Open source software and blockchain company block.one has released details of its digital token distribution which opened June 26. The distribution is for EOS, block.one’s blockchain operating system designed to support commercial decentralized payments.
The EOS token distribution unfolds over one year, making it the fairest token distribution project launched on Ethereum so far, block.one said.
“To ensure inclusivity, EOS are not sold for a fixed price, but sold at a price determined by market demand,” block.one CEO Brendan Blumer said. “This mimics mining, but does not offer unfair advantages to large purchasers.”
Beginning June 26, block.one began releasing one billion EOS ERC-20 compatible tokens over 341 days. The “EOS Tokens” will be released according to the following schedule:
- 20 percent of EOS Tokens (200,000,000) will be distributed during the first 5 days of book opening.
- 70 percent 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 percent of EOS Tokens (100,000,000) will be reserved for block.one and cannot be traded or transferred on the Ethereum network.
EOS is designed to scale mainstream development for large enterprises which are not supported by existing blockchain platforms. It introduces asynchronous communication and parallel processing to support millions of transactions per second, and supports distributed applications which have the same look and feel of centralized ones, including the absence of transaction fees.
“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,” block.one said in a release. “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.”
EOS leadership team
- 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 crypto currencies, 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.
Full details of the token distribution are disclosed in the terms and conditions, at eos.io.