What is likely to happen on the first day, week, and month of the EOS Production Launch?

Hi All ..

I hope this post is in the right place. Feel free to move it if not.

I sense a lot of people having questions regarding what might happen on the days and weeks soon after the Production EOS launch, and I have a few of my own.

First my understanding is that block.one will not launch the Mainnet, however, they will do the following:

  1. Take a snapshot of the ECR20 tokens / addresses of those who participated into the distribution.
  2. Create the genesis block based on the above.
  3. Leave it up to the community to launch the mainnet, and or other variations thereof.

If my above understanding of point 1, 2 and 3 is correct - then I have some questions mostly regarding point 3.

  1. If the community / free market decide to launch multiple Blockchains, would ERC20 token holder of which the snapshot was taken have an equal amount of tokens in each of the newly created EOS blockchains?
  2. How would block.one decide which one of the potential multiple blockchains to support if more than one existed?
  3. Part of the EOS whitepaper refers to inter-blockchain communication. Does this refer to different EOS blockchains communicating with one another as per the above example?

Thanks in advance.

Comments

  • KevKev
    edited January 2018

    Hey, I'll try to answer a few of your questions and welcome others to chime in.

    @themarketbank said:

    First my understanding is that block.one will not launch the Mainnet, however, they will do the following:

    1. Take a snapshot of the ECR20 tokens / addresses of those who participated into the distribution.
    2. Create the genesis block based on the above.
    3. Leave it up to the community to launch the mainnet, and or other variations thereof.

    You're correct on 1. and 3. - however, we (the community) must create the genesis block. We have a lot of deciding to do on how that will happen and who receives the honor - should it be the largest meetup (currently London)? Should we summon Satoshi from the blockchain graveyard?

    If my above understanding of point 1, 2 and 3 is correct - then I have some questions mostly regarding point 3.

    1. If the community / free market decide to launch multiple Blockchains, would ERC20 token holder of which the snapshot was taken have an equal amount of tokens in each of the newly created EOS blockchains?

    Possibly. If a chain launch attempt honors the ERC-20 snapshot and can wrangle 15% of the total token vote (scroll to # 21 on the FAQ) then yes, there could be multiple EOS blockchains in June.

    However, many of the people holding EOS tokens won't bother or know how to vote. Currently the Steem witness voting rate is 7.5% and Bitshares has been cited in the low teens. We also have to remember that block.one holds 10% of the tokens on any EOS chain honoring the ERC-20 snapshot, and block.one will not be voting, so only 90% of the tokens will be available to choose an EOS blockchain.

    Therefore, while there could theoretically be 90/15 = 6 separate EOS blockchains helping towards lambos, in reality we'll be lucky to gather 30-40% of the total vote and will need most of those people to go in the same direction if we are to launch even one EOS blockchain. This is the reason for EOS Go; to educate, inspire, and unite as many token holders as possible towards the historic launch of the web 3.0. Help spread the word, more on this to come!

    1. How would block.one decide which one of the potential multiple blockchains to support if more than one existed?

    I'll let Thomas Cox of block.one handle this, his quote from Telegram the other day (look specifically at # 2):

    1. Part of the EOS whitepaper refers to inter-blockchain communication. Does this refer to different EOS blockchains communicating with one another as per the above example?

    EOS blockchain interoperability is a huge component of scalability - Dan talked more about this the other day (linking to Steemit instead of the forum because formatting is better for links).

  • thanks for taking the time to respond Kev ..

    I'm not so much concerned about benefiting from being a token holder of multiple chains, as much as I am concerned about missing out on all chains.

    What if the primary chain is the one that was launched by someone / a group of people who have decided not to honour the ERC-20 snapshot? Or is this for all intense of purposes an impossible scenario?

  • KevKev
    edited January 2018

    @themarketbank said:

    What if the primary chain is the one that was launched by someone / a group of people who have decided not to honour the ERC-20 snapshot? Or is this for all intense of purposes an impossible scenario?

    I worry about the same thing and that's why I work so hard for EOS Go - there are already other projects intending to launch that don't honor the current EOS token holders and instead give them to Eth and Bitcoin holders - we can't have one of those chains becoming the dominant implementation. Go EOS!

  • @Kev said:

    @themarketbank said:

    What if the primary chain is the one that was launched by someone / a group of people who have decided not to honour the ERC-20 snapshot? Or is this for all intense of purposes an impossible scenario?

    I worry about the same thing and that's why I work so hard for EOS Go - there are already other projects intending to launch that don't honor the current EOS token holders and instead give them to Eth and Bitcoin holders - we can't have one of those chains becoming the dominant implementation. Go EOS!

    I guess at the end of the day the assumption is that the free market will do the right thing by recognizing the people who made it possible in the first place, however - as much as I am all for letting the market decide, I feel that a free market can be created by at least giving it some kind of head-start before handing the reigns over.

    For example - would block.one ever support a secondary chain where the original token holders are not retained?

