The EOS mainnet went live on June 14, a fortnight after its planned launch date due to vulnerabilities found on the network. It launched on June 9 after block producer candidates voted that the network was secure.
The first transactions have been made on the EOS network after the network reached 150 million EOS votes which is required for it to operate. Currently, over 20% of the EOS tokens have voted out of the total 1 billion EOS supply. Currently, none of the 21 block producers who secure the network has more than 4% of the total votes available.
The EOS blockchain was delayed after Qihoo 360 found a series of vulnerabilities that could lead to manipulation of the whole EOS system. This specific issue was solved on Github but the issues raised led to a bounty program by Block.one offering hackers up to $10,000 for discovering further vulnerabilities. Dutch ethical hacker Guido Vranken has raised $120,000 by finding 12 serious bugs. According to the rewards portal, vulnerabilities are still being found and the last reward was given yesterday.
Litecoin founder Charlie Lee criticized the bug bounty program for only offering $10,000 per bug when the ICO raised $4 billion. He also referenced Twitter user Panek who questioned the role of the EOS constitution in its platform. Panek pointed out that every EOS transaction must include a hash of the constitution and that users must abide by it or their transactions may be invalidated.
The EOS system relies on a different kind of consensus mechanism from Bitcoin. Instead of proof-of-work (PoW), it uses delegated proof-of-stake (DPoS) which rewards nodes for their honest processing of transactions. The top 21 nodes are called block processors, get paid transaction fees and receives rewards that account for 20% of the EOS inflation.
Using DPoS allows EOS to have faster block times of 500ms, or two blocks per second. This means that transactions do not have to wait 10 minutes to be confirmed, as Bitcoin transactions do. It also opens up the doors to Dapps which need fast block times. EOS recently released a space invaders game that is played live on the network.
The EOS ICO was over a course of a year and ended on June 1. Instead of having a hard cap, it distributed 900 million tokens with no limits on the amount of money put into it. Each day, a certain number of tokens were sold and these were distributed proportionally to investors depending on how much money was contributed that day. i.e. if two investors put in half of the total amount each, they would each receive 50% of the tokens available that day.