Note: I don't hold any EOS yet, I just quote this for my own future reference incase pastebin died
Picture of block.one ceo smiling as the EOS project raised more than $1 billion with no working product...yet
EOS has many projects being developed now, including some of the largest companies in the blockchain space - some of them with requirements up to 150,000 tx/sec.
We have several projects switching from ETH, but to be honest there is very few talented devs in the ETH system right now, because nothing can really be deployed; sharp devs know this. This is why Silicon Valley isn't building on these systems yet.
We've come to realise that the more exciting projects and higher end talent have been on the sidelines waiting for a product that leverages the blockchain without impractical performance, cost, and latency sacrifices.
Yesterday the cost of BTC and ETH transactions exceeded 12usd per transaction (mining costs) before transaction fees; the "race to waste" model of PoW has us continually paying more for the same performance and this has made it unrealistic for virtually any application of meaningful size or practicality.
Although this information hasn't been distributed in official channels and this is not an official announcement, it's information I consistently talk about at conferences so I'm comfortable sharing it here as well.
EOS is the most well funded project in history and we plan to soon announce a program for up to 1,000,000,000 USD of capital for EOS projects; we're amidst on boarding a few critical partners first that will give EOS and this program the world-class credibility it deserves.
Where other projects use the incoming capital from tokens to burn electricity, block.one will show the strength of leveraging capital up and driving it back down to the entrepreneurs taking this space forward with real innovation.
Once again I disclaim, this is not an official announcement and anything is subject to radical change - we're working backwards from changing the world and that's informal every decision we make.
The EOS token sale is a virtual mining process that mimics the successful broad distribution mechanics of PoW without wasting the capital on a redundant amount of electricity (Fixed amount of daily tokens divided by incoming resources).
The entire process has been 100% transparent from the beginning.
Things will come full circle June 1st 2018 - The Day of EOS
We are working to ensure ample decentralized funding of eos.io apps.
Block.one, Partners, and top VC's; we aren't ready to share specific parties quite yet
A very powerful component of EOS that we've only talked a little about so far, but will be going much deeper in the coming months:
EOS uses a constitution to govern block producers and all participants on the network; every transaction requires adherence to it. This limits the power of the block producers and provides a transparent framework for force majeure circumstances and large network decisions. It enables the network to function properly while being 100% decentralised.
The Constitution also enables blockchain businesses to provision products and services globally without the need for legal teams in every jurisdiction, as legal disputes can be governed by a single default international arbitration.
EOS will be the first platform to achieve this degree of functioning decentralised autonomy in a transparent way that gives no advantage to insiders.
EOS isn't an incremental improvement - it's the first decentralised application platform that is commercially viable
The EOS token distribution is an ERC-20 Distribution list that can be used to configure and launch an EOS.IO blockchain upon release; this has allowed us to build the community and technology simultaneously.
In EOS.IO’s software, token holder’s control the network and are the beneficiaries of its bandwidth and storage. Tokens are never spent and their output scales with network upgrades. Unused resources can be given or rented to others.
In order to avoid criticism centralisation, Block.one will not be a block producer, therefore can make no guarantees on future tokens - the community must lead that initiative.
Block.one and partners will follow the community's selected chain to release its Dapp's
EOS is the fastest route to live decentralised applications, unless you just need to transfer tokens around with high latency, costs, and extremely low throughput.
Token price does not create barriers to entry, it can go away as fast as it came - that's what blockchain liquidity does.
The moat is created by live functioning businesses on a platform - no platform has this yet.
And yes, we're focused on leaving no stone unturned. We're not just building a blockchain, we're building Everyone's Open Society.
EOS means a lot of different things to a lot of different people, that's what it means to me.
We haven't focused on reaching internal consensus on defining the EOS acronym; EOS isn't ours, it's yours
He's also an extraordinarily kind and gentle human being with the purest of intentions.
It would be distasteful for me disclose specific business that have not yet announced their project or migration; I can say we are working with some of the largest exchanges in the world to bring them on the EOS platform; these giants have extraordinary performance demands (150,000 tx/sec, 500ms latency) and know DEX's are the future but have not had a platform to deliver anything realistic yet.
EOS is he foundation in which Block.one will work with the community to change the world