EOS, a blockchain operating system designed to support commercial decentralized applications, today announced further details for its digital token distribution to be launched on Ethereum. Set to open on Monday, June 26, EOS’s token distribution follows a unique participation model that will take place over the course of one year.
Brendan Blumer, CEO of block.one, the open source software and blockchain company developing EOS said, “to ensure inclusivity, EOS are not sold for a fixed price, but sold at a price determined by market demand; this mimics mining but does not offer unfair advantages to large purchasers.”
block.one will distribute one billion EOS ERC-20 compatible tokens, called “EOS tokens” over 341 days starting on June 26, 2017, at 13:00 UTC following the below schedule:
- 20% of EOS Tokens (200,000,000) will be distributed during the first 5 days of book opening.
- 70% of EOS Tokens (700,000,000) will then be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each starting July 1, 2017.
- 10% of EOS Tokens (100,000,000) will be reserved for block.one and cannot be traded or transferred on the Ethereum network.
EOS is being designed to scale mainstream development for large enterprises, currently unsupported by existing blockchain platforms. EOS introduces asynchronous communication and parallel processing to support millions of transactions per second, higher than that of Facebook and Google at 52 and 40 thousand per second, respectively.
EOS is being designed to support distributed applications that have the same look and feel of their centralized counterparts, including eliminating the requirement for the user to pay for every transaction. This enables new blockchain users to get involved without having to navigate the complex process of purchasing a cryptocurrency and should help to spur the industry. It also means any type of application can be built, run, and governed by EOS’s operating system, creating a new level of transparency for business.
The broad EOS team is being led by blockchain veterans:
- Brendan Blumer, CEO: Involved in the blockchain industry since 2014, Brendan is a serial entrepreneur who has built businesses including trading of virtual currencies in MMORPGs in the US, okay.com in Hong Kong and 1Group in India.
- Daniel Larimer, CTO: A serial entrepreneur focusing on innovative technologies ranging from virtual reality simulators to second-generation cryptocurrencies, most notably BitShares. Dan is a specialist in software development and the inventor of the widely adopted “Proof of Stake” and “Decentralized Autonomous Corporations” concepts.
- Brock Pierce, Partner: A venture capitalist and entrepreneur who pioneered the market for digital currency in games and has raised more than $200 million for companies he founded. Brock is the Chairman of the Bitcoin Foundation, and co-founder of Blockchain Capital, among others.
- Ian Grigg, Partner: A financial cryptographer who has been building cryptographic ledger platforms for over 20 years, Ian is the inventor of the Ricardian Contract and the co-inventor of Triple-Entry Accounting.