Brendan Blumer, block.one
George Town, Cayman Islands - EOS, the first blockchain operating system designed to support commercial decentralized applications, has announced further details for its digital token distribution to open on Monday, June 26. EOS's token distribution follows a participation model that will take place over the course of one year intended to create the fairest token distribution project launched on Ethereum to date.
"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," said Brendan Blumer, CEO of block.one, the open source software and blockchain company developing EOS.
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 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 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.