What Is EOS?

Features

Parallel Processing: The ability to do things in parallel, faster transcation speeds and more scalability.A Constitution: A set of rules on which everyone agrees upon, these are linked to every block mined.Self Sufficiency and Evolution: The current model allows for a 5% inflation, this will be used to develop the network further.Decentralised operating system: EOS is similar to a decentralised operating system, in practice this means that developers can build applications on EOS. Owning EOS coins is a claim on server resources. A developer needs to have EOS coins to use the EOS blockchain. Developers will not spend the coins to use the server resources, s/he just need to prove they hold them.

This operating system will be hosted on servers (data centres) which in return will also be block producers. Block rewards in EOS are the incentive for these servers to host EOS applications.The applications running on this decentralised OS will be able to communicate with each other, there will also be measures to “firewall” applications.Applciations use very common functions such as user/password, user interfaces, backend (database) management. This means that applications can share frameworks or libraries which make development faster, more secure and less technical. For example, applications will have their own secure database and file space on EOS.EOS will allow developers to create blockchain applications with which end users will easily interact with. Probably most users would not even know that they will interact with one when using EOS as this will be completely transparent to the users.Etherum does a very poor job of making interacting with their blockchain a user-friendly process.EOS main competitor Etherum, demands users to pay for every transaction. EOS will not do so. This will incerase adoption.ERC20 like tokens can be created on EOS, this means that ICOS can be hosted on this blockchain.The ICO is one year long this should increase distribution, which should increase adoption.200,000,000 two hundred million – distributed during a 5 day period beginning on June 26, 2017 at 13:00 UTC and ending on July 1, 2017 at 12:59:59 UTC.700,000,000 seven hundred million – split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each beginning on July 1, 2017 at 13:00:00 UTC.100,000,000 one hundred million – will be reserved for block.one and cannot be traded or transferred on the Ethereum network.100,000,000 one hundred million – will be reserved for block.one and cannot be traded or transferred on the Ethereum network.

Challenges

The current ICO market is very agitated. To me, it feels a bit like a mania at this time.Ethereum has the first mover advantage in the smart contract space, a lot of systems have been built on Ethereum and it has proven itself to be a commercial grade blockchain. It is not impossible for Ethereum to adopt the same model. It is already planning to change from a POW to a POS.There are other competitors besides Etherum for example, RChain, Rootstock/RSK, and Crown have not yet released their smart contract / decentralised platform suite but once they do it could be cheaper and easier for developers to use these new platforms.There are other blockchains with smart contract capability such as BitShares and Graphene currently. These have limited smart contract capabilities at this time but they could adapt their systems to a similar model in the future.Smart contracts will be readable code rather than binaries. This would make maintaining proprietary smart contract tech confidential difficult. < I am doing further research on this point.Dan Larrimer has a history of moving on to the next thing, he did so with Steem and Bitshares. This is not necessarily a bad thing, but if the timing is not right the project could suffer.There is no cap on the amount of money being funded in this ICO. How will the excess funds be managed? Could this lead to a hyper valuation? What happens once the tokens can be moved? Would short-term investors try to make a quick buck, sell and cause the prices to crash?

Ethereum versus EOS 

In a kind of geeky Clash of the Titans, two of the greatest names in Blockchain innovation are having a discussion on which of their two frameworks has better general ease of use for exchange numbers. 

Buterin Opens 

The first in the ring was Buterin, who reacted to an Ethereum Reddit string post asserting that EOS was far better than Ethereum as a result of the quantity of exchanges and adaptability that Ethereum can't offer. The Ethereum fellow benefactor contended that EOS, Larimer's mind kid, while offering substantial quantities of exchanges yet through a framework that expels the securities of Merkle confirmations and makes it unthinkable for consistent clients to review the framework unless they want to by and by run a full hub. He additionally contended that the idea of EOS decentralization through DPOS causes undue dependence on voting, which has demonstrated dangerous in the past with low voter turnout and next to zero voter motivating force. Ultimately, Buterin disagreed with EOS charges, since exchanges are connected specifically to coins held, making it exorbitant for poorer clients: "Poor people, who are not keen on putting the whole of their frequently low reserve funds into a crazy new crypto resource keeping in mind the end goal to have the capacity to utilize a Blockchain." 

Return Volley - Larimer Responds 

Larimer, as far as it matters for him, tended to the distinction with EOS and approval, expressing that Ethereum is assembled more on an arrangement of trust with the piece makers, though EOS has a speedier and more straightforward match up highlight for the individuals who are not delivering full hubs, making it less demanding to approve. Larimer likewise managed voter turnout, calling attention to that measures have been taken to expand voter appearance and interest. At last, he tends to expenses, taking note of that the individuals who utilize the EOS chain by and large have tokens in advance, and that the use to cost proportion will in the end balance out in view of market powers. 

Larimer Closes: 

"By and by studies of DPOS, EOS and STEEM depend on imperfect monetary suppositions, falsehood and obliviousness/disavowal of vulnerabilities in their proposed arrangements." 

