EOS, the fifth most valuable cryptocurrency, is set to launch its mainnet soon, becoming independent from the Ethereum network.
At the end of May, an announcement from the project revealed that the EOS Mainnet Launch Group (EMLG) had ‘united under the promise of delivering one mainnet which will be called EOS.’ Block.One, the main developer of the EOS token and a rival to the Ethereum network, has raised a reported raising $4 billion, considered to be the largest fundraising of its kind.
According to a EOS countdown page, the ERC20 EOS tokens have been frozen, which was done 23 hours after the token distribution on the 1st June. At this point, the launch of the mainnet is being processed. It was thought that the launch would take place on the 2nd June; however, days before its launch it was reported that an ‘epic vulnerability’ had been discovered that could threaten or delay its launch, according to Chinese news outlet Jinse.
It remains to be seen whether or not EOS can successfully launch. It’s likely that this will attract many crypto-enthusiasts who will be keen to see how the project progresses.
EOS and its rivals believe that they have the solution that Ethereum has failed to provide. Even though it’s the second largest cryptocurrency it hasn’t scaled well. At present, Ethereum can process around 15 transactions per second. As a result, EOS is one project that is attempting to fill the gap.
According to social trading platform eToro, the EOS mainnet launch represents more than just an upgrade.
“EOS is fundamentally trying to change the way in which apps are developed and accessed,” eToro said. “Just like Google allowing developers to build on Android, EOS is opening up its blockchain to anyone who wants to write on it. But unlike Google, you need to actually have a stake in EOS to do so.”
eToro are of the opinion that it is this ‘democratic and decentralised approach that characterises cryptocurrencies,’ which makes them so exciting. ‘Rather than a small group of investors profiting off the technology, EOS has opened itself up to anyone and everyone.’
“We expect to see hundreds of entrepreneurs get to work on blockchain based, decentralised apps,” eToro added. “We’re confident that one or more of these will be able to compete with the ‘unicorns’ of the future.”