Draft EOS Token Sale Smart Contract

in eos •  last year

Dear EOS.IO Community,

Today block.one is happy to share a first draft of our upcoming token distribution smart contract.

(“EOS”) Tokens will be distributed as an ERC-20 compatible token on the Ethereum blockchain. The repository containing the EOS Token Sale smart contract can be found at https://github.com/eosio/eos-token-sale.

We will be conducting a 2 week public trial run of the sale on the Ethereum test network. We welcome anyone interested in learning how the sale works to participate in the trial. A follow up email will be sent with instructions on how to participate in this trial when we deploy the trial contract to the test network.

Please note that no information regarding the final terms and timing of the sale is being released at this time; everything released today is subject to change and provided for information and feedback purposes only.


Update on Rationale

To supplement the recently released proposed code for the EOS token sale that will be used in a trial token sale, this document is designed to explain our primary goals behind the code structure.

ERC20-based tokens on the Ethereum platform (“EOS”) will be sold over a period of approximately one year.

When designing the EOS distribution system, the primary goal was ensuring as fair and wide of a distribution as possible; we aim to achieve this by focusing on the following three objectives:

1. Equal Opportunity

In order to ensure that everyone can participate, EOS are not sold for a fixed price; they are sold at a price determined by market demand for their acquisition. This is achieved by distributing a fixed amount of EOS (supply) proportionally toward the daily ETH proceeds (demand).

2. Broad Awareness

Distribution can only be as wide as the number of people that are aware of the ability to get involved. By stretching the distribution process out over the course of approximately 1 year, the community has the time to gather information and assess project merits before early stage windows of opportunity are closed.

3. Fair and Auditable Incoming Value

An Ethereum smart contract proves the receipt of incoming value for the creation of each EOS token. This process:

  1. Mimics the economics and distribution access of traditional PoW mining contributions
  2. Preserves the value lost to hardware and electricity for PoW
  3. Makes it easy for everyone to participate
  4. Eliminates unfair advantages associated with economies of scale

block.one

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ICO of smart contract token on other smart contract token? Im confused ;)

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Reading your points its even more evident this is just an attempt to get as much money as possible. There is no actual emphasis on the tech or emphasis on the model EOS is attempting. Quite honestly - EOS with this token sale is basically telling the world, buy Eth. Its good. We failed already with bitshares ... pretty sure we will fail again with EOS ... so we want you to pay us in Eth .. because Eth good.

How exactly is this rational thinking? BTS is a great platform, so is steem. Please don't abandon your own creatures for profits.

Ironically ... if and I am sure it will ... the EOS ICO goes well - you will have proved absolutely nothing, and made Ethereum even bigger than it is today.

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This will help clear things up for you.

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You see only the first layer, ETH bleeds to death through this year

Is this a joke?

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Obviously, just like angelshares are.
We bought them to support future projects but are not included in future projects

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Maybe he is just a scammer.

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Why do you say that @fminerten1? Can you please explain to us that don't get your remark?

I thought for sure you would use Bitshares and concluded that was why the price surged recently. I dont have many but sold them already i wonder how many people thought the same.

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I did. Bought 100,000 BTS @ .11 cents. I just rolled them into ETH to front run the crowdsale. Really Smart or Really Stupid. Time will tell.

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but hey it went up 0.26. still good ;) did something similar of that as well with the buzz going on here on steemit about BTS

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exactly how i feel - Now whether i keep the profit or buy ETH

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Buy ETH coz EOS will be a ERC20 token which basically means it surrenders to Ethereum already.

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That's not final token though, that's just placeholder token. They are likely to sell eth just as fast as they get it as well.

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Only in the short term, its using ETH to raise money and awareness. Its its own Cowboy.

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Realllllllllly really smart. Good call mr @robert-call s

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This - I'm going to be really, really choked if Dan snubs STEEM and BTS and makes us all buy ETH to participate in the ICO. Really??? I'm going to have to sell STEEM/BTS/BTC and buy ETH to get EOS? Why in the hell would Dan want to boost the liquidity and market cap of ETH? Imagine the huge liquidity that would flow into and through BTS if the EOS ICO was through BTS. It would be a massive boon for BTS. What am I missing? Why the ETH love???

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I bought BTS in anticipation of it being hosted on the dex. It would have been a great opportunity to demonstrate how well graphene works along with the transactions per second

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well, it shouldn't be a great surprise - wonder if anyone read this post of Dan

Daniel Larimer - Co-Founder of BitShares & Steemit

and paid attention eg to these points in the Social Lessons part:

Centralized exchanges have been accepted and are no longer in danger of being shut down. In other words, the problem I set out to solve [with BitShares] became almost a non-issue.

This maturing perspective caused me to diverge from many of people who were originally attracted to BitShares.

So while Dan has no problems mentioning his role of the BitShares' & Steem creator (for his own good), he does not feel and have any obligations toward his creatures

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I don't blame him. A project or a company isn't the work of one man. If the community and rest of the founding team see the project differently than he does, then something has to give. From what I've heard about EOS, we're not going to need BitShares for anything -- like Dan said.

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so do I :) but we have to keep that in mind following Dan's projects

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Why the ETH love???