    I am also wondering if adequate thought (I am sure this is the case) is given to how competitors may use this "let the market decide" approach to try and disrupt the actual launch? There is no doubt in my mind that EOS is a serious threat to ETH, and it would perhaps be negligent to underestimate the lengths those threatened may go through to attempt to cause confusion and attempt to derail a successful launch.

    I think it is great that you started a community for this reason, however, I feel more support may be needed from block.one in this regard as well - in some form or another, not sure how just yet.

  • @themarketbank said:
    I am also wondering if adequate thought (I am sure this is the case) is given to how competitors may use this "let the market decide" approach to try and disrupt the actual launch? There is no doubt in my mind that EOS is a serious threat to ETH, and it would perhaps be negligent to underestimate the lengths those threatened may go through to attempt to cause confusion and attempt to derail a successful launch.

    I think it is great that you started a community for this reason, however, I feel more support may be needed from block.one in this regard as well - in some form or another, not sure how just yet.

    We are proud to have some level of presence from block.one on these forums - @thomasbcox helped write our newly released forums charter and you'll see a few others around such as @SunTzu and @philmesnier posting here and there.

    It should be noted however that block.one is completely hands off for the launch, as they have to be. While we hope they'll give us tips on how to avoid attacks from malicious competitors we are doing what we can now to prevent as many problems as possible, so that we may successfully launch this next-generation blockchain.

  • @themarketbank said:

    @Kev said:

    @themarketbank said:

    What if the primary chain is the one that was launched by someone / a group of people who have decided not to honour the ERC-20 snapshot? Or is this for all intense of purposes an impossible scenario?

    I worry about the same thing and that's why I work so hard for EOS Go - there are already other projects intending to launch that don't honor the current EOS token holders and instead give them to Eth and Bitcoin holders - we can't have one of those chains becoming the dominant implementation. Go EOS!

    I guess at the end of the day the assumption is that the free market will do the right thing by recognizing the people who made it possible in the first place, however - as much as I am all for letting the market decide, I feel that a free market can be created by at least giving it some kind of head-start before handing the reigns over.

    For example - would block.one ever support a secondary chain where the original token holders are not retained?

    I am also wondering if adequate thought (I am sure this is the case) is given to how competitors may use this "let the market decide" approach to try and disrupt the actual launch? There is no doubt in my mind that EOS is a serious threat to ETH, and it would perhaps be negligent to underestimate the lengths those threatened may go through to attempt to cause confusion and attempt to derail a successful launch.

    I think it is great that you started a community for this reason, however, I feel more support may be needed from block.one in this regard as well - in some form or another, not sure how just yet.

    I agree. I know the terms of the token distribution but it's my hope that block one helps to ensure that the token holders actually get to use the tokens that they bought on the "main" EOS blockchain. Does anyone know how Bitshares and Steem were launched? Were they launched by the community without help from the developers?

  • Complete chaos, that's what will happen, and most people will be completely confused as to what is going on. That's why we need to unite the original EOS token holders who participated in the token distribution. This will ensure that the majority of us are using the same blockchain that adopted the eos.io software. Which will then be the one that block.one recognizes as the original. The worst possible case for us token holders is a blockchain launches the eos.io software that doesn't honor the snapshot of token holders, but still has more than 15% weight of those total tokens. This would require complete ignorance from the majority of token holders right now, which is very unlikely, but it's better to educate and unite the community before the launch. This should minimize the chaos created after June.

  • My worry is that a majority of token holders may well be momentum chasing price speculators who don't care about the project and are just trying to make a quick buck. Those people won't care about voting or making sure they're on the right blockchain.

  • Is this perhaps where block producers come into play? Something that may help (but I still feel this does not negate all risk is)

    1. Block producers to be decided upon by a combination of block.one and the community prior to launch.
    2. BP's commit to supporting the chain with community token snapshot.
    3. Block.One will only support a chain (free market) that includes community snapshot.

    I would be surprised if you can get anywhere near the majority of token holders to participate in this forum, but I could be wrong and so I echo your concerns.

  • @themarketbank said:
    I would be surprised if you can get anywhere near the majority of token holders to participate in this forum, but I could be wrong and so I echo your concerns.

    The users on these forums will be the people most interested in EOS launch - block producer candidates, governance makers, token whales, some block.one folks, etc. You're right, many people will never get into it (which is too bad), but if we want to be successful we'll have to reach as many as possible to increase our chances of receiving the 15% vote. This includes education initiatives, interviews with block.one (more to come), and general inspiration for token holders to understand how important the EOS genesis block will be in human history.

    After that we'll see what block.one does, but if we present them with a successfully launched chain honoring the ERC-20 snapshot I like our chances.

  • I am also wondering if adequate thought (I am sure this is the case) is given to how competitors may use this "let the market decide" approach to try and disrupt the actual launch? There is no doubt in my mind that EOS is a serious threat to ETH, and it would perhaps be negligent to underestimate the lengths those threatened may go through to attempt to cause confusion and attempt to derail a successful launch.

