EOS, a blockchain operating system to support commercial decentralized applications, today announced further details for the launch of its digital token distribution on Ethereum. EOS token distribution is set to open on Monday June 26th and follows a unique participation model that will take place over the course of a year.
Brendan Blumer, CEO of block.one, the open source software and blockchain company that develops EOS, said: “To ensure inclusiveness, EOS are not sold at a fixed price, but at a price that is different from the Market demand is determined. This mimics the mining industry, but does not offer any unfair advantage to large buyers. “
From June 26, 2017 at 13:00 UTC, block.one will distribute one billion EOS ERC-20-compatible tokens, so-called “EOS tokens”, over 341 days according to the following schedule:
- 20% of the EOS tokens (200,000,000) will be distributed in the first 5 days after the book opens.
- From July 1, 2017, 70% of the EOS tokens (700,000,000) will then be divided equally into 350 consecutive 23-hour periods of 2,000,000 EOS tokens each.
- 10% of the EOS tokens (100,000,000) are reserved for block.one and cannot be traded or transferred on the Ethereum network.
EOS is designed to scale mainstream development for large companies that are not currently supported by existing blockchain platforms. It introduces asynchronous communication and parallel processing to support millions of transactions per second, which are faster than Facebook and Google at 52 and 40,000 per second, respectively.
EOS is designed to support distributed applications that have the same look and feel as their centralized counterparts, including the need for the user to pay for every transaction. This allows new blockchain users to get involved without having to control the complex process of buying a cryptocurrency and should help boost the industry. It also means that any type of application can be created, executed and controlled by the EOS operating system, creating a new level of transparency for businesses.
The broad EOS team is led by blockchain veterans including:
- Brendan Blumer, CEO: In the blockchain industry since 2014, Brendan is a serial entrepreneur who has built businesses including trading virtual currency in MMORPGs in the US, okay.com in Hong Kong and 1Group in India.
- Daniel Larimer, CTO: A serial entrepreneur focused on innovative technologies ranging from virtual reality simulators to second generation cryptocurrencies, particularly BitShares. Dan is a specialist in software development and the inventor of the widespread concepts “Proof of Stake” and “Decentralized Autonomous Corporations”.
- Brock Pierce, partner: A venture capitalist and entrepreneur who pioneered the digital currency gaming market and raised more than $ 200 million for businesses he founded. Brock is chairman of the Bitcoin Foundation and, among other things, co-founder of Blockchain Capital.
- Ian Grigg, partner: Ian is a financial cryptographer who has been creating cryptographic ledger platforms for over 20 years. He is the inventor of the Ricardian contract and the co-inventor of triple entry accounting.