the ground. That doesn’t mean there haven’t been material updates, however, or that Block.One, the company in question, hasn’t been involved in the initial booting effort.

Rather, the company released version 1.0.0 of the EOS software on Saturday and already it’s published one update to the code, version 1.0.1, a release that Block.One CTO Daniel Larimer described as preventing a “potential crash” in the update notes, along with other minor issues.

This means that, as of now, participants in the EOS initial coin offering (ICO), which ended on Friday, have purchased all the initial ethereum tokens that will ever be used to bootstrap the project. The plan was always for these tokens to be frozen at the end of the ICO, in preparation for a formal blockchain launch, meaning those coins won’t be tradeable again until EOS is live. (It’s unclear at this time how exchanges are managing their book-keeping while trading continues.)

The last big event took place June 2 at 10:59 UTC, when the tokens froze on ethereum and so-called “snapshots” were taken in order to preserve a record that can later be used to allocate tokens issued on the EOS blockchain to their owners. By all accounts, this occurred on time and without any issues (here’s one description).

“Things are going about as we expected. A few road bumps, no show-stopping problems. I’m expecting the [blockchain] to be live in the next couple of days,” Kyle Samani of Multicoin Capital, one of EOS’s most prominent endorsers, told CoinDesk.

Still, it has been remarkable how unified block producers, or the entities jockeying to process transactions on the new blockchain (and thus receive its rewards) have appeared outwardly given the global scale of the launch.

“I’ve been part of calls of 60 to 90 people every day,” Marc-Antoine Ross, the CEO of EOS Canada, told CoinDesk, adding:

“What I think is important is we all published agreement to launch one chain.”

Bumps and bruises

But this outward coordination has not been without a lot of behind-the-scenes effort.

Indeed, a controversy broke out in the EOS launch community last week when a group calling itself “Ghostbusters” published a critique of the launch approach led by EOS Canada, another group vying to become a block producer.

EOS Canada had published a piece of open-source software called “EOS BIOS” on April 9, a suite of code that aimed to coordinate the launch of the EOS software. Its had dozens of subsequent releases since then, with version 1.0.0 coming out on Saturday. “A lot of block producer candidates validated this solution to launch the network,” Ross said.

That said, the critique was seconded by other block producer candidates.

The May 28 blog post argued:

“Using the EOS BIOS process will create unnecessary risks for the EOS blockchain launch and ultimately all EOS token holders. Also, any negative press on insecurities in EOS blockchain launch or failed attempt to launch the blockchain will have a negative impact on EOS price and reputation.”

It argued that the channels between the various nodes needed to be more secure, using layers that obscure IP addresses and encrypt data as it passes between block producers.

EOS Canada promptly responded with a call for “increased collaboration” arguing that some of the vulnerabilities identified were settings needed for efficient testing, not a production launch.

In a subsequent post, Ghostbusters described theirs as the “security first” approach.

Unity prevails

But while it looked like there could be a split in the larger EOS community, one that could result in two competing blockchain launches, the greater value in consensus, it seems, has prevailed.

On Saturday, participants in a livestream supporting the launch announced that the two sides had resolved their differences (which Ross confirmed), affirming that everyone has agreed to coordinate with EOS BIOS and it should have no problem integrating with Ghostbusters preferred security measures, according to Ross.

“We’ve opened our hand to the Ghostbusters,” Ross told CoinDesk, “to make sure we have one strong network.”

Members of the Ghostbusters coalition have not responded to request for comment from CoinDesk.

As such, there haven’t been the forks or competing blockchains that many people feared. One group has launched EOS Classic, which basically recreates the existing token balances on ethereum, where people are used to trading them. The creators use something of a complicated process for users to claim their tokens, but MyCrypto CEO Taylor Monahan asked her team to look at it, and they don’t see anything dangerous about an EOS holder claiming EOS Classic tokens.

“It looks like it is in the current snapshot in time, it has no way to steal private keys from what I can see,” Monahan wrote, though she warned that sometimes scams can come in phases, so that could come next.