$31 Billion marketcap, plus when EOS fund-raise still active ETH > BITCOIN eventually... He will be wrong only if BTS & STEEM together will surpass ETH.

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It makes sense, it brings Ethereum money into the ecosystem. Right now Bitshares and steem are such a circle jerk. EOS as a competitor to ethereum will also attract those interested in ethereum.

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$0.35

Graphine token sale on Etherium seems weard.
But smart contract coin sale on Etherium is a great move.

Also period of one year was suprising, but I think it is fair.

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1 year in crypto is a eternity in real life. I would suggest for the sake of all of us (project plus investors) it will not surpass a 6 month max period (and still too long)

PS except he things 6 months is not enough to deliver EOS alpha/beta

My initial thoughts are this just might be crazy enough to force people to stop for a second and think rationally about their actions or else lose their shirt in a FOMO feeding frenzy. The lottery nature of the daily offering for a year means there really is opportunity for everyone and some are going to do well while others do poorly.

There will be a lot of people complaining about "fairness" if their given ICO day gets overloaded while maybe also missing the point that this structure gives everyone a chance (unlike those who lined up with their Parity wallet ready to go to get some BAT only to find out 30 seconds later it was over).

Also, EOS is going to raise a lot of money. Based on Dan's life purpose mission statement, I hope they do a lot of really good things with it.

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I think it might be a good idea to decide how much to invest in total, and then use some dollar cost averaging by breaking it up into many smaller chunks to be invested over the course of the entire ICO period.

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I was thinking the same thing. Maybe running some math to figure out what an average cost per coin might be over the whole year and then commit to purchasing around that amount each time.

What's fascinating to me about this is how it will be happening at the same time the market is dynamically determining a value signal. On some days the open market might be a better "gamble" than other days putting money directly into the ICO. I'm really curious to see how this all goes down. I have a hunch some people are going to be really butthurt if they go in big on a day where their actual cost per token is higher than others. Might create some really interesting buying/selling signals on the market also as different people will have different anchoring points as far as their personal value assignment.

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There's so much at play here not just the price of EOS tokens but the price of ETH and BTC over that time period!

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Yes, but I like how it's spread out. Meaning, if the price of ETH or BTC spike or crash on any given day, someone can wait until a different day later in the year to make their purchase at a different valuation. At the same time, everyone else will have that same information so they might also wait which creates an opportunity to get in when few others are involved that day. It's going to be really, really interesting to analyze how everyone reacts to this.

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I was going to say the exact same thing!

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Yes, the recurring buy strategy works best as to not time the market high or low.

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Thats a nifty voice of reason Sir Luke - I think that a one year long crowdsale is indicative of massive confidence in the project. Why would anyone keep buying after 6 monthes if the technology isnt there or isn't indispensable? That means Larimer really believes that EOS is unstoppable. Otherwise it would be a 5 day crowdsale where at the end the Developers know that they are going to get paid for the next year in development.

I made a simple tutorial to illustrate how to buy EOS: https://steemit.com/eos/@lasseehlers/tutorial-on-how-to-buy-eoa-buying-eos-tokens-with-poloniex-com-and-myetherwallet-com

Any info on the final release?

EOS is already on the moon. Very interesting and exciting project. Where do we subscribe for this trial? I can't wait to get my hands on some EOS and become a part of this next-gen blockchain! @eosio

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EOS is already on the moon

Do you mean that in the price terms you are expecting it to start falling? :>

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Haha, no. In tech term. It is going to skyrocket from the Moon to Mars. :)

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I suspect that being in one of Lagrange points is much better place to go rocketing anywhere (and skyrocketing from the moon, where ther is no sky, is a bit metaphorically selfdefeating).

Also, if we continue with space travel metaphors, I would expect something outside the Solar System as the target. Alpha Centauri?

But anyway, I am not talking about the price. I am talking about value, those are different beasts.

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Lol, too many solar metaphors indeed. Let's just say that EOS technology is going to be valuable and worth of everyone into cryptos attention. We are really used to metaphors here, and when I say moon-Mars, I actually consider it's distance to us - tiny human beings and modern effort to cross that distance is priceless. :)

Have any other token sales had 8 billion tokens?

EOS to the moon!

I nailed it at some points of my speculation ^^ I thought so too:
Here's the link of my speculation on EOS distribution token plan:
https://steemit.com/eos/@happy-doge/speculation-on-the-eos-token-distribution

Awesome. I expect massive upvotes to the first person to make a straightforward how-to for this.
I hold some Eth in an exchange but never did anything with them.

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The Github page already includes a basic HOWTO: https://github.com/eosio/eos-token-sale

So let the upvotes to this comment flow in :)

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Actually. It's still mostly over my heard. FML

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You aren't alone.

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Cheers holmes

So can anyone participate? I would like to but don't know much about it.

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that's why you on this platform. learning from vids and articles done by doers ;)

Hm, when this ICO will be an auction format it will be quite expensive, judging from all this buzz going on. Then the EOS team will collect $ 1 billion for their 1 billion tokens.

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Amazing! Thanks for everything guys, this will be massive!

cant wait, Ill be all over this when they are ready to do their first IPO.

