EOS platform hints at ICOs
As it was reported on December 6, 2017, the next Wikipedia-like service will be built and hosted on EOS.
This is great news for the EOS ecosystem and we actually received a double-bonus in a clue within the report that alludes to something much larger for the EOS ecosystem: initial coin offerings. Per the article:
According to the white paper, which hasn't been formalized, 50 percent of the total 100 million "IQ" tokens will be distributed in an initial coin offering (ICO) and 30 percent will be "minted" over 100 years to pay out editors and validators for their work.
To supplement $1 million the company previously raised from Mucker Capital, an additional 20 percent of the tokens will be set aside to pay development costs.
To the best of my knowledge, this is the first strong piece of indirect evidence we've received that indicate ICOs will be coming to the EOS blockchain. We only need to look towards Ethereum to understand how this may further support the price of EOS in the future.
What isn't clear to me is how the owners and developers of EOS will manage the EOS token's direct ties to blockchain access, bandwidth, storage, etc. while also maintaining a relatively low barrier to entry so that developers can build on EOS.
- Will bandwidth, storage, etc. be disconnected from the EOS token itself and allowed to float freely, similar to how GAS is valued for NEO?
- If the above happens, will EOS be purely an access and ICO token?
What are the downsides to such a scenario?
@dan can you share additional insight?
If you're in the New York area, please consider joining our EOS New York Meetup:
https://www.meetup.com/EOS-New-York/
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🚀 Many DApps and their associated ICOs are definitely in the works. We interviewed Sam Kazemian from Everipedia last night on EOSTalk Live with @OfficialFuzzy. He discussed why they chose EOS and gave some insights into what's coming in early 2018.
You can check out the recording here..
https://steemit.com/eos/@bycompoundfilms/beyond-bitcoin-or-eos-talk-or-dec-12-2017-or-blockchain-guru-for-everipedia-org
Great news indeed!!!
It is a good question. I think one possible answer is that a custom EOS token is essentially a smart contract (sames as an ERC20 is) So the owner of an application that utilizes the custom tokenz would be able to do so, within a fixed state of bandwidth proportional to native EOS held.
Maintaining a low barrier of entry is relative to an abundance of native eos yet application bandwidth availabilty is expected to be independent, entirely of "any token price"
Curious to understand how application bandwidth availability is expected to be independent. My understanding is that they are directly interconnected for now. But I admit I haven't seen much economics by the way of tokens relative to bandwidth, storage, etc.
I'm going on what is in the technical paper. In that application independence is down to usage based on quantity of tokens held. Seems logical that being unaffected by fluctuactions in price is a major benefit. It ties in nicely with the concept of token property, renting and bandwith. Computational capacity allocation on a fractural reserve basis is a good description.
There's an indirect interconnection in that the higher a token market price the more resources may be availble per token yet an application would run within its resource alloction independent of price.
Bump to the max. People need to know.
Where does it say that the IQ token ICO will be on the EOS blockchain? Or is this article 100% conjecture?
It's inferring that ICOs are likely to happen on EOS.