Just as Block.One reserved 10 percent of EOS tokens for the company, the EOS Classic reserves the same for itself, in what could be just another simple play for easy crypto money.

Casting ballots

Other fears relating to the launch have been assuaged so far, including those relating to the selection of block producers via voting, a necessary action needed to help EOS determine just who would be in charge of maintaining its blockchain.

As this vote was to be carried out by those who own EOS, a range of possible complications were theorized. These included that potential voting tokens could end up idle or lost forever because token holders never registered an EOS address (a necessary step to migrate their coins from ethereum).

This process has been going for a year now, and the designers of the process expected token buyers on ethereum to remember that at the end of the process they would need to take action in order to hold onto their tokens and create an EOS address and associate it with their ethereum address. It’s not surprising that this message didn’t get through to everyone who had ever bought any EOS.

So, in order to prevent the exclusion of crypto users who weren’t following the EOS blog, the EOS community coded up a workaround so that users wouldn’t lose their tokens. Basically, for all the laggards, they generated an EOS version of of their ethereum public key. That way, once the user created an EOS version of their private key (offline, preferably), they could claim their tokens.

“Think of it this way, your ethereum public key is just the wrapper around a longer array of numbers which are compressed into a 64 character string that you call your public key,” EOS New York, another potential block producer, explained in a post on Steemit.

But there may never have been much reason to worry about the likelihood of enough votes coming together to launch the chain. It turns out that there are some very big whales out there, people who have a powerful vested interest in making sure that the system launches.

Redditor @Lannisan crunched the numbers from the snapshot balances and found that (if is excluded — and it should be because it has committed to sitting out the block producer vote) and found that the 10 biggest wallets hold 39 percent of all tokens. In other words, those 10 could decide almost anything they wanted if they coordinated. The top 100 wallets control 65 percent of the tokens.

These numbers are again somewhat skewed by the fact that some of these “whales” must be exchanges, and some of the biggest exchanges have committed to not voting their users’ tokens. Still, there are probably a few large holders out there who plan to vote once they feel comfortable with a mainnet release, so that it goes live. With so many large holders out there, it doesn’t sound like hitting 15 percent of the tokens voting will be difficult, even if not that many actual people vote.

Ross would not commit to any kind of timeline for EOS to go live.

The block producers are running a variety of testnets now, any one of which might meet all the checks for the chain, the software and the security that they are looking to validate. When they all agree they have a configuration that works, a group announcement will go out calling for holders to prepare to vote for the first slate of block producers.

When it goes live, that’s when we’ll really start to understand Dan Larimer’s latest technology.

As Siddharth Kalla, co-founder of the Turing Advisory Group, told CoinDesk:

“The real test of whether one should be alarmed or not would come once the network is live and running. The human side of security, voting, economic incentives, etc, are much harder to test than bugs in the code during the testing phase.”

Egg candling via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Be the first to comment

Leave a Reply

Your email address will not be published.


Privacy Policy is committed to safeguarding your privacy. Contact us at if you have any questions or problems regarding the use of your Personal Data and we will gladly assist you.

By using this site or/and our services, you consent to the Processing of your Personal Data as described in this Privacy Policy.

Table of Contents

  1. Definitions used in this Policy
  2. Data protection principles we follow
  3. What rights do you have regarding your Personal Data
  4. What Personal Data we gather about you
  5. How we use your Personal Data
  6. Who else has access to your Personal Data
  7. How we secure your data
  8. Information about cookies
  9. Contact information


Personal Data – any information relating to an identified or identifiable natural person.
Processing – any operation or set of operations which is performed on Personal Data or on sets of Personal Data.
Data subject – a natural person whose Personal Data is being Processed.
Child – a natural person under 16 years of age.
We/us (either capitalized or not)

Data Protection Principles

We promise to follow the following data protection principles:

  • Processing is lawful, fair, transparent. Our Processing activities have lawful grounds. We always consider your rights before Processing Personal Data. We will provide you information regarding Processing upon request.
  • Processing is limited to the purpose. Our Processing activities fit the purpose for which Personal Data was gathered.
  • Processing is done with minimal data. We only gather and Process the minimal amount of Personal Data required for any purpose.
  • Processing is limited with a time period. We will not store your personal data for longer than needed.
  • We will do our best to ensure the accuracy of data.
  • We will do our best to ensure the integrity and confidentiality of data.

