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EOS Maiinnet Has Slowed Down as Few Users Stake Tokens

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The EOS mainnet launch has slowed down, as less than a third of the tokens needed to activate the platform have been staked by their owners.

The mainnet technically sprung into action back on June 10 — a little over a week after Block.one released version 1.0 of the EOSIO software — but the platform cannot be completely activated until 150 million EOS tokens — which is 15% of the total token supply — vote to elect the network’s 21 “block producers,” who will more or less achieve the role that miners play in Proof-of-Work (PoW) networks like Bitcoin.

Data from block producer candidate EOS Authority has indicated that just 4.8% of tokens — or 32 percent of the necessary tokens — had voted as of the time of writing, and no one knows when the other 102 million will be staked.

The hesitation to vote may be attributed to the fact that the procedure is somewhat complex and users may be concerned about exposing their private keys. The pace of voting appears to have ramped up over the past 24 hours, but, nevertheless, users continue to remain in limbo as they await for other users to stake their balances.

It’s quite possible that block producer candidates themselves control enough tokens to trigger the network, but stemming from the fact that Block.one is not getting involved in the mainnet launch — there have reportedly been tensions between the different groups that are vying for one of these exclusive spots in the network.

The first block producer randomly selected to verify transactions would be mandated to buy an estimated $260,000 worth of random access memory (RAM), and there has been much debate about whether and how that organization should be compensated for the in-network purchase. One debated recommendation would see developers making use of “god mode” to virtually print out of thin air the roughly 19,000 EOS tokens that are needed to pay for the RAM.

Meanwhile, the EOS price has gone through a significant drop against both bitcoin (BTC) and ether (ETH) since June 10, proposing that investors — many of whom contributed to the token sale nearly one year ago — are not happy that the platform has still yet to go live.

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