Significance for ICOs 

The issue is critical on the grounds that EOS is a methods for managing a portion of the obvious shortcomings of Ethereum. Ethereum (per Buterin) is the better framework, and he discovers shortcomings inside the EOS system. A portion of the verbal confrontation will require far reaching usage to figure out which framework is right. 

• 
  

On account of the reliance of ICOs and other Blockchain extends on a stage (presently intensely supporting Ethereum), EOS speaks to another framework that can take into account includes that Ethereum does not. Buterin and Ethereum aficionados, be that as it may, sees the new framework as more imperfect than the first. The eventual fate of Blockchain innovation and its utilization in the general population segment is open to question. These two organizations are grappling with each other for will's identity the stage of decision as Blockchain keeps on expanding in ubiquity and across the board utilize.

Getting Started With EOS

We believe that EOS means different things to different people. We have received numerous amazing interpretations of what EOS stands for or what it should stand for so we have decided not to formally define it ourselves.EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the “EOS.IO Software”). This is achieved through an operating system-like construct upon which applications can be built.The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.Block.one, a Cayman Islands exempted company, is building the EOS.IO Software. With employees and advisors based around the world, the company focuses on business-grade technology solutions, including blockchain software development.At the end of its development stage, block.one will be releasing the EOS.IO Software it has developed under an open source software license.

What Are EOS Tokens?

EOS tokens are ERC-20 compatible tokens distributed on the Ethereum blockchain pursuant to a related ERC-20 smart contract (the “EOS Tokens”).Block.one is building the EOS.IO Software but it will not configure and/or launch any public blockchain platform adopting the open source EOS.IO Software (the “EOS Platform”). Any launch of an EOS Platform will occur by members of the community unrelated to block.one. Third parties launching the EOS Platform may delete, modify or supplement the EOS.IO Software prior to, during or after launching the EOS Platform.The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform.The EOS Token distribution will take place over 341 days starting on June 26, 2017 at 13:00 UTC. One billion (1,000,000,000) EOS Tokens will be distributed according to the schedule below:200,000,000 EOS Tokens (20% of the total amount of EOS Tokens to be distributed) will be distributed during a 5 day period beginning on June 26, 2017 at 13:00 UTC and ending on July 1, 2017 at 12:59:59 UTC (the “First Period”).700,000,000 EOS Tokens (70% of the total amount of EOS Tokens to be distributed) will then be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each beginning on July 1, 2017 at 13:00:00 UTC.100,000,000 EOS (10% of the total amount of EOS Tokens to be distributed) will be reserved for block.one and cannot be traded or transferred on the Ethereum network.At the end of the 5 day period and at the end of each 23 hour period referred to above, the respective set number of EOS Tokens set forth above will be distributed pro rata amongst all authorized purchasers, based on the total ether (“ETH”) contributed during those periods, respectively, as follows:Where:a = Total ETH contributed by an authorized purchaser during the period.b = Total number of EOS Tokens available for distribution in the period.c = Total ETH contributed by all authorized purchasers during the period.As an example:20 EOS Tokens are available during a period.Bob contributes 4 ETH and Alice contributes 1 ETH during the period. The period ends.As a total of 5 ETH were contributed for 20 EOS Tokens during the period, 1 EOS Token will be distributed for every 0.25 ETH contributed. Therefore, Bob receives 16 EOS Tokens and Alice receives 4 EOS Tokens.A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.

The number of EOS Tokens available during the First Period of the EOS Token distribution (i.e. the first 5 days) is higher than in subsequent periods in order to: (1) accommodate the current interest and demand that we have received for the EOS Tokens; and (2) help to more accurately determine early stage price discovery of the EOS Tokens.Founders tokens were allocated to block.one pursuant to feedback we received from the community in order to ensure that block.one has aligned interests with those participating in the EOS Token distribution. The founders tokens represent 10% of the aggregate EOS Token distribution (or 100,000,000 EOS Tokens) (the “Founders Tokens”). The EOS Token distribution smart contract does not permit block.one to trade or transfer the Founders Tokens during the EOS Token distribution period.If an EOS Platform adopting the EOS.IO Software is launched, the default EOS.IO Software configuration developed by block.one will lock new founders tokens distributed pursuant to such EOS Platform in a smart contract and release 10,000,000 (10%) of such tokens to block.One at the end of each one year anniversary of the genesis block over a period of 10 years. As mentioned above, the EOS.IO Software configuration of the EOS Platform will be ultimately determined by the community when someone other than block.one initializes a genesis block and starts a blockchain.To participate in the EOS Token distribution, you will need an Ethereum compatible wallet or an application where you and only you hold the private keys. Private keys are needed to correctly interact with smart contract functions, like transferring cryptographic tokens. Do not send ether (“ETH”) directly from cryptocurrency exchanges, only an ETH compatible wallet.

How To Get An EOS Wallet?