Data Subject’s rights

The Data Subject has the following rights:

  1. Right to information – meaning you have to right to know whether your Personal Data is being processed; what data is gathered, from where it is obtained and why and by whom it is processed.
  2. Right to access – meaning you have the right to access the data collected from/about you. This includes your right to request and obtain a copy of your Personal Data gathered.
  3. Right to rectification – meaning you have the right to request rectification or erasure of your Personal Data that is inaccurate or incomplete.
  4. Right to erasure – meaning in certain circumstances you can request for your Personal Data to be erased from our records.
  5. Right to restrict processing – meaning where certain conditions apply, you have the right to restrict the Processing of your Personal Data.
  6. Right to object to processing – meaning in certain cases you have the right to object to Processing of your Personal Data, for example in the case of direct marketing.
  7. Right to object to automated Processing – meaning you have the right to object to automated Processing, including profiling; and not to be subject to a decision based solely on automated Processing. This right you can exercise whenever there is an outcome of the profiling that produces legal effects concerning or significantly affecting you.
  8. Right to data portability – you have the right to obtain your Personal Data in a machine-readable format or if it is feasible, as a direct transfer from one Processor to another.
  9. Right to lodge a complaint – in the event that we refuse your request under the Rights of Access, we will provide you with a reason as to why. If you are not satisfied with the way your request has been handled please contact us.
  10. Right for the help of supervisory authority – meaning you have the right for the help of a supervisory authority and the right for other legal remedies such as claiming damages.
  11. Right to withdraw consent – you have the right withdraw any given consent for Processing of your Personal Data.

Data we gather

Information you have provided us with
This might be your e-mail address, name, billing address, home address etc – mainly information that is necessary for delivering you a product/service or to enhance your customer experience with us. We save the information you provide us with in order for you to comment or perform other activities on the website. This information includes, for example, your name and e-mail address.

Information automatically collected about you
This includes information that is automatically stored by cookies and other session tools. For example, your shopping cart information, your IP address, your shopping history (if there is any) etc. This information is used to improve your customer experience. When you use our services or look at the contents of our website, your activities may be logged.

Information from our partners
We gather information from our trusted partners with confirmation that they have legal grounds to share that information with us. This is either information you have provided them directly with or that they have gathered about you on other legal grounds. See the list of our partners here.

Publicly available information
We might gather information about you that is publicly available.

How we use your Personal Data

We use your Personal Data in order to:

  • provide our service to you. This includes for example registering your account; providing you with other products and services that you have requested; providing you with promotional items at your request and communicating with you in relation to those products and services; communicating and interacting with you; and notifying you of changes to any services.
  • enhance your customer experience;
  • fulfil an obligation under law or contract;

We use your Personal Data on legitimate grounds and/or with your Consent.

On the grounds of entering into a contract or fulfilling contractual obligations, we Process your Personal Data for the following purposes:

  • to identify you;
  • to provide you a service or to send/offer you a product;
  • to communicate either for sales or invoicing;

On the ground of legitimate interest, we Process your Personal Data for the following purposes:

  • to send you personalized offers* (from us and/or our carefully selected partners);
  • to administer and analyse our client base (purchasing behaviour and history) in order to improve the quality, variety, and availability of products/ services offered/provided;
  • to conduct questionnaires concerning client satisfaction;

As long as you have not informed us otherwise, we consider offering you products/services that are similar or same to your purchasing history/browsing behaviour to be our legitimate interest.