    Let 'em. If 9 chains launch, then maybe we get 9 chains. OK. So what? If I have tokens on the genesis block of each, then yay for me. If they cut out my tokens by editing the genesis block to favor themselves over me, then to heck with 'em. They just lost me, and lost some goodwill with the community by being jerks.

    One imagines that the success of each chain will be a function of:

    • Lots of users with tokens
    • Lots of good interesting DApps
    • Solid healthy block producers and backups
    • Support by developers

    How do you get these? Probably NOT by screwing up your launch or by editing people out of the genesis block.

    It should be noted however that block.one is completely hands off for the launch, as they have to be. While we hope they'll give us tips on how to avoid attacks from malicious competitors we are doing what we can now to prevent as many problems as possible, so that we may successfully launch this next-generation blockchain.

    In some sense the launch is a one-of-a-kind event. In other senses, it's a thing that can be rehearsed, planned for, and even practiced.

    I know some EOS.IO fans in New York are launching their own testnet, as I write this. We at block.one are launching and tearing down nets. You can launch your own at home.

    How might wicked people try to harm the initial EOS.IO launch? The same way wicked people might try to harm ANY blockchain -- by doing the very things that all blockchains are built to guard against: dishonest voting, DDOS, FUD, spoofing, malicious block production, etc.

    The great strength of blockchains is that they are built expecting dishonesty; they are built to align incentives; they are (like free markets) engines for harnessing selfish motives toward group goals. And, like free markets, they generally do best when cradled in a web of fair laws, fairly enforced.

    Cue the Governance discussion. :smile:

  • With EOS it is going to be relatively easy for people to launch a blockchain - a state of the art highly scalable, smart contract one at that with no transaction fees for users. As such there is going to be a fair amount of chaos as groups compete for attention. There are a lot of scenarios including - 1 main chain and a load of alts, geographic splits (e.g Chinese eos), large dapp splits (a dapp now can have it own blockchain), political splits (different constitutions/governance), changed genesis chains and so on. Unless groups consolidate beforehand and there becomes some degree of clarity on what these groups will do, it will be a highly chaotic.

    One thing that I have not seen much talk of, and which probably is key, is how are the native tokens going to be traded on exchanges? token holders are going to want liquidity of their various EOS chain holdings and then there is a real market basis for showing what chain is going to have what value? initially it will be a mystery, or manipulated, and the chain(s) that get recognised by the exchanges earliest may end up dominant.

  • edited January 2018

    My greatest confidence on launching of a chain respecting the genesis block is the alignment of interest between B1 and its contributors as well as B1's support to the new chain (up to a billion usd according to B1 guys) and the eos community support

    Voting for starting a block chain is completely unknown to me tho. Voting for launching a chain is a one time event and needs to be handled separately from the votings within a chain. will there be a page listing and enabling genesis owners to vote for different blockchain launches based on eos? how will the interface for voting that one off decision work?

  • @Kev said:
    We are proud to have some level of presence from block.one on these forums - @thomasbcox helped write our newly released forums charter and you'll see a few others around such as @SunTzu and @philmesnier posting here and there.

    Full disclosure: I am not a Block.One employee. I am an employee of Object Computing, Inc (OCI) and part of a team currently under contract to Block.One. That doesn't change the rules for me, but I do want to point out that distinction.

    Cheers!

  • @philmesnier said:

    @Kev said:
    We are proud to have some level of presence from block.one on these forums - @thomasbcox helped write our newly released forums charter and you'll see a few others around such as @SunTzu and @philmesnier posting here and there.

    Full disclosure: I am not a Block.One employee. I am an employee of Object Computing, Inc (OCI) and part of a team currently under contract to Block.One. That doesn't change the rules for me, but I do want to point out that distinction.

    Cheers!

    Thanks Phil, we're all wrapping our heads around the moving parts comprising block.one and EOS.IO - we appreciate you being here!

  • thanks guys.

    So as both @philmesnier and @thomasbcox and co will in effect become part of the free market after launch, and have a choice in deciding which chain they would like to support - is it safe to say guys that you would always support the chain respected the genesis block?

  • @themarketbank said:
    So as both @philmesnier and @thomasbcox and co will in effect become part of the free market after launch, and have a choice in deciding which chain they would like to support - is it safe to say guys that you would always support the chain respected the genesis block?

    From a software development perspective, my belief is, we folks who are in the core team (@philmesnier can speak for himself here) will support the software, and many chains can run that software.

    If five chains all started using the same genesis block and built five different communities on them... super!

  • @thomasbcox said:

    @themarketbank said:
    So as both @philmesnier and @thomasbcox and co will in effect become part of the free market after launch, and have a choice in deciding which chain they would like to support - is it safe to say guys that you would always support the chain respected the genesis block?

    From a software development perspective, my belief is, we folks who are in the core team (@philmesnier can speak for himself here) will support the software, and many chains can run that software.

    If five chains all started using the same genesis block and built five different communities on them... super!

    OK thanks @thomasbcox - I think you have answered my question as I am specifically interested to in this part above : "the same genesis block"

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