EOS mainnet will launch on June 2nd

Block.one, the company behind the EOS project, has confirmed that the EOS mainnet, called EOSIO, will launch this Saturday, immediately after the close of the 11-month token sale.

Yesterday it was reported that Qihoo 360, a Chinese security firm, had discovered a vulnerability in its code, leading to a drop in the token price and speculation that the mainnet launch would be delayed.

Earlier this week, Daniel Larimer EOS CTO, offered a $10,000 reward to anyone who found a bug in the code. It took the Chinese firm less than 24 hours to find this vulnerability. However, the EOS development team announced today on Reddit and Twitter that the issues have been resolved and the launch of the main network will proceed without delay.

Over $4 Billion Raised

The longest and largest ICO to date will end at midnight on Friday, when the three hundred and fiftieth and final stage of the token sale ends. Sales, which began on June 26 last year, brought EOS more than $4 billion. It is currently the fourth largest cryptocurrency, with a market capitalization of over $11 billion.

Block.one will allocate $1 billion of these funds to invest in startups that will be developed on the EOS network. It is not yet known how the remaining funds will be used.

ERC20 compatible tokens will be converted into new tokens immediately after the network launch on Saturday. EOS token holders will have to register their tokens with exchanges to ensure they receive the new currency. As of May 24, only 48% of tokens were registered.

According to icoexaminer