EOS ICO announced. What's gonna happen and some updates from Dan.

in crypto •  last year

Dan's new project is getting closer and closer to launch. That's exciting news and everyone who watched this project with interest was wondering if there will be an ICO or not. Generally the rumor was that there will be NO ICO but also did not have much proper info as Dan kept the mystery in his talks about EOS.
What it was clear for everyone involved, was that this is not a small low-key project. As @robrigo said, EOS must have a marketing team because they had a lot of cool merch. and seemed to care about bringing awareness about the project to as many people as possible.

EOS.jpg

Given everything we knew, when the ICO WAS ANNOUNCED, everyone was a bit surprised.
Then we read the terms and....PAUSE!!. Are we really talking about a ONE YEAR ICO?!??!
But it's unheard of! not to mention one with a bidding system and a daily pool of coins to be invested. It;s honestly a lot to wrap your mind of and I'm sure that one of the first conclusion you might reach is that this will be bad for the little investors and that whales will get all the EOS coins. Still, that probably not true

Still, let's see what Dan actually says. The purpose of this post is to bring, as always, a little light on what's going on here. All my info is from the telegram channel, which is very very popular and it will really push your scrolling muscles to the limit ( especially if you run into the troll known as Jonah! ). Dan himself came yesterday on the group and answered a few questions!

After BATS ICO sold out in seconds a lot wondered and pondered on the future of ICOs. @wingz wrote a great article about that...there's another good one here. The idea is that we started this ICO thing with an ideology that is being shaken to its core now by "whales". The big, smart idea is that the little guy will have a stake in whatever he wants, just by sending some money and get "cheap" coins at ICO. YOU could be an investor in the future too, with just a little bit btc. How awesome is that?

But we see now that hard caps are getting filled FAST and whales "cheat" the system by upping their gas prices so they have priority on transactions...and then just sell their cheap coins for insta huge profit and have EVEN MORE money for the next ICOs. That's not idea to say the least.
While some argue that this is not that bad, I think it's quite bad that the project - while getting funded, sure - will have less "real" supporters.
For example, I was a big fan of the Brave software but now I'm lukewarm on it after the Ico. Like me, there are many.

So I see Dan's Ico terms like a method to try to prevent this kind of behavior and maybe even create an industry standard of "fairer ICOs". It's clear that Dan is thinking about this himself and it's not mere chance that the ICO is structured as such.

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The big idea is that whales have no incentive to buy expensive coins when there's also an external exchange that sells cheap coins.The external exchange- where people trade their EOS coins they got in the first 5 days when there will be a mass distribution - will be a feedback indicator on the "real" price of the Eos coin for the day and people will have perfect information to make the best decisions. Some argued that whales might sneakily send big amount in the last few minutes of the day and thus fk the "little guy" buy making his coins expensive [ in fact, by lowering the amount of coins one receives/eth].
Dan answered this here:

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That was a big answer imho and very important to keep in mind that this won't really be a lottery. But sure, there are things to consider and there won't be just ONE mega strategy. Your faith in the project will ultimately decide when and if you'll contribute to the ICO.

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But while at first I was pretty dumbfounded with the idea of an one year ico, now I see that's it can be a pretty cool concept. Because in truth, the more people know about a project, and the more people care about it, the better will do. Sure, we all know about BATS now because they sold out so fast but most people might perceive it as a bit scammy. For EOS though, the dissemination of information will be natural and will lead, I think, to a much more organic community!
Here's Brandon echoing the steemit post:

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Hey Everyone,
The proposed EOS distribution smart contract mimics PoW mining which divides tokens amongst contributed resources over a long period of time, while eliminating the unfair advantages obtained through economies of scale when buying hardware and electricity in bulk.
Like these successful PoW distribution models, EOS tokens are split amongst incoming resources, which creates dynamic free market pricing that allows for instant liquidity.
Capping token value leads to even worse diversity in distribution, destroys free market pricing, and due to the existing technological constraints of Ethereum, it allows tokens to be monopolized by those willing to pay the highest gas fees.
Time is critical to healthy distribution; distribution is only as broad as its awareness, and time allows more people to become aware, assess the project merits, and get involved before early stage opportunities are closed. No token that has been completely distributed for value in a small window of time has achieved a distribution diversity that we feel is acceptable to the EOS project.
Feel free to check out our rationale for the proposed code structure here:
https://steemit.com/eos/@eosio/draft-eos-token-sale-smart-contract
More information on Block.one’s exposure to tokens and corporate initiatives will be available well in advance of the token sale. Rest assured our team understands the importance of long term alignments of interests when building a community, and are excited to be able to share more information.

That's a pretty good way to end this post. I hope this answers a lot of your questions and stick around, I will have a post about EOS regarding its usefulness in the current blockchain development stage we are.

Thank you for reading!

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Very good post i'm very excited for this thank you very much!

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Up Vote for a good time 😉

We are all exciting.

thanks for sharing, following u

This post received a 36% upvote from @randowhale thanks to @razvanelulmarin! For more information, click here!