The recommended wallets to use are:

• MetaMask (Chrome browser addon)
• MyEtherWallet (no download needed)

The minimum contribution accepted during any period of the EOS Token distribution is 0.01 ETH. Smaller contribution amounts will be rejected.Additionally, to minimize bloat of any genesis block configuration, any ETH wallet that holds less than 1 EOS Token or another minimum amount could be ignored by the person who configures and launches the EOS Platform based on the EOS.IO Software. This, however, will ultimately be decided by the person who configures and launches the EOS Platform.The amount of ETH received during each current period will be displayed on the eos.io website. The history of ETH contributed in previous periods can be viewed on the Ethereum blockchain.No, it is not possible to know the price of a specific period until all ETH is received for that period and if you contribute in the last minutes or seconds of a specific period, there is no way to guarantee that your ETH will be received for that period. Please review all the risks associated with purchasing EOS Tokens including the technical risks set forth in the Purchase Agreement.It was decided that U.S. citizens, residents and entities should be excluded from purchasing EOS Tokens in the token distribution because of some of the logistical challenges associated with differing regulations in the many states of the United States of America.

Block.one does not believe that the distribution of EOS Tokens or the EOS Tokens themselves are securities, commodities, swaps on either securities or commodities, or similar financial instruments. The EOS Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment. Nevertheless, U.S. citizens, residents and entities should not purchase or attempt to purchase EOS Tokens.At the end of each period, you may claim any EOS Tokens allocated as an ERC-20 compatible token on the Ethereum blockchain.While block.one will not be involved in any way in the transferability of the EOS Tokens, it is possible that EOS Tokens could be transferred on a peer-to-peer basis or on platforms operated by 3rd parties during the EOS Token distribution period. EOS Tokens will become fixed (non-transferable) on the Ethereum blockchain within 23 hours after the end of the final EOS Token distribution period which will occur on June 1, 2018 at 22:59:59 UTC.Yes, the EOS Token is an ERC-20 compatible token; therefore, transfers will be subject to ETH gas fees like all other transactions on the Ethereum network.As mentioned above, EOS Tokens will become fixed (non-transferable) on the Ethereum blockchain within 23 hours after the end of the final EOS Token distribution period which will occur on June 1, 2018 at 22:59:59 UTC. At this point the EOS Token distribution process will be complete and any person who wishes to launch an EOS Platform adopting the EOS.IO Software will be able to generate a JSON file mapping EOS public keys to the fixed balances of the EOS Tokens from the state of the Ethereum blockchain.The EOS.IO Software is built such that any EOS Platform that adopts the EOS.IO Software will require approval of holders of not less than 15% of the total issued and outstanding EOS Tokens before tokens on such blockchain (the “Blockchain Tokens”) can be transferred. In other words, if the EOS.IO Software is adopted, it will be the responsibility of holders holding at least 15% of the issued and outstanding EOS Tokens to adopt one or more blockchains in order for Blockchain Tokens received on such blockchains to be transferrable.As block.one will not configure and/or launch any EOS Platform, block.one will have no control over when, how or whether the EOS.IO Software is adopted or implemented, or how, when or whether the EOS Platform is launched. As such, you should not expect and there is no guarantee that you will receive any other cryptographic tokens or digital assets now or in the future.The EOS Token distribution contract, EOS Token smart contract and the EOS Tokens are being provided on an “as is” and “as available” basis without representations, warranties, promises or guarantees whatsoever of any kind made by block.one. Prior to purchasing EOS Tokens, you should ensure that you carry out your own examination and investigation and carefully review in their entirety the risks associated with purchasing EOS Tokens as set forth in the Purchase Agreement. Purchases of EOS Tokens are non-refundable and purchases cannot be cancelled. Under no circumstances will you be entitled to receive money or compensation for any EOS Tokens purchased or your inability to purchase EOS Tokens.As a private company, proceeds of the EOS Token distribution will be utilized by block.one in its sole discretion. block.one intends to use certain of the proceeds for general administration and operating expenses, as well as to build a blockchain consulting business focusing on helping businesses re-imagine or build their businesses on the blockchain, developing more open source software that may be helpful to the community and building decentralized applications using EOS.IO Software.Blockchains that adopt the EOS.IO Software do not require a foundation or a non-profit organization to help grow or maintain the network because such blockchains will be self-funding. 

Based on the EOS.IO Software, it is intended that any blockchain that adopts the EOS.IO Software will generate natural inflation in such blockchain tokens at a rate of five percent per year to be distributed to the platform’s block producers in connection with their confirmation of transactions on the platform and to the top three smart contracts or proposals that receive the most amount of votes from holders of such tokens. In this case, such a blockchain will not be reliant on any one foundation, organization, or individual for its growth, development or maintenance.No, during the entire EOS Token distribution period, block.one will not do any of the following:

• block.one will not purchase EOS Tokens by any means;
• block.one will not pay any dividends to its shareholders; and
• block.one will not perform any share buybacks.

Block.one intends to engage an independent third party auditor who will release an independent audit report providing further assurances that block.one has not purchased EOS Tokens during the EOS Token distribution period or traded EOS Tokens (including using proceeds from the EOS Token distribution for these purposes).