EOS voting to elect block producers begins today
EOS voting to elect block producers begins today

EOS MainNet Launch In Limbo as Voting on The Platform Proceeds At A Slow Pace

How many EOS tokens are needed to activate the EOS MainNet platform? The number comes to 15% of the total token supply. The EOS platform was designed in a way that this number of tokens have to be staked so as to vote on block producer candidates. Staking tokens allows EOS token holders to vote for up to 30 block producers. The votes are in turn weighted by how many tokens are staked.

The EOS MainNet was technically launched on the 10th of June and 8 days after EOSIO v1.0 was released by Block.one. However, the 15% of tokens needed for staking has not been achieved. This number translates to 150 Million tokens. As of now, and through EOSAuthority.com, the number of staked tokens has reached 66.115 Million. This translates to 6.611% of the total supply and 44% of the number needed for staking.

There is some progress though. For according to a report only yesterday, the staked tokens had reached 48.119 Million. Therefore, there has been an increment of 18 Million in a day. If this increment persists, the needed percentage for staking, will be reached in less than 5 days.

Several theories have been put forth to explain the reluctance by users to stake their coins for voting. The first one being that the process is a bit complication with users fearing accidentally exposing their private keys in the process. There is a youtube video from the same website of EOSAuthority.com, that explains the entire procedure for any EOS holder willing to stake their tokens and is unsure of the procedure.

A second reason as to why the required number has not been reached, is the psychology behind waiting for others to first do something for more to join in. Vahid Toosi of EOS SW/Eden, believes that when the tokens pass the 40 million mark, more users will feel comfortable and the tokens will come flooding in.

A third theory is that the EOS Whales (those with a high number of tokens) are waiting for other whales to vote so they have a clearer picture of the effects of their own voting.

All in all it is a waiting game. Once you stake your EOS tokens, they are locked till the needed 15% is achieved. When this number is reached, the chain is considered as valid and normal functions are activated.