It's givining a chance to us small investors to finally get our hands on some cryptos early stage. ICOs have become a playground for whales and it's not fair to the crypto community to be "centralized" in the hands of few whales who go from ico to ico and pump/dump it from the start. EOS is offering a new, fresh view on this matter but how successful will it be it remains to be seen. Thanks for this article.

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we'll see how it works out but yes, there are reasons to be optimist about this ico!

Good post,thanks a lot, cant find it on http://coinmarketcap.com.

Oh boy another ICO.

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infinite icos!!

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and then you think:

I should make mine.

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:D

I think EOs can definitely has a great potential in it.There’s not much technical information available currently. But EOS is not just about smart contracts + high scalability. It has a completely different design and vision compared to Ethereum.
EOS uses Delegated Proof-of-Stake just like Graphene does.
It uses Network Bandwidth Allocation system to effectively share the blockchain.

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i admit that the potential is staggering especially for developers. I want to see more information though before I'm 100% sold. But signs are good...

Excellent breakdown of the ICO. Between this and the listing of ETH on Bitstamp (https://www.bitstamp.net/article/bitstamp-announces-phase-ii-its-development/), we should see a really nice increase in value. I also agree that although competitors, this can work for EOS as they are using a trusted chain to support their ICO. I really hope that this one year term works as expected, as it might be a good case study for future ICO's.

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I'm curious as well! hope it all works out to the benefit of us all...

"Democracy is the worst form of government except all the other ones".

EOS ICO model is the least worst way to distribute the tokens without a few whales scooping everything up.

I'm not happy the contributing token is ETH rather than STEEM and BTS - but I will enjoy watching ETH pump and dump... and not recover. :)

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I wonder if ETC would be a better option

EOS is going be huge one... thanks @razvanelulmarin for sharing the ICO details

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sure looks that way!!!

Well it is a new way to do things and I guess as it's not been done before we can only guess at all the possible outcomes.

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but isn't this exciting?! :D

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Yes for sure it is! Everythings exciting in crypto world ha!

But it's unheard of!

Not it's not. Agoras, one of the earliest ICO's has been going on for more than a year, on and off. This is how it should always be. The way ICO's are structured right now is to simply create massive monopolies and overpriced companies that can dump on anyone at any time. A year of capital acquisition allows a much healthier investment path.

Don't be surprised 90% + of all current ico-air companies to collapse because 2-3 whales pull off. It could create the biggest bag holder alt-coiners of all time.

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I was not famliar with Agoras!! interesting. What do you think about eos?

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huge gamble. I would split my capital in 12 fractions. first 3 months allocate 20% next six 50% and last 3 30%. Only way not to get screwed.

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come on, braaah! a good gamble is nothing to be afraid of ;)

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i'll take part but I think it will be way too overvalued at the beginning. it will pump tremendously . i always take part in icos. even with .5 eth.

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:) hopefully you got into quantum. that was a good one it seems...
well, imho eos has a lot of long term potential so any "overvaluation" will even out in the long run. but there are probably better entry points down the line..
Dan will post a game theory and eos post soon.

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nop. didn't make it.
got into cosmos. same thing. i think cosmos is better.

game theory (i think) is bullshit :)

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Actually Google did something similar... when .com companies were like ICOs.

Good alternative...the recent Bancor ICO really showed me how lucrative ICOs have become. Yes, kickstarting a project is good but extending it from 1 hour to 3 hours gave me suspicions and doubts. I'm glad that not all ICOs are heading the same direction. Do the research people and you'll know if the risk is worth it or not.

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That was something else...I wish I'd be more sure that it will go well.

Dan gets clearer. Still I think what is publicly known is sub par. It might be my background from the stock market where information must be timely and distributed evenly that puts me off.

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skepticism is healthy. but you are right, more is needed and i think it will be available for sure before the madness starts!!

interesting ICO coming ,let's have a look closer )

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alwasy a good idea!!! research research research!!

Where to get more information about EOS ICO?

I just translated this post to korean for korean community :) check this out! https://steemit.com/kr/@philipkoon/eos-ico

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:) that's cool

hmm i think i've lots to catch on..
Screen Shot 2017-06-11 at 19.48.22.png

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Do not go there. I repeat:

Do not. :P

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Why? hahaha
I'm having problems with enttering EOS. It seems full.

nice! EOS is something that i am looking at too

Thank you for the update.

Not part of the Telegram channel and seeing this conversation definitely helps!

Balanced article and I am going to buy EOS!

That's a given. :)

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I try not to hype but just to provide info! Your decisions are yours only. It might be a good one though:D

It would be nice to be able to set a limit price with each bid, and it does seem possible to add a sort() function in solidity, as I described in a comment on @biophil's post (linked below).

Anyone with more experience in serpent/solidity have some thoughts on this?

Link: The first 5 days of the EOS token sale will be unfair. Here's how to fix it.

Very beautiful picture of a nice creation. I have never encountered one of those in the wild. It's nice to walk around in the wild and encounter some beautiful post to put in a post later. Thanks for giving me the inspiration to do so as well!

useful post, thx!

I am so excited to see Dan and the EOS team even thinking this way. It's a awesome to see such a high profile blockchain developer with such a high profile project, actually thinking about the people who really build these communities. They don't have to.

They know they could cash in to the tune of millions in minutes. However I think they genuinely understand that blockchain will just become another version of the current internet if power and resources get concentrated by the few, just like we see now with Amazon, Facebook, Google, etc.

Decentralized tech is not going to remain decentralized if the few control the vast amount of resources. Look at what is happening to bitcoin due to mining power concentration in the hands of one person?

Blockchain can be so much more than a cool technological leap. It has the power to build a better world. A more enlightened and just society for everyone on the planet. This is unprecedented in history.

I am glad to see such a visible company like EOS who understands this and is trying to preserve blockchain for all of us in their own way by supporting as distributed an ICO as they can imagine at this point in time. I will buy EOS for sure now.

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Lovely comment. Agree on the transparency part. Can't wait to buy these gems. :)

A hope that EOS gives an another chance for all of the late adopters who missed out on Bitcoin a chance to make some sick returns.

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If you are only after "sick returns" i think there will be more opportunities down the line...eos might be something else [ but sick returns included :D ]

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I'll most definitely keep an eye on this

Thanks for sharing this great insight @razvanelulmarin
I am following you now!

Thanks for the post ^^

Very useful information. Thank you.

That's a pretty good view on the situation, thanks for the post.

I'm still in two minds on how to go about this. I think in the end I will follow both ways, get in at the start and then get in again in a few months time. I only have small amounts that I can afford to put in so I'm not expecting to get rich on this anyway but we'll see what happens.

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dan promised to post about the game theory options one has in this ico! so stay tuned and maybe it will help you make the best decision

Thanks for this knowledgeable post mate. Learned alot.

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I do what I can. Glad you got something out of it.

That's a good point.
Market response is expected.

When an ico is uncapped, there will be very little upside. If u look at Qtum, i made 40x my investment because they raise very little money comparatively. EOS, Tezos and Mobilego doing this uncapped ico will result less roi. From an investor prospective, u want it to backfire so that u get good deal.

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cant really say i agree...

Thanks! Great post!

Congratulations @razvanelulmarin!
Your post was mentioned in my hit parade in the following category:

  • Pending payout - Ranked 2 with $ 1613,45

It is a very interesting approach and I like seeing the fact that someone is thinking about a fairer approach. However, it still seems rather complicated to me. I wrote about a much fairer way to run an ICO - however it will have no appeal to speculators. See what you think...

https://steemit.com/blockchain/@amexperts/real-value-tokens-creating-tokens-with-real-value-locked-in

This will be an interesting experiment in ICO strucuture. No matter the outcome, we will get some very useful data for the future. Thanks!

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useful

Got my ETH all synced up and ready. SO HYPED! Thanks for the updates!!

Hmm Is that an open chat group that I can get into? :)

Although I understand the team's choices, I feel like there's a large concern with the current ICO model as described in my latest post: https://steemit.com/beyondbitcoin/@deanpress/the-eos-ico-one-major-concern

So they are trying to remove the factor of mining , but want more like 'sponsors'? And is there an approximate date on the start of the 'release?

Great article by the way, even for a beginner, most if it was really comprehensive.

Thank you Sir :) FEPE is Excited :)

Great post! Thank you, I learned a lot. @altcoinusa is now following you. Keep em' coming.

Dan has been so mysterious about this one all along right lol?? It's cool to learn more about this project, when I first read that I was like hmmmm a year-long ICO? Ok that's different lol. I like that it allows time for the market to actually have time to decide how involved they care to be.
Also I've been looking into mining crypto more seriously these days. BUT what has always held me back was the cost of the electricity - in terms of $ cost and harm to the environment. Before I jump into traditional POW mining and build a big rig ( which I would so do because I'm nerdy like that lol ) I'm thoroughly researching all options to be profitable and yet do no harm.
I like what I see so far with EOS! Thanks for the timely post :)

Thanks for the post :)

The bidding system is genius and shows confidence in the product.

This for sure will change the game plan ,we need people like this who can think fast ,thanks for the post ,it is rich and good.

Great piece of information man!!! followed you for more !!!

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thanks! it's coming

I like what I've read about EOS. Definite potential.

should be an interesting ICO

I've been following the progress on telegram,

The only good thing I can see come out of this is that an average Joe can invest in the earliest stages of blockchain, cryptocurrency. This will be huge and I would recommend this option for any newbie and all starters.

Will my measly 1 ETH cut the mustard though!

Great Post!

Beautifully summarized. Thanks!

@razvanelulmarin Awesome i like your post keep it up and in the future write more article like this post

@razvanelulmarin, EOS seems very interesting and I kind of like the model.

What do I get as an investor, what can I do with the EOS Tokens distributet? Will they later count as real EOS Tokens once the network goes live?

I have already know that EOS is well designed and has a better interface than bitcoin