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isn't it considered an ICO?

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PCO - Perpetual Coin Offering.

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that's a new term to me...wow. PCO.

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I just made it up. :)

I will go and buy ETH now...

Very curious to see how this goes and maybe have a small take on this

Confused on pricing...

Will all tokens over the course of the year be sold at the same price - or how will it work, if tokens can also be sold on the exchanges while the initial billion are being distributed through the contract?

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i understood the tokens would be split proportonally so price gets determined kinda like in an auction.

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Daily for 5+360 days.

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each day has its own price based on ratio of contributions to tokens distributed.

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so essentially:

DAY 1 = (USD dollar value contributed per day)/(200,000,000)
DAYS 2-365 = (USD dollar value contributed per day)/(2,222,222.2222)

?

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yes... except DAY1 is "5 days long".

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Ah yes. Thanks for the reminder/clarification.

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Thank you for making this clearer. I had understood the basis but hadn't totally understood the bidding process in the way Rok has put it. It's very brilliant.

Found about this article from .@tuck-fheman's post. sometimes takes a funny meme to peak curiosity

Awesome guys! Thank you for everything you're doing!

So who has got a tutorial for how to get/mine eth on the test network ?

Nice! So I have 2 weeks to save up, lol
The Ethereum tokens will then later be exchanged into whatever EOS will look like?

As Dan Larimer, the founder and creator of steemit - a real bright minded guy with the vision to change social communities - stands behind the EOS project, I guess, it will be as successful or maybe more succesful than steemit is right now; and maybe it's even possible to connect EOS and steemit in the near future!? For me steemit is the game changer in social communication right away; I've never been to facebook, twitter or any other ad selling make-the-founder-rich-meme; steemit is more like a family where thoughts are "exchanged", stories are told and passion is shared. I'm already snoopy what EOS is all about! Greetings!

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In case you havent seen this he says Steemit will be run on EOS.

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Only information and research is building knowledge; I will watch it immediately! Thnx for sharing!

I look forward to this ICO!

So basically the team wanna maximise their profit. Just another money grabbing game. BTW EOS on Ethereum?? So give me a reason why NOT invest in Ether directly??

I think it's time to buy some Eth and wait for this.

Anybody have any idea what the price on the first day might be?

Wow great. I actually got the mail... and I all but miss it.

The contract address to send the ETH to isn't valid. Did the auction not start yet?

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I also do not understand, where to do this:

"Register Your Public Key

At any time a user can map their Etheruem address to a public key in one of the following formats:

EOS Public Keys - EOS4yfYEjUodfs.......DfavaddbvD
Steem Public Keys - STM4yfYEjUoey4.......UaSt2Sx9W4
BitShares Public Keys - BTS5WaszCsqVN9.......Wz47B3wUqa"

Make sure to buy some Ethereum now, before it will become much much expensive in 2 weeks.

One reason why Ethereum and BitShares up.
Nice for Ethereum!

This project will raise so much money the SEC will regulate the entire space.

Do you think the growth of etherium will threaten the future of 'steem's value?
So should we sell Steem and buy Etherium?

I like this ICO plan and attitude of the plan, it's very responsible for the crypto world, and might lead a healthy develop of the project.

Thanks for honoring angelshares....

@eosio I feel like distributing the sale period over an entire year is a huge sign of confidence in the token. If enormous confidence didn't support this token it would JUST be a 5 day-sale.

And in the future this EOS-eth-based-tokens will be exchanged for EOS technology or always gonna depend on ethereum blockchain?
IOTA first was born in a NEXT concept attached to jinn coins, but later it become a unique project

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Why are you sad, stimpack? :3

anyone has any idea when is the crowd sale?

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Amazing how hard it is to find the answer to that question.

This is 355 day no CAP ICO. This is simply ridiculous. The token distribution model is worst I have ever seen although project concept is cool. There is no point in participating in first 5 day period. As this time is ICO craze time and everyone is throwing money mindlessly. Only 200 Million is being distributed in first five days where as enter 700 Million will be distributed in remaining 350 days.

Beside the money, I see great value from a dApp development point of view having something like EOS.io ready to use for business apps. I see it a bit like a virtual machine that delivers rock solid os-integration, community driven bug fixing and most important also security updates.
The new async smart contracts allow for truly event based systems - if this scales out right...., can't wait to get my hands dirty on this one...

On the other hand it looks a bit non-decentral too - the lock-in is real but that is given for most blockchain adoptions right now. As there are some interesting interoperability blockchain projects coming in the next few years, that "lock-in" will be less critical over time. Of course I wouldn't expect a standard for async interop in first place... we will see.

So - yes, it's a surprise that the contribution is not in Steem - I think IF the product EOS.is is really getting shipped in time, nobody will care at the end. Distribution to as many people possible is definitely the right strategy forward - I would say for all ICOs.

This is all my very personal view as an IT "nerd" and Blockchain enthusiast - Having many blockchains in the strategic pocket (=diversity) is a great thing to see!

ICO EOS already has been started https://tokensale-eos.io but right now their site is down

What is the website at the EOS.io?