With your consent we Process your Personal Data for the following purposes:

  • to send you newsletters and campaign offers (from us and/or our carefully selected partners);
  • for other purposes we have asked your consent for;

We Process your Personal Data in order to fulfil obligation rising from law and/or use your Personal Data for options provided by law. We reserve the right to anonymise Personal Data gathered and to use any such data. We will use data outside the scope of this Policy only when it is anonymised. We save your billing information and other information gathered about you for as long as needed for accounting purposes or other obligations deriving from law, but not longer than 1 year.

We might process your Personal Data for additional purposes that are not mentioned here, but are compatible with the original purpose for which the data was gathered. To do this, we will ensure that:

  • the link between purposes, context and nature of Personal Data is suitable for further Processing;
  • the further Processing would not harm your interests and
  • there would be appropriate safeguard for Processing.

We will inform you of any further Processing and purposes.

Who else can access your Personal Data

We do not share your Personal Data with strangers. Personal Data about you is in some cases provided to our trusted partners in order to either make providing the service to you possible or to enhance your customer experience. We share your data with:

Our processing partners:


Our business partners:


Connected third parties:


We only work with Processing partners who are able to ensure adequate level of protection to your Personal Data. We disclose your Personal Data to third parties or public officials when we are legally obliged to do so. We might disclose your Personal Data to third parties if you have consented to it or if there are other legal grounds for it.

How we secure your data

We do our best to keep your Personal Data safe. We use safe protocols for communication and transferring data (such as HTTPS). We use anonymising and pseudonymising where suitable. We monitor our systems for possible vulnerabilities and attacks.

Even though we try our best we can not guarantee the security of information. However, we promise to notify suitable authorities of data breaches. We will also notify you if there is a threat to your rights or interests. We will do everything we reasonably can to prevent security breaches and to assist authorities should any breaches occur.

If you have an account with us, note that you have to keep your username and password secret.


We do not intend to collect or knowingly collect information from children. We do not target children with our services.

Cookies and other technologies we use

We use cookies and/or similar technologies to analyse customer behaviour, administer the website, track users’ movements, and to collect information about users. This is done in order to personalize and enhance your experience with us.

A cookie is a tiny text file stored on your computer. Cookies store information that is used to help make sites work. Only we can access the cookies created by our website. You can control your cookies at the browser level. Choosing to disable cookies may hinder your use of certain functions.

We use cookies for the following purposes:

  • Necessary cookies – these cookies are required for you to be able to use some important features on our website, such as logging in. These cookies don’t collect any personal information.
  • Functionality cookies – these cookies provide functionality that makes using our service more convenient and makes providing more personalised features possible. For example, they might remember your name and e-mail in comment forms so you don’t have to re-enter this information next time when commenting.
  • Analytics cookies – these cookies are used to track the use and performance of our website and services
  • Advertising cookies – these cookies are used to deliver advertisements that are relevant to you and to your interests. In addition, they are used to limit the number of times you see an advertisement. They are usually placed to the website by advertising networks with the website operator’s permission. These cookies remember that you have visited a website and this information is shared with other organisations such as advertisers. Often targeting or advertising cookies will be linked to site functionality provided by the other organisation.

You can remove cookies stored in your computer via your browser settings. Alternatively, you can control some 3rd party cookies by using a privacy enhancement platform such as or For more information about cookies, visit

We use Google Analytics to measure traffic on our website. Google has their own Privacy Policy which you can review here. If you’d like to opt out of tracking by Google Analytics, visit the Google Analytics opt-out page.

Read more about cookies on our Cookie Policy

Contact Information


Changes to this Privacy Policy

We reserve the right to make change to this Privacy Policy.

You can configure your Internet browser, by changing its options, to stop accepting cookies completely or to prompt you before accepting a cookie from the website you visit. If you do not accept cookies, however, you may not be able to use all portions of the WideBitcoin Websites or all functionality of the Services.

Please note that disabling these technologies may interfere with the performance and features of the Services.

You may also disable cookies on the WideBitcoin Sites by modifying your settings here:

Visitor comments may be checked through an automated spam detection service.

Last Update: May 